NOTE 8. INCOME TAXES

9 Months Ended

Dec. 31, 2022

Notes

NOTE 8. INCOME TAXES

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. As of December 31, 2022, federal and state estimated tax overpayments of $291,000 were included in prepaid assets.

We had no unrecognized tax benefits as of December 31, 2022, 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 December 31, 2022 we had no accrued interest related to uncertain tax positions. The tax years 2018 through 2022 remain open to examination by the major taxing jurisdictions to which we are subject.