INCOME TAX

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 6 – INCOME TAX

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 34% to a flat 21% rate, effective January 1, 2018. As a result of the reduction in the U.S. corporate income tax rate from 34% to 21% under the Tax Reform Act, the Company revalued its ending net deferred tax assets.

The Company has accumulated approximately $367,693 of net operating losses (“NOL”) carried forward to offset future taxable income. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

As of March 31, 2023, the Company had no accrued interest or penalties related to uncertain tax positions.

The provision for Federal income tax consists of the following for the three months ended March 31:

	March 31,			March 31,
	2023			2022
Federal income tax benefit attributable to:
Current operations income taxes (benefits)	$	(4,029	)	$	(4,070	)
Less: valuation allowance		4,029			4,070
Net provision for federal income taxes (benefits)	$	–		$	–

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax asset amount is as follows:

	March 31,			December 31,
	2023			2022
Deferred tax asset attributable to:
Net operating loss carryover	$	(77,216	)	$	(73,186	)
Less: valuation allowance		77,216			73,186
Net deferred tax asset	$	–		$	–