Note 8 - Income Taxes

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

8.

INCOME TAXES

     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

     The Act “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year

2018”

(the “Tax Reform Act”) was enacted

December 

22,

2017.

The Tax Reform Act reduced certain Federal corporate income tax rates effective

January 

1,

2018

and changed certain other provisions. As a result of the Tax Reform Act, our tax rate decreased from

30%

for fiscal

2018

to an estimated

18%

for fiscal

2019.

 
     We had

no

unrecognized tax benefits as of

June 

30,

2018,

and we do

not

expect any significant unrecognized tax benefits within

12

 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of

June 

30,

2018

we had

no

accrued interest related to uncertain tax positions. The tax years

1999

and

2014

through

2017

remain open to examination by the major taxing jurisdictions to which we are subject.