Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 1757

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 9C
Chunk 1757
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146,631  
    $87,524 

(9) Income Taxes 

Income taxes consist of the following:

    Schedule of income taxes expenses 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Current federal tax expense 
    $4,376  
    $7,122  
    $16,946 
  
    Current state tax expense 
     1,807  
     2,613  
     3,352 
  
    Deferred federal tax expense 
     1,382  
     4,307  
     5,573 
  
    Deferred state tax expense 
     663  
     1,712  
     4,339 

    Income tax expense 
    $8,228  
    $15,754  
    $30,210 

     F-27 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Income tax expense for the
years ended December 31, 2024, 2023 and 2022 differs from the amount determined by applying the statutory federal rate to income before
income taxes as follows:

    Schedule of reconciliation of income taxes 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Expense at federal tax rate 
    $5,760  
    $12,830  
    $24,401 
  
    State taxes, net of federal income tax effect 
     1,863  
     3,716  
     6,462 
  
    Stock-based compensation 
     (958) 
     (1,184) 
     (2,611)
  
    Non-deductible expenses 
     1,612  
     1,629  
     1,056 
  
    Net operating loss carryback 
     –  
     –  
     – 
  
    Effect of change in tax rate 
     –  
    –  
     – 
  
    Accounting method change 
     –  
     –  
     – 
  
    Other 
     (49) 
     (