|6 Months Ended|
Dec. 31, 2018
|Income Tax Disclosure [Abstract]|
NOTE 12 – INCOME TAXES
The following table provides details of income taxes:
As of December 31, 2018, we had completed our accounting for the tax effects of the Act, which was enacted into law on December 22, 2017. We recorded a tax benefit adjustment of $0.3 million and $20.1 million for the transition tax liability provided by the Act during the three and six months ended December 31, 2018, respectively. Future guidance of the Act from U.S. federal and state governments may change the tax liability.
In the normal course of business, we are subject to examination by tax authorities throughout the world. We are under United States federal income tax examination for the fiscal year ended June 30, 2016. We are subject to state income tax examinations for all years beginning from the fiscal year ended June 30, 2014. We are also subject to examinations in other major foreign jurisdictions, including Singapore, for all years beginning from the fiscal year ended June 30, 2014.
It is possible that certain examinations may be concluded in the next twelve months. We believe that it may recognize up to $10.0 million of our existing unrecognized tax benefits within the next twelve months as a result of the lapse of statutes of limitations and the resolution of examinations with various tax authorities.
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