|12 Months Ended|
Jun. 30, 2020
|Income Tax Disclosure [Abstract]|
12. Income Taxes
The following are the components of income taxes (in thousands):
The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2020 and 2019 to the provision for income taxes is as follows (in thousands):
Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2020 and 2019 were as follows (in thousands):
As of June 30, 2020, the Company was subject to potential federal and state tax examinations for the tax years including and subsequent to 2015.
As previously discussed, on December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act represents significant U.S. federal tax reform legislation that includes a permanent reduction to the U.S. federal corporate income tax rate.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef