NOTE 8 – INCOME TAXES
The provision/(benefit) for income taxes for the year ended September 30, 2017 and 2016 was as follows (assuming a 15% effective tax rate)
| September 30, 2017 | September 30, 2016 | |||||||
| Current Tax Provision | ||||||||
| Federal- | ||||||||
| Taxable Income | - | - | ||||||
| Total current tax provisions | - | - | ||||||
| $ | - | $ | - | |||||
| Deferred Tax Provision | ||||||||
| Federal- | ||||||||
| Loss carry forwards | $ | 143,510 | $ | 195,286 | ||||
| Change in valuation allowance | $ | 143,510 | $ | 195,286 | ||||
| Total deferred tax provisions | $ | - | $ | - | ||||
As of September 30, 2017, the Company had approximately $13,245,316 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2017 will expire by the year 2035.
The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.
The federal income tax returns of the Corporation are subject to examination by the IRS, generally for three years after they are filed.