Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income tax provision for income taxes from continuing operations

	Years Ended
	December 31,		December 31,
	2020		2019
	($000’s omitted)
Current:
Federal	$	(47)	$	455
State		(24)		45
		(71)		500
Deferred:
Federal		33		171
		33		171
	$	(38)	$	671

Schedule of the reconciliation of effective tax rate from continuing operations and the federal statutory income tax rate

	Years Ended
	December 31,		December 31,
	2020		2019
Federal statutory rate	21.0	%	21.0	%
Permanent non-deductible expenses	105.8	%	2.6	%
Business credits	(61.7)	%	(3.0)	%
ESOP dividend	0.0	%	(0.6)	%
Stock compensation	(7.6)	%	(0.1)	%
Foreign-derived intangible income deduction	(55.7)	%	(1.2)	%
State taxes, net of federal benefit	(28.7)	%	1.3	%
Other	(34.4)	%	1.5	%
	(61.3)	%	21.5	%

Schedule of deferred tax assets (liabilities)

	Years Ended
	December 31,		December 31,
	2020		2019
	($000’s omitted)
Deferred Tax Assets:
Inventories	$	455	$	473
Accrued employees compensation and benefits costs		397		148
Postretirement obligation (accumulated other comprehensive income)		360		298
Accrued arbitration award and related liability		—		324
State net operating loss and credit carryforwards		147		236
Bad debt reserve		40		71
Warranty reserve		80		88
Other		67		—
Total deferred tax assets		1,546		1,638
Valuation allowance		(147)		(236)
Net deferred tax assets		1,399		1,402
Deferred tax liabilities:
Prepaid expenses		(62)		(32)
Property, plant and equipment		(1,200)		(1,238)
Total deferred tax liabilities		(1,262)		(1,270)
Net deferred tax assets	$	137	$	132