Interpace Biosciences®, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the difference between the federal statutory tax rates and the Company's effective tax rate from continuing operations is as follows:



	2012		2011
Federal statutory rate	35.0	%	35.0	%
State income tax rate, net
of Federal tax benefit	2.5	%	1.3	%
Meals and entertainment	—	%	(3.3	)%
Valuation allowance	(38.1	)%	(35.0	)%
Other non-deductible	(0.4	)%	—	%
Other taxes	0.2	%	0.4	%
Net change in Federal and state reserves	—	%	21.5	%
Effective tax rate	(0.8	)%	19.9	%

Summary of Income Tax Examinations [Table Text Block]

The following tax years remain subject to examination as of December 31, 2012:



Jurisdiction	Tax Years
Federal	2009 - 2012
State and Local	2007 - 2012

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for or benefit from income taxes on continuing operations for the years ended December 31, 2012 and 2011 is comprised of the following:



	2012			2011
Current:
Federal	$	—		$	(879	)
State	270			(39		)
Total current	270			(918		)
Deferred:
Federal	(53		)	(17		)
State	(9		)	(4		)
Total deferred	(62		)	(21		)
Provision for income taxes	$	208		$	(939	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of significant items comprising the Company’s deferred tax assets and (liabilities) as of December 31, 2012 and 2011 are as follows:



	2012			2011
Current deferred tax assets (liabilities)
included in other current assets:
Allowances and reserves	$	1,742		$	2,953
Compensation	3,382			3,564
Valuation allowance on deferred tax assets	(5,124		)	(6,517		)
	—			—
Noncurrent deferred tax assets (liabilities)
included in other long-term assets:
State net operating loss carryforwards	4,103			4,366
Federal net operating loss carryforwards	28,615			24,743
State taxes	1,123			1,134
Self insurance and other reserves	338			267
Property, plant and equipment	2,294			2,431
Intangible assets	9,249			930
Other reserves - restructuring	410			667
Compensation	31			9
Deferred Revenue	226			1,660
Valuation allowance on deferred tax assets	(46,389		)	(36,269		)
	—			(62		)
Net deferred tax liability	$	—		$	(62	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table summarizes the change in uncertain tax benefit reserves for the two years ended December 31, 2012:



	Unrecognized
	Tax Benefits
Balance of unrecognized benefits as of January 1, 2011	$	3,936
Additions for tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	(2,819		)
Balance as of December 31, 2011	$	1,117
Additions for tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Balance as of December 31, 2012	$	1,117

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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