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, 2014

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:



	2014		2013
Federal statutory rate	35.0	%	35.0	%
State income tax rate, net of Federal tax benefit	0.8	%	0.3	%
Meals and entertainment	(0.1	)%	(2.3	)%
Valuation allowance	1.1	%	(35.9	)%
Other non-deductible	(3.2	)%	(1.3	)%
Other taxes	—	%	—	%
Net change in Federal and state reserves	—	%	—	%
Effective tax rate	33.5	%	(4.2	)%

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, 2014 and 2013 is comprised of the following:



	2014			2013
Current:
Federal	$	—		$	—
State	297			180
Total current	297			180
Deferred:
Federal	(4,686		)	—
State	(349		)	—
Total deferred	(5,035		)	—
(Benefit) Provision for income taxes	$	(4,738	)	$	180

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, 2014 and 2013 are as follows:



	2014			2013
Deferred tax assets included in other current assets:
Allowances and reserves	$	4,769		$	1,217
Compensation	3,637			4,010
Valuation allowance on deferred tax assets	(7,046		)	(5,227		)
Current deferred tax assets	$	1,360		$	—
Noncurrent deferred tax assets and liabilities:
State net operating loss carryforwards	$	5,534		$	4,774
Federal net operating loss carryforwards	41,466			31,253
Credit carryforward	150			—
State taxes	1,124			1,124
Self insurance and other reserves	509			294
Property, plant and equipment	2,332			2,196
Intangible assets	(5,746		)	8,269
Other reserves - restructuring	181			391
Deferred revenue	5			6
Valuation allowance on deferred tax assets	(48,080		)	(48,307		)
Noncurrent deferred tax liabilities, net	$	(2,525	)	$	—

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, 2014:



	Unrecognized
	Tax Benefits
Balance of unrecognized benefits as of January 1, 2013	$	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, 2013	$	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, 2014	$	1,117