Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 27, 2020
Income Tax Disclosure [Abstract]  
Provision for Federal and State Income Taxes
The provision for federal and state income taxes consisted of the following:
Year Ended
December 27, 2020 December 29, 2019 December 30, 2018
Current:
Federal $ (712) $ 1,151  $ 435 
State 410  1,042  1,048 
Total current income tax (benefit) expense (302) 2,193  1,483 
Deferred:
Federal (4,552) (4,676) (3,643)
State (653) (418) (194)
Total deferred income tax benefit (5,205) (5,094) (3,837)
Total income tax benefit $ (5,507) $ (2,901) $ (2,354)
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 are as follows:
Year Ended
December 27, 2020 December 29, 2019
Deferred tax assets:
Accrued liabilities $ 464  $ 517 
General business tax credits 23,331  17,923 
Operating lease liabilities 50,714  52,773 
Stock-based compensation 861  969 
Other 326  230 
Total deferred tax assets 75,696  72,412 
Deferred tax liability:
Intangibles (8,805) (8,219)
Prepaid expenses (1,265) (1,330)
Property and equipment (21,007) (20,526)
Operating lease assets (36,813) (39,736)
Total deferred tax liabilities (67,890) (69,811)
Deferred tax assets, net $ 7,806  $ 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 27, 2020, December 29, 2019 and December 30, 2018 to the actual provision for income taxes:
Year Ended
  December 27, 2020 December 29, 2019 December 30, 2018
Expected income tax (benefit) expense $ (1,848) $ 696  $ 669 
State tax expense, net of federal benefit (192) 493  675 
FICA tip credit (2,539) (3,896) (3,411)
Deferred tax balance adjustment (a)
(1,079) —  173 
Stock compensation 344  (34) 60 
Other (193) (160) (520)
Income tax benefit $ (5,507) $ (2,901) $ (2,354)