Income Taxes (Tables)

12 Months Ended

Mar. 29, 2020

Income Taxes

Effective Income Tax Rate Reconciliation

	2020		2019		2018
Statutory federal rate	21.0	%	21.0	%	31.3	%
State taxes, net of federal benefit	2.0		3.5		4.0
Non-deductible expenses	(0.5)		2.1		4.4
Change in uncertain tax positions	—		(4.6)		—
Change in valuation allowance	(6.5)		1.9		—
Change in deferred tax related to key man life insurance	—		—		(7.3)
Rate change for loss carrybacks	9.9		—		—
Other	0.4		—		(1.9)
Effective rate	26.3	%	23.9	%	30.5	%

Provision for Income Taxes

	2020		2019		2018
Federal:    Current	$	(4,308,900)	$	1,037,600	$	3,073,400
Deferred		(2,596,500)		576,200		(1,081,600)
State:        Current		(418,700)		52,600		433,400
Deferred		(380,700)		79,000		(148,000)
Provision for income taxes	$	(7,704,800)	$	1,745,400	$	2,277,200

Deferred Tax Assets and Liabilities

	2020		2019
Deferred tax assets :
Deferred compensation	$	264,300	$	267,300
Accrued vacation		469,100		312,300
Deferred rent		3,258,600		34,500
Allowance for doubtful accounts		1,130,900		488,000
Inventory reserves		2,794,200		1,406,100
Sales tax reserves		122,900		192,900
Sales return assets		1,200,400		478,600
Other liabilities		—		205,700
Net operating loss		275,400		141,600
Business interest limitation carryforward		259,300		—
Other assets		1,013,600		652,800
		10,788,700		4,179,800
Valuation allowance		(2,047,300)		(141,600)
Total deferred tax assets		8,741,400		4,038,200
Deferred tax liabilities :
Depreciation and amortization		(419,200)		(3,094,000)
Sales return liabilities		(950,600)		(365,200)
Lease right of use		(3,232,900)		—
Prepaid expenses		(1,106,200)		(523,700)
Total deferred tax liabilities		(5,708,900)		(3,982,900)
Net Deferred Tax Assets	$	3,032,500	$	55,300

Reconciliation of changes in unrecognized tax benefit amounts, net of interest

	2020		2019		2018
Beginning balance of unrecognized tax benefit	$	—	$	112,700	$	204,500
Increases related to current period tax positions		—		3,500		—
Reductions as a result of a lapse in the applicable statute of limitations		—		(116,200)		(91,800)
Ending balance of unrecognized tax benefits	$	—	$	—	$	112,700