Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 816

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 816
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, none of this $466,668 went to GJacobs, WJacobs or NWarrender, and it is accounted for as Company-Wide Management Bonus Pool expense on the Consolidated Statements of Operations. This $466,668 will be deducted from future company-wide bonus pools on a dollar-for-dollar basis. The Company did not report any company-wide bonus pool expense during the year ended December 31, 2024. 

F-35Table of Contents

NOTE 13 – INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act reduced the U.S. federal statutory tax rate, broadened the corporate tax base through the elimination or reduction of deductions, exclusions, and credits, limited the ability of U.S. corporations to deduct interest expense, and transitioned to a territorial tax system which allows for the repatriation of foreign earnings to the U.S. with a 100% federal dividends received deduction prospectively. In addition, the Tax Act required a one-time transitional tax on foreign cash equivalents and previously unremitted earnings. Several of the new provisions enacted as part of the Tax Act require clarification and guidance from the U.S. Internal Revenue Service and Treasury Department. These or other changes in U.S. tax laws could impact our profits, effective tax rate, and cash flows. Significant components on the Company’s income tax provision (benefit) for continuing operations is as follows:   For the Year Ended    December 31,    2024  2023  2022 Current         Domestic-Federal $(2,207) $547,506  $1,787,793 Domestic-State  10,335   (117,495)  719,490 Franchise taxes  12,063   51,150   46,243 Foreign  -   -   -    20,191   481,161   2,553,526 Deferred            Domestic-Federal  (432,740)  90,482   190,517 Domestic-State  (111,876)  26,422   53,612 Foreign  -   -   -    (544,616)  116,904   244,129