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This excerpt taken from the PSSI 10-Q filed Feb 6, 2008. Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for tax positions taken or expected to be taken in a tax return. FIN 48 was effective for companies with fiscal years commencing after December 15, 2006 and was adopted by the Company during the three months ended June 29, 2007. See Footnote 10, This excerpt taken from the PSSI 10-Q filed Nov 7, 2007. Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for tax positions taken or expected to be taken in a tax return. FIN 48 was effective for companies with fiscal years commencing after December 15, 2006 and was adopted by the Company during the three months ended June 29, 2007. See the Footnote 10, This excerpt taken from the PSSI 10-Q filed Aug 8, 2007. Accounting for Income
Taxes. FIN 48 prescribes a recognition threshold and
measurement attribute for a tax position taken or expected to be taken in a tax return.
FIN 48 is effective as of the beginning of fiscal years commencing after
December 15, 2006. As such, FIN 48 was effective during the three months ended
June 29, 2007. See the Footnote 8, This excerpt taken from the PSSI 10-Q filed Feb 7, 2007. Accounting for Income Taxes. The Company’s effective tax rate may continue to fluctuate due to the market return on these investments.
During the three months ended December 31, 2004, the IRS completed fieldwork on the audit of the Federal income tax returns for the fiscal years ended March 29, 2002 and March 28, 2003. The Company has appealed certain findings, which primarily related to timing of tax deductions, with the Appeals Office of the IRS. Management does not anticipate the results of the audit to have a material impact on the financial condition or consolidated results of operations of the Company. This excerpt taken from the PSSI 10-Q filed Nov 8, 2006. Accounting for Income Taxes. As a result, the Company’s effective tax rate may fluctuate due to the market return on these investments.
During the three months ended December 31, 2004, the IRS completed fieldwork on the audit of the Federal income tax returns for the fiscal years ended March 29, 2002 and March 28, 2003. The Company has appealed certain findings, which primarily related to timing of tax deductions, with the Appeals Office of the IRS. Management does not anticipate the results of the audit to have a material impact on the financial condition or consolidated results of operations of the Company. This excerpt taken from the PSSI 10-Q filed Aug 9, 2006. Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective as of the beginning of fiscal years that begin after December 15, 2006. The Company is
currently evaluating the effects of implementing this new standard.
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Basic and diluted earnings per share are presented in accordance with SFAS 128, | EXCERPTS ON THIS PAGE:
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