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Note 4 - Income Taxes | 12 Months Ended
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Mar. 29, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 4 – INCOME TAXES Transcat’s net income before income taxes on the Consolidated Statements of Income is as follows:
|  | FY 2014 |  |  | FY 2013 |
United States |  | $ | 6,642 |  |  | $ | 6,188 |
Foreign |  |  | (196 | ) |  |  | (470 | )
Total |  | $ | 6,446 |  |  | $ | 5,718 |
The net provision for income taxes for fiscal years 2014 and 2013 is as follows:
|  | FY 2014 |  |  | FY 2013 |
Current Tax Provision: |  |  |  |  |  |
Federal |  | $ | 2,415 |  |  | $ | 1,701 |
State |  |  | 357 |  |  |  | 270 |
|  |  | 2,772 |  |  |  | 1,971 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |
Federal |  |  | (277 | ) |  |  | 113 |
State |  |  | (33 | ) |  |  | (70 | )
|  |  | (310 | ) |  |  | 43 |
Provision for Income Taxes |  | $ | 2,462 |  |  | $ | 2,014 |
A reconciliation of the income tax provision computed by applying the statutory United States federal income tax rate and the income tax provision reflected in the Consolidated Statements of Income is as follows:
|  | FY 2014 |  |  | FY 2013 |
Federal Income Tax at Statutory Rate |  | $ | 2,192 |  |  | $ | 1,944 |
State Income Taxes, net of Federal benefit |  |  | 258 |  |  |  | 229 |
Other, net |  |  | 12 |  |  |  | (159 | )
Total |  | $ | 2,462 |  |  | $ | 2,014 |
The components of the net deferred tax assets (liabilities) are as follows:
|  | March 29, 2014 |  |  | March 30, 2013 |
Current Deferred Tax Assets: |  |  |  |  |  |
Accrued Liabilities |  | $ | 366 |  |  | $ | 333 |
Performance-Based Grants |  |  | 809 |  |  |  | 483 |
Other |  |  | 221 |  |  |  | 271 |
Total Current Deferred Tax Assets |  |  | 1,396 |  |  |  | 1,087 |
Non-Current Deferred Tax Assets (Liabilities): |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  |  | (1,334 | ) |  |  | (1,449 | )
Depreciation |  |  | (971 | ) |  |  | (777 | )
Stock-Based Compensation |  |  | 816 |  |  |  | 780 |
Other Liabilities |  |  | 630 |  |  |  | 556 |
Other |  |  | 252 |  |  |  | 339 |
Total Non-Current Deferred Tax Liabilities |  |  | (607 | ) |  |  | (551 | )
Net Deferred Tax Assets |  | $ | 789 |  |  | $ | 536 |
Deferred U.S. income taxes have not been recorded for basis differences related to the investments in the Company’s foreign subsidiary. The Company considers undistributed earnings, if any, as permanently reinvested in the subsidiary. Therefore, the determination of a deferred tax liability on unremitted earnings would not be practicable because such liability, if any, would depend on circumstances existing if and when remittance occurs. As of March 29, 2014, the Company has net operating loss carry forwards, relating to its foreign subsidiary, of $0.7 million, which are available to offset future taxable income of the subsidiary through March 2033. The Company files income tax returns in the U.S. federal jurisdiction, various states and Canada. The Company is no longer subject to examination by U.S. federal income tax authorities for the fiscal years 2010 and prior, state tax authorities for the fiscal years 2008 and prior, and by Canadian tax authorities for the fiscal years 2006 and prior. During the first quarter of fiscal year 2015, the Internal Revenue Service (the “IRS”) notified the Company that it will be examining the Company’s U.S. federal income tax return for the tax year ended March 30, 2013. To date, the IRS has not proposed any adjustments to the tax return under examination. There are no tax years currently under examination by state or Canadian tax authorities. During fiscal years 2014 and 2013, there were no uncertain tax positions, and the Company expects no material uncertain tax positions within the next twelve months. The Company recognizes interest and penalties, if any, related to uncertain tax positions in the provision for income taxes. No interest or penalties related to uncertain tax positions were recognized in fiscal years 2014 and 2013 or were accrued at March 29, 2014 and March 30, 2013.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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