The provision for (benefit of) income taxes consists of the following components:

	Fiscal Year Ended March 31,
	2021			2020			2019
Current:
Federal taxes	$	6,562		$	408		$	1,159
State taxes		1,226			858			(238	)
Foreign taxes		826			874			744
Total current taxes		8,614			2,140			1,665
Deferred:
Federal taxes	$	(6,053	)	$	(3,578	)	$	3,752
State taxes		(2,068	)		(1,682	)		(428	)
Foreign taxes		(733	)		(119	)		(195	)
Total deferred taxes		(8,854	)		(5,379	)		3,129
Provision for (benefit of) income taxes	$	(240	)	$	(3,239	)	$	4,794

The provision for (benefit of) income taxes differs from the amount computed at the federal statutory rate as follows:

	Fiscal Year Ended March 31,
	2021			2020			2019
Tax expense at United States federal statutory rate ⁽¹⁾	$	1,948		$	895		$	6,150
Items affecting federal income tax rate:
Research and development tax credits		(3,449	)		(4,705	)		(4,647	)
Impact of foreign operations		(1,203	)		(683	)		(304	)
Impact of deferred adjustments		(251	)		159			132
Impact of audit settlements		(56	)		(61	)		967
Return to provision true-ups		(15	)		(1,868	)		(149	)
Impact of amended returns		(9	)		67			391
Acquisition expenses		—			229			(2	)
Foreign transition tax - Tax Reform		—			—			210
Revaluation of deferred tax balances - Tax Reform		—			—			231
Impact of uncertain tax positions		278			1,062			375
Non-deductible expenses		517			903			140
Impact of valuation allowance		563			(49	)		(33	)
State income taxes		572			687			1,502
Compensation		865			125			(169	)
Provision for (benefit of) income taxes	$	(240	)	$	(3,239	)	$	4,794

The net deferred tax assets and liabilities in the accompanying consolidated balance sheets consist of the following:

	March 31, 2021			March 31, 2020
Deferred tax assets:
Compensation and benefits	$	19,541		$	11,966
Deferred revenue		8,325			10,546
Research and development credit		7,706			9,643
Net operating losses		7,652			8,812
Operating lease liabilities		6,204			11,430
Foreign deferred taxes		2,306			1,574
Allowance for doubtful accounts		1,819			1,819
Accrued legal settlement		905			—
Total deferred tax assets		54,458			55,790
Deferred tax liabilities:
Intangibles assets	$	(9,451	)	$	(12,477	)
Prepaid expense		(9,396	)		(7,842	)
Capitalized software		(4,659	)		(9,931	)
Operating right-of-use assets		(3,003	)		(6,667	)
Accelerated depreciation		(1,339	)		(1,405	)
Other		(611	)		(145	)
Accounts receivable		(510	)		(1,251	)
Total deferred tax liabilities		(28,969	)		(39,718	)
Valuation allowance		(6,015	)		(5,452	)
Deferred tax assets, net	$	19,474		$	10,620

The deferred tax assets and liabilities have been shown net in the accompanying consolidated balance sheets as noncurrent.

As of March 31, 2021 and 2020, we had federal net operating loss (“NOL”) carryforwards of $18,748 and $24,216, respectively. The federal NOL carryforwards were inherited in connection with our acquisitions of HealthFusion in January 2016, Gennius in March 2015, Entrada in April 2017, EagleDream in August 2017, and Medfusion in December 2019. The NOL carryforwards expire in various amounts starting in fiscal 2030 for both federal and state tax purposes. As of March 31, 2021, we had state NOL carryforwards of approximately $3,715 (tax effected), related to the HealthFusion, Entrada, EagleDream, and Medfusion acquisitions state NOL tax attribute. The utilization of the federal NOL carryforwards is subject to limitations under the rules regarding changes in stock ownership as determined by the Internal Revenue Code.

As of March 31, 2021 and 2020, the research and development tax credit carryforward available to offset future federal and state taxes was $8,574 and $12,399, respectively. The federal credits include credits inherited in connection with our acquisition of Medfusion in December 2019. The credits expire in various amounts starting in fiscal 2034.

We expect to receive the full benefit of the deferred tax assets recorded with the exception of certain state credits and NOL carryforwards for which we have recorded a valuation allowance.

Notwithstanding the U.S. taxation of the deemed repatriated foreign earnings as a result of the one-time Transition Tax, we intend to continue investing these earnings indefinitely outside of the U.S. If we determine that all or a portion of our foreign earnings are no longer to be indefinitely reinvested, we may be subject to additional foreign withholding taxes and state income taxes in the U.S. beyond the Tax Reform’s one-time Transition Tax. In the event that we distribute the foreign earnings to the U.S., we will incur and record foreign withholding related taxes and U.S. state taxes of approximately $3,400 and $600, respectively.

The Taxation Laws (Amendment) Act, 2019 was enacted on December 12, 2019 to lower corporate tax rates in India. We opted not to elect for the reduced tax rate for various factors for the year ended March 31, 2021 and 2020.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, which is recorded within other noncurrent liabilities in our consolidated balance sheet, is as follows:

Balance as of March 31, 2019	$	2,894
Additions for prior year tax positions		1,372
Additions for current year tax positions		781
Reductions for prior year tax positions		(855	)
Balance as of March 31, 2020		4,192
Additions for prior year tax positions		220
Additions for current year tax positions		635
Reductions for prior year tax positions		(621	)
Balance as of March 31, 2021	$	4,426

During the year ended March 31, 2021, we recorded additional net liabilities of $234 related to various federal and state tax planning benefits recorded in the current year for current and prior year tax positions. If recognized, the total amount of unrecognized tax benefit that would decrease the income tax provision is $4,426.

Our practice is to recognize interest related to income tax matters as interest expense in the consolidated statements of net income and comprehensive income. We had approximately $88 and $174 of accrued interest related to income tax matters as of March 31, 2021 and 2020, respectively. We recognized interest income of $85, interest income of $35, and interest expense of $19 in the years ended March 31, 2021, 2020 and 2019, respectively, related to income tax matters in the consolidated statements of net income and comprehensive income. No penalties related to income tax matters were accrued or recognized in our consolidated financial statements for all periods presented.

We are no longer subject to U.S. federal income tax examinations for tax years before fiscal year ended 2017. With a few exceptions, we are no longer subject to state or local income tax examinations for tax years before fiscal year ended 2016. We do not anticipate that total unrecognized tax benefits will significantly change due to the settlement of audits or the expiration of statute of limitations within the next twelve months.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Consolidated Appropriations Act, 2021 (“Stimulus Bill”), signed into law on March 27, 2020 and December 27, 2020, respectively, have resulted in significant changes to the U.S. federal corporate tax law. Additionally, several state and foreign jurisdictions have enacted additional legislation and or comply with federal changes. We have considered the applicable tax law changes and recognized the impact in our income tax provision, as applicable.