Teleconnect Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - December 28, 2012

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EXCEL - IDEA: XBRL DOCUMENT - Teleconnect Inc.Financial_Report.xls
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10-K - FORM 10-K - Teleconnect Inc.v330446_10k.htm
v2.4.0.6
INCOME TAXES
 12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

16. INCOME TAXES

 

The tax effects of temporary differences giving rise to the Company's deferred tax assets are as follows as of September 30:

 

    2012     2011  
Bad debt allowances   $ 221,329     $ 199,978  
Litigation reserve and other reserves     (4,967 )     (2,992 )
Equity method investment loss     (91,957 )     120,998  
Capital loss carry-forwards     4,686,164       4,348,004  
Operating loss carryovers     7,665,365       6,311,312  
Valuation allowance     (12,475,934 )     (10,977,300 )
Net deferred tax assets   $ -     $ -  

 

A reconciliation of the Company’s income tax provision (benefit) computed at the statutory U.S. Federal rate and the actual tax provision is as follows for the years ended September 30:

 

    2012     2011  
Income tax (benefit) provision at U.S Federal statutory rate   $ (1,458,451 )   $ (1,136,472 )
Foreign losses taxed at rates other than 37.63%     564,325       372,551  
Permanent differences     12,480       26,191  
Increase (decrease) in penalties and interest on delinquent tax returns     330       (80,000 )
Increase (decrease) in valuation allowance, net of foreign currency adjustments     881,646       737,730  
Tax provision (benefit)   $ 330     $ (80,000 )

 

The following table summarizes the amount and expiration dates of our operating loss carryovers as of September 30, 2012:

 

    Expiration Dates     Amounts  
U.S. federal and state net operating loss carryovers     2022-2032     $ 14,773,143  
Non-U.S. net operating loss carryovers     2017-2021       10,531,155  
Total           $ 25,304,298  

  

Also as of September 30, 2012, the Company has capital loss carryovers available to offset future US Federal and state income taxes. These capital loss credit carryovers expire as follows:

 

Year Generated   Year of Expiration   Amount  
             
2009   2014   $ 4,113,997  
2010   2015     8,339,270  
        $ 12,453,267  

 

As a result of significant pre-tax losses, the Company cannot conclude that it is more likely than not that the deferred tax assets will be realized.  Accordingly a full valuation allowance has been established against our deferred tax assets.  During 2012, the Company increased its valuation allowance by $1,498,634 to reflect the effect of adjustments from the 2011 income tax returns and currency translation effects.

 

The Company was delinquent in filing tax returns with the Internal Revenue Service and state taxing authorities in 2007. With respect to the fiscal year 2007 returns, $80,000 of penalties and interest have been abated and are included in the 2011 income tax benefit. With respect to the fiscal year 2009 returns, $330 of penalties and interest have been included in the 2012 income tax provision.  

 

Tax returns for the years ended September 30, 2009 through September 30, 2012 are subject to examination by the Internal Revenue Service. 

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