|3 Months Ended|
Mar. 31, 2020
|Income Tax Disclosure [Abstract]|
NOTE 11 INCOME TAXES
The Coronavirus Aid and Relief and Economic Security (CARES) Act enacted on March 27, 2020 provided relief for individuals and businesses as a result of COVID-19 and its impact on the economy. The CARES Act provided for additional relief for businesses by amending the net operating loss (NOL) rules. The amendment allows for the carryback of NOLs to each of the five taxable years preceding the taxable year in which the loss arises. Since the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), NOLs generally could not be carried back but could be carried forward indefinitely. Further, the TCJA limited NOL absorption to 80% of taxable income. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after 2020. This amendment does not currently benefit the Company as it has sustained losses in those years.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef