Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
 12 Months Ended
Dec. 29, 2019
Income Tax Disclosure [Abstract]  
Provision for Federal and State Income Taxes
The provision for federal and state income taxes for the years ended December 29, 2019, December 30, 2018 and December 31, 2017 consisted of the following:
 
2019
 
2018
 
2017
Current:
 
 
 
 
 
Federal
$
1,151

 
$
435

 
$
972

State
1,042

 
1,048

 
859

Total current income tax expense
2,193

 
1,483

 
1,831

Deferred:
 
 
 
 
 
Federal
(4,676
)
 
(3,643
)
 
(7,761
)
State
(418
)
 
(194
)
 
430

Total deferred income tax benefit
(5,094
)
 
(3,837
)
 
(7,331
)
Total income tax benefit
$
(2,901
)
 
$
(2,354
)
 
$
(5,500
)
Schedule of Deferred Tax Assets and Liabilities
Temporary differences between tax and financial reporting basis of assets and liabilities which give rise to the deferred income tax assets (liabilities) and their related tax effects as of December 29, 2019 and December 30, 2018 are as follows:
 
2019
 
2018
Deferred tax assets:
 
 
 
Accrued liabilities
$
517

 
$
13,610

General business tax credits
17,923

 
16,048

Operating lease liabilities
52,773

 
—

Stock-based compensation
969

 
1,005

Other
230

 
213

Total deferred tax assets
72,412

 
30,876

Deferred tax liability:
 
 
 
Intangibles
(8,219
)
 
(7,996
)
Prepaid expenses
(1,330
)
 
(1,358
)
Property and equipment
(20,526
)
 
(24,123
)
Operating lease assets
(39,736
)
 
—

Total deferred tax liabilities
(69,811
)
 
(33,477
)
Deferred tax assets (liabilities), net
$
2,601

 
$
(2,601
)
Reconciliation of Federal Statutory Tax Expense to Effective Income Tax Expense
The following is a reconciliation of the expected federal income taxes at the statutory rates of 21% for the fiscal year ended December 29, 2019 and December 30, 2018 and 35% for the fiscal year ended December 31, 2017 to the actual provision for income taxes:
 
2019
 
2018
 
2017
Expected income tax expense
$
696

 
$
669

 
$
8,210

State tax expense, net of federal benefit
493

 
675

 
838

FICA tip credit
(3,896
)
 
(3,411
)
 
(2,250
)
Deferred tax balance adjustment
—

 
173

 
(11,696
)
Other
(194
)
 
(460
)
 
(602
)
Income tax benefit
$
(2,901
)
 
$
(2,354
)
 
$
(5,500
)