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Note 4 - Income Taxes
 12 Months Ended
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.