INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is made up of the following components:

	2023		2022		2021
Current – Federal	$	4,389,030	$	4,280,033	$	2,859,997
Current – State	39,339		289,345		595,915
Total Current	4,428,369		4,569,378		3,455,912
Deferred tax expense (benefit)	392,024		(151,474)		487,481
Total Provision	$	4,820,393	$	4,417,904	$	3,943,393

Schedule of Deferred Tax Assets and Liabilities

Temporary differences create deferred federal tax assets and liabilities, which are detailed below as of December 31, 2023 and 2022. These amounts are included in accounts payable and accrued expenses in the accompanying consolidated statements of financial position.

	As Of December 31,
	2023		2022
Deferred Tax Assets:
Unearned Premium Reserves	$	2,132,375	$	2,042,304
Unrealized Loss (Gain) on
Marketable Debt Securities	5,038,864		7,018,205
SPAE Capitalization	33,195		31,643
STAT & Tax Reserve	690,797		643,782
Total Deferred Tax Assets	$	7,895,231	$	9,735,934
Deferred Tax Liabilities:
Insurance Commissions	(5,270,518)		(4,774,456)
Deferred Acquisition Cost Amortization	(1,589,701)		(1,554,166)
GAAP/STAT Premium Tax	(229,493)		(198,450)
Unrealized Loss (Gain) on
Marketable Debt Securities	—		—
Other	(37,155)		(66,235)
Total Deferred Tax Liabilities	(7,126,867)		(6,593,307)
Net Deferred Tax Asset (Liability)	$	768,364	$	3,142,627

Schedule of Income Tax Rate Reconciliation

The Company's effective tax rate for the years ended December 31, 2023, 2022 and 2021 is analyzed as follows.

	2023		2022		2021
Statutory Federal income tax rate	21.0	%	21.0	%	21.0	%
Tax effect of S corporation status	92.5		5.0		(11.3)
Tax exempt income	(24.1)		(5.9)		(2.4)
State income taxes	0.7		1.4		1.3
Effective Tax Rate	90.1	%	21.5	%	8.6	%