Note 11 - Income Taxes
|3 Months Ended|
Mar. 31, 2018
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
11— INCOME TAXES
Due to Milestone Scientific's history of operating losses, a full valuation allowances have been provided for all of Milestone Scientific's deferred tax assets. As of
March 31, 2018,and
December 31, 2017,
norecognition was given to the utilization of the remaining net operating loss carryforwards in each of these periods.
The utilization of Milestone Scientific's net operating losses
maybe subject to a substantial limitation due to the "change of ownership provisions" under Section
382of the Internal Revenue Code and similar state provisions. Such limitation
mayresult in the expiration of the net operating loss carry forwards before their utilization. Milestone Scientific has established a
100%valuation allowance for all its deferred tax assets due to uncertainty as to their future realization.
Accounting for uncertainties in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. At
March 31, 2018,and
December 31, 2017,we had
nouncertain tax positions that required recognition in the consolidated financial statements. Milestone Scientific's policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Statements of Operations.
Nointerest and penalties are present for periods open. Tax returns for the
2017years are subject to audit by federal and state jurisdictions.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef