Circle Entertainment, Inc. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - August 4, 2011
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Income Taxes
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6 Months Ended | ||
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Jun. 30, 2011
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| Income Taxes |
In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances known at the time. The Company’s effective tax rate is based on expected income, statutory rates and permanent differences applicable to the Company in the various jurisdictions in which the Company operates.
For the three and six months ended June 30, 2011 and 2010, respectively, the Company did not record a provision for income taxes because the Company has incurred taxable losses since its formation in 2007. As it has no history of generating taxable income, the Company reduces any deferred tax assets by a full valuation allowance.
The Company does not have any uncertain tax positions and does not expect any reasonably possible material changes to the estimated amount of liability associated with its uncertain tax positions through June 30, 2011.
There are no income tax audits currently in process with any taxing jurisdictions. |
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