Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 2193

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 2193
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 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 Total Provision/(Benefit) for Income Taxes $(524,425) $598,065  $2,797,655  The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by US GAAP. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes.  A reconciliation of the amount of tax provision (benefit) computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:   For the Year Ended    December 31,    2024  2023  2022           Domestic-Federal $(502,723) $568,244  $2,098,733 State taxes, net of federal benefit  (130,141)  143,498   641,946 Non-deductible expenses  70,450   145,