Income Taxes (Tables)

12 Months Ended

Mar. 28, 2021

Income Taxes

Effective Income Tax Rate Reconciliation

	2021		2020		2019
Statutory federal rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.4		1.8		(1.3)
Non-deductible expenses	(1.2)		(0.7)		2.2
Change in uncertain tax positions	—		—		2.8
Change in valuation allowance	(7.6)		(2.9)		—
Rate change for loss carrybacks	6.2		12.5		—
Other	(0.7)		0.7		—
Effective rate	21.1	%	32.4	%	24.7	%

Provision for Income Taxes

	2021		2020		2019
Federal:    Current	$	(4,263,700)	$	(4,008,000)	$	(3,120,400)
Deferred		(48,200)		(2,642,800)		509,400
State:        Current		16,700		(411,000)		(321,500)
Deferred		450,700		(413,000)		18,700
Benefit from income taxes	$	(3,844,500)	$	(7,474,800)	$	(2,913,800)

Deferred Tax Assets and Liabilities

	2021		2020
Deferred tax assets:
Deferred compensation	$	163,600	$	264,300
Accrued vacation		362,600		469,100
Deferred rent		2,638,100		3,258,600
Allowance for doubtful accounts		357,300		1,130,900
Inventory reserves		766,300		2,794,200
Sales tax reserves		104,500		122,900
Sales return assets		451,400		1,200,400
Net operating loss		518,500		275,400
Business interest limitation carryforward		383,800		259,300
Other assets		925,900		1,013,600
		6,672,000		10,788,700
Valuation allowance		(2,866,800)		(2,047,300)
Total deferred tax assets		3,805,200		8,741,400
Deferred tax liabilities:
Depreciation and amortization		(214,600)		(419,200)
Sales return liabilities		(224,100)		(950,600)
Lease right of use		(2,589,600)		(3,232,900)
Prepaid expenses and other liabilities		(803,400)		(1,106,200)
Total deferred tax liabilities		(3,831,700)		(5,708,900)
Net deferred tax (liability) assets	$	(26,500)	$	3,032,500

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

	2021		2020		2019
Beginning balance of unrecognized tax benefit	$	—	$	—	$	112,700
Increases related to current period tax positions		—		—		3,500
Reductions as a result of a lapse in the applicable statute of limitations		—		—		(116,200)
Ending balance of unrecognized tax benefits	$	—	$	—	$	—