Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the three months ended September 30, 2025 and 2024, the Company recorded income tax expense from continuing operations of $10,346 and $5,391, respectively, and income tax expense of $99,630 and $57,194 from discontinued operations, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded income tax expense from continuing operations of $35,140 and $25,142, respectively, and income tax expense from discontinued operations of $303,243 and $394,692, respectively. The Company’s effective tax rate differs from the federal statutory tax rate for the three months ended September 30, 2025, primarily due to change in valuation allowance and state taxes. The Company’s effective tax rate differs from the statutory rate for the three months ended September 30, 2024, primarily due to change in valuation allowance. The Company’s effective tax rate differs from the statutory rate for the nine months ended September 30, 2025, primarily due to change in valuation allowance and state taxes. The Company’s effective tax rate differs from the statutory rate for the nine months ended September 30, 2024, primarily due to nondeductible meals and entertainment, change in valuation allowance and state taxes.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The impact to income tax expense for the three and nine months ended September 30, 2025 was not material.