Overstock.com 2015 Annual Report Download - page 116
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United States
$ 3,358
$ 13,088
$ 16,319
Foreign
(243)
117
25
Total income before income taxes
$ 3,115
$ 13,205
$ 16,344
The provision (benefit) for income taxes for 2015, 2014 and 2013 consists of the following (in thousands):
Current:
Federal
$ 75
$ 210
$ 196
State
293
385
239
Foreign
44
68
51
Total current
412
663
486
Deferred:
Federal
1,808
3,777
(62,150)
State
(324)
(36)
(6,370)
Foreign
(1)
—
—
Total deferred
1,483
3,741
(68,520)
Total provision (benefit) for income taxes
$ 1,895
$ 4,404
$ (68,034)
The provision (benefit) for income taxes for 2015, 2014 and 2013 differ from the amounts computed by applying the U.S. federal income tax rate of
35% to income (loss) before income taxes for the following reasons (in thousands):
U.S. federal income tax provision (benefit) at statutory rate
$ 1,091
$ 4,622
$ 5,720
Change in valuation allowance
1,832
1,000
(69,937)
Lobbying expenses
243
266
209
Other
—
336
242
Adjustment to reserves in prior years (1)
—
—
4,418
State income tax expense, net of federal benefit
(20)
385
(4,828)
Non-deductible fines and penalties
(26)
(112)
2,387
Stock based compensation expense
(32)
(43)
(176)
Research and development credit
(1,193)
(2,050)
(6,069)
Income tax provision (benefit)
$ 1,895
$ 4,404
$ (68,034)
___________________________________________
(1) Adjustments to reserves in prior years includes (1) the effects of reconciling income tax amounts recorded in our consolidated income statement
to amounts reflected on our tax returns, including any adjustments to the Consolidated Balance Sheets; and (2) reductions to the NOLs from
previous acquisitions.
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and liability approach for
measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet
date using enacted tax rates for years in which taxes are expected to be paid or recovered.
114