(8) Income Taxes

6 Months Ended

Jul. 02, 2016

Income Tax Disclosure [Abstract]

(8) Income Taxes

(8)        Income Taxes

The Company has a current and non-current deferred tax asset aggregating $2,193,663 and $2,150,749 on the Company’s balance sheet at July 2, 2016 and December 26, 2015, respectively.  A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset. During 2015, all remaining net operating loss carryforwards were utilized in full.

The Company recorded a tax benefit of $68 thousand and $31 thousand for federal income taxes and a tax benefit of $2 thousand and $9 thousand for state income taxes during the three and six months ended July 2, 2016, respectively.

The Company recorded a tax expense of $58 thousand and $95 thousand for federal income taxes and a tax expense of $16 thousand and $27 thousand for state income taxes during the three and six months ended June 27, 2015, respectively.