OXPS » Topics » Income taxes

These excerpts taken from the OXPS 10-K filed Mar 2, 2009.
Income taxes
 
Income taxes decreased $10.8 million, or 17.5%, to $51.0 million for the year ended December 31, 2008 from $61.8 million for the year ended December 31, 2007. Decreased income taxes are the result of the 11.4% decrease in income before income taxes and the result of a change in state income apportionment laws.
 
Income taxes
 
Income taxes increased $16.6 million, or 36.9%, to $61.8 million for the year ended December 31, 2007 from $45.2 million for the year ended December 31, 2006. Increased income taxes are the result of the 36.5% increase in income before income taxes.
 
Income
taxes



 



Income taxes decreased $10.8 million, or 17.5%, to
$51.0 million for the year ended December 31, 2008
from $61.8 million for the year ended December 31,
2007. Decreased income taxes are the result of the 11.4%
decrease in income before income taxes and the result of a
change in state income apportionment laws.


 




Income
taxes



 



Income taxes increased $16.6 million, or 36.9%, to
$61.8 million for the year ended December 31, 2007
from $45.2 million for the year ended December 31,
2006. Increased income taxes are the result of the 36.5%
increase in income before income taxes.


 




Income Taxes
 
The Company files a consolidated income tax return with its subsidiaries. Deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using the currently enacted tax rates. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized.
 
Effective January 1, 2007, the Company adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in a company’s consolidated financial statements and prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken or expected to be taken. The interpretation also provides guidance on derecognition, interest and penalties, accounting in interim periods, disclosure and transition.
 
Uncertain tax positions are initially recognized in the financial statements when they are more likely than not to be sustained upon examination by the respective tax authorities. The Company recognizes interest and penalties pertaining to income tax related issues as an income tax expense in the consolidated statement of operations.


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Table of Contents

 
optionsXpress Holdings, Inc.
 
Notes to Consolidated Financial Statements — (Continued)
 
Income
Taxes



 



The Company files a consolidated income tax return with its
subsidiaries. Deferred income tax assets and liabilities are
determined based on the differences between the financial
statement carrying amounts and tax bases of assets and
liabilities using the currently enacted tax rates. Valuation
allowances are established to reduce deferred tax assets to the
amount that more likely than not will be realized.


 



Effective January 1, 2007, the Company adopted the
provisions of Financial Accounting Standards Board
(“FASB”) Interpretation No. 48, Accounting for
Uncertainty in Income Taxes — an interpretation of
FASB Statement No. 109
(“FIN 48”).
FIN 48 clarifies the accounting for uncertainty in income
taxes recognized in a company’s consolidated financial
statements and prescribes that a company should use a
more-likely-than-not recognition threshold based on the
technical merits of the tax position taken or expected to be
taken. The interpretation also provides guidance on
derecognition, interest and penalties, accounting in interim
periods, disclosure and transition.


 



Uncertain tax positions are initially recognized in the
financial statements when they are more likely than not to be
sustained upon examination by the respective tax authorities.
The Company recognizes interest and penalties pertaining to
income tax related issues as an income tax expense in the
consolidated statement of operations.





F-8





Table of Contents





 




optionsXpress
Holdings, Inc.




 




Notes to
Consolidated Financial
Statements — (Continued)


 




These excerpts taken from the OXPS 10-K filed Feb 29, 2008.
Income Taxes
 
The Company files a consolidated income tax return with its subsidiaries. Deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using the currently enacted tax rates. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized.
 
Effective January 1, 2007, the Company adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken or expected to be taken. The interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
 
Income
Taxes



 



The Company files a consolidated income tax return with its
subsidiaries. Deferred income tax assets and liabilities are
determined based on the differences between the financial
statement carrying amounts and tax bases of assets and
liabilities using the currently enacted tax rates. Valuation
allowances are established to reduce deferred tax assets to the
amount that more likely than not will be realized.


 



Effective January 1, 2007, the Company adopted the
provisions of Financial Accounting Standards Board
(“FASB”) Interpretation No. 48, Accounting for
Uncertainty in Income Taxes — an interpretation of
FASB Statement No. 109
(“FIN 48”).
FIN 48 clarifies the accounting for uncertainty in income
taxes recognized in a company’s financial statements and
prescribes that a company should use a more-likely-than-not
recognition threshold based on the technical merits of the tax
position taken or expected to be taken. The interpretation also
provides guidance on derecognition, classification, interest and
penalties, accounting in interim periods, disclosure and
transition.


 




This excerpt taken from the OXPS 10-K filed Mar 1, 2007.
Income Taxes
 
The Company files a consolidated income tax return with its subsidiaries. Deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using the currently enacted tax rates. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized.
 
This excerpt taken from the OXPS 10-Q filed Aug 12, 2005.

Income taxes

 

Income taxes increased $1.7 million, or 14.1%, to $13.3 million for the six months ended June 30, 2005 from $11.6 million for the six months ended June 30, 2004. Increased income taxes were primarily due to a 15.3% increase in income before income taxes for the six months ended June 30, 2005.

 

This excerpt taken from the OXPS 10-Q filed May 3, 2005.

Income taxes

 

Income taxes increased $0.3 million, or 6.3%, to $6.4 million for the quarter ended March 31, 2005 from $6.1 million for the quarter ended March 31, 2004. Increased income taxes were primarily due to the 6.6% increase in income before income taxes.

 

This excerpt taken from the OXPS 10-K filed Mar 23, 2005.

Income Taxes

 

The Company files a consolidated income tax return with its subsidiaries. Deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using the currently enacted tax rates. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized.

 

F-11



 

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