Income Taxes

The components of the income tax provision are as follows:



	2014		2013		2012
Federal - current	$	—	$	—	$	—
State and local - current	23		19		23
	$	23	$	19	$	23

The following reconciles the “statutory” federal income tax rate to the effective income tax rate:



	2014		2013		2012
Computed "expected" income tax benefit	(35	)%	(35	)%	(35	)%
Reduction (increase) in income tax benefit and increase (reduction) in income tax expense resulting from:
State tax, net of federal benefit	—		—		—
Change in federal valuation allowance	35		35		35
Other	—		—		—
Effective income tax rate	—	%	—	%	—	%

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows:



	2014			2013
Deferred tax assets:
Receivable allowance	$	34		$	59
Goodwill	347			4,238
Restructuring accrual	45			370
Intangible assets	219			845
Compensation expense	690			1,518
Federal net operating loss carryforward	55,865			48,990
State net operating loss carryforward	6,502			5,756
Accrued expenses	17			25
Deferred rent	102			131
Other	18			167
Gross deferred tax assets	$	63,839		$	62,099
Valuation allowance	(63,817		)	(61,500		)
	$	22		$	599
Deferred tax liabilities:
Impairment and accumulated depreciation	(22		)	(599		)
Gross deferred tax liabilities	(22		)	(599		)
Net deferred tax assets	$	—		$	—

The Company has significant deferred tax assets attributable to tax deductible intangibles and federal and state net operating loss carryforwards, which may reduce taxable income in future periods. Based on the cumulative tax and operating losses, the lack of taxes in the carryback period, and the uncertainty surrounding the extent or timing of future taxable income, the Company believes it is not more likely than not that it will realize the tax benefits of its deferred tax assets. Accordingly, the Company continues to record a full valuation allowance on its net deferred tax assets as of December 31, 2014 and 2013.

There was no federal tax expense recorded in the years ended December 31, 2014, 2013 and 2012. The income tax expense recorded for the years ended December 31, 2014, 2013 and 2012 reflects a state tax liability to one state.

The tax years 2011 through 2014 may be subject to federal examination and assessment. Tax years from 2006 through 2010 remain open solely for purposes of federal and certain state examination of net operating loss and credit carryforwards. State income tax returns may be subject to examination for tax years 2010 through 2014, depending on state tax statute of limitations.

As of December 31, 2014, the Company had U.S. federal and state net operating loss carryforwards of approximately $159.6 million and $143.9 million, respectively. The net operating loss carryforwards, if not utilized, will expire in the years 2015 through 2034.