Income Taxes (Text Block)

9 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

The effective tax rate was 32.1% of income before income taxes for the quarter ended March 31, 2017, compared to 32.1% for the same quarter in fiscal 2016.

The Company paid income taxes, net of refunds, of $66,683 and $65,064 in the nine months endedMarch 31, 2017 and 2016, respectively.

At March 31, 2017, the Company had $5,492 of gross unrecognized tax benefits, $3,958 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,083 and $1,249 related to uncertain tax positions at March 31, 2017 and 2016, respectively.

During the period ended June 30, 2016, the Internal Revenue Service commenced an examination of the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2014 and 2015. The examination was completed during the quarter ending December 31, 2016. The closing of the examination did not result in a material change to the Company’s financial statements. 

The U.S. federal and state income tax returns for fiscal year 2014 and all subsequent years remain subject to examination as of March 31, 2017 under statute of limitations rules. We anticipate potential changes due to lapsing statutes of limitations and examination closures could reduce the unrecognized tax benefits balance by $500 - $1,500 within twelve months of March 31, 2017.