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INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 11 INCOME TAXES The components of current and deferred federal and state income tax (benefit) expense for continuing operations for the years ended December 31, consisted of the following (in thousands):
|  | 2013 |  |  | 2012 |
Federal income tax benefit - current |  | $ | (144 | ) |  | $ | (2,107 | )
Federal income tax (benefit) expense - deferred |  |  | (1,989 | ) |  |  | 11 |
State income tax expense - current |  |  | 158 |  |  |  | 191 |
State income tax expense (benefit) - deferred |  |  | 1,350 |  |  |  | (246 | )
Total income tax benefit |  | $ | (625 | ) |  | $ | (2,151 | )
We had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, as follows (in thousands):
Deferred tax assets: |  | 2013 |  |  | 2012 |
Net operating losses |  | $ | 6,001 |  |  | $ | 4,612 |
Environmental and closure reserves |  |  | 2,387 |  |  |  | 4,740 |
Impairment of assets |  |  | ― |  |  |  | 505 |
Investment |  |  | (50 | ) |  |  | (59 | )
Other |  |  | 3,626 |  |  |  | 3,798 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (3,762 | ) |  |  | (6,973 | )
Goodwill and indefinite lived intangible assets |  |  | (1,012 | ) |  |  | (902 | )
Prepaid expenses |  |  | (20 | ) |  |  | (16 | )
|  |  | 7,170 |  |  |  | 5,705 |
Valuation allowance |  |  | (8,182 | ) |  |  | (5,729 | )
Net deferred income tax liabilities |  |  | (1,012 | ) |  |  | (24 | )
An overall reconciliation between the expected tax benefit using the federal statutory rate of 34% and the benefit for income taxes from continuing operations as reported in the accompanying consolidated statement of operations is provided below (in thousands).
|  | 2013 |  |  | 2012 |
Tax benefit at statutory rate |  | $ | (11,880 | ) |  | $ | (1,847 | )
State tax benefit, net of federal benefit |  |  | (102 | ) |  |  | (131 | )
Permanent items |  |  | 166 |  |  |  | 110 |
Non-deductible Goodwill |  |  | 9,471 |  |  |  | ― |
Other |  |  | 125 |  |  |  | (100 | )
Reserve for uncertain tax positions |  |  | 180 |  |  |  | ― |
Increase (decrease) in valuation allowance |  |  | 1,415 |  |  |  | (183 | )
Income tax benefit |  | $ | (625 | ) |  | $ | (2,151 | )
The provision for income taxes is determined in accordance with ASC 740, “Income Taxes”. Deferred income tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. In 2013 and 2012, we determined that it was more likely than not that approximately $8,182,000 and $5,729,000, respectively, of deferred income tax assets would not be realized, and as such, a full valuation allowance was applied against those deferred income tax assets. Our valuation allowance increased by $1,415,000 and decreased by approximately $183,000 for the years ended December 31, 2013 and 2012, respectively. We have estimated net operating loss carryforwards (NOLs) for federal and state income tax purposes of approximately $9,715,000 and $53,035,000, respectively, as of December 31, 2013. These net operating losses can be carried forward and applied against future taxable income, if any, and expire in various amounts starting in 2021. However, as a result of various stock offerings and certain acquisitions, which in the aggregate constitute a change in control, the use of these NOLs will be limited under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. Additionally, NOLs may be further limited under the provisions of Treasury Regulation 1.1502-21 regarding Separate Return Limitation Years. The Company accounts for uncertainties in income taxes pursuant to ASC 740 (formerly FASB interpretation No. 48, “Accounting for Uncertainties in Income Taxes – an Interpretation of FASB Statement No, 109”) (“FIN 48”). A reconciliation of the beginning and ending amount of our unrecognized tax expense is summarized as follows (in thousands):
|  | 2013 |  |  | 2012 |
Balances at beginning of year |  | $ | ― |  |  | $ | ― |
Addition related to prior year tax position |  |  | 180 |  |  |  | ― |
Balances at end of the year |  | $ | 180 |  |  | $ | ― |
Included in the unrecognized tax expense is approximately $26,000 in interest and penalties.

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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=6881521&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 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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