INCOME TAXES	3 Months Ended
Mar. 31, 2020
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The estimated annual effective tax rate for the three months ended March 31, 2020 was 26.2% as compared to (141.7)% for the year ended December 31, 2019. The increase in the estimated annual effective tax rate is primarily attributable to expected full year income before income taxes for the year ending December 31, 2020 as compared to the loss before income taxes for the year ended December 31, 2019. Income tax expense for the three months ended March 31, 2020 is primarily related to federal, state and local income taxes imposed on the Company’s allocable portion of taxable income from Focus LLC. The allocable portion of taxable income primarily differs from the net income (loss) attributable to the Company due to permanent differences such as non-deductible equity-based compensation expense of Focus LLC. During the three months ended March 31, 2020, there were no changes to the Company’s uncertain tax positions.

INCOME TAXES

3 Months Ended

Mar. 31, 2020

10. INCOME TAXES

The estimated annual effective tax rate for the three months ended March 31, 2020 was 26.2% as compared to (141.7)% for the year ended December 31, 2019. The increase in the estimated annual effective tax rate is primarily attributable to expected full year income before income taxes for the year ending December 31, 2020 as compared to the

loss before income taxes for the year ended December 31, 2019. Income tax expense for the three months ended March 31, 2020 is primarily related to federal, state and local income taxes imposed on the Company’s allocable portion of taxable income from Focus LLC. The allocable portion of taxable income primarily differs from the net income (loss) attributable to the Company due to permanent differences such as non-deductible equity-based compensation expense of Focus LLC.

During the three months ended March 31, 2020, there were no changes to the Company’s uncertain tax positions.