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This excerpt taken from the QMED 10-Q filed Apr 18, 2008. Income Taxes
The Company adopted the provisions of FIN No. 48 effective December 1, 2007. FIN No. 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The adoption of FIN No. 48 had no material impact on our financial statements.
The Company files income tax returns in the U.S. Federal jurisdiction and in various state jurisdictions. Tax years remaining subject to examination in these jurisdictions include 2004 to present excluding New Jersey for which the Company was audited through 2006 with minimal additional assessment.
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