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<br />.. <br /> <br />I <br />I <br />I <br /> <br />; <br />, <br /> <br />I <br /> <br />E:c <br /> <br />accountants & advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br /> <br />DECEMBER 31, 2009 AND 2008 <br /> <br />Note 4 - Pension and Profit Sharim:J: <br /> <br />I <br />I <br /> <br />The Company has a 401 (k) Profit Sharing Plan which allows eligible employees to defer <br />up to 15% of their annual compensation. up to the maximum allowed per IRS <br />regulations. Employer contributions are 3% of employee's gross salaries <br /> <br />Note 5 -Income Taxes: <br /> <br />Components - Current and deferred <br /> <br /> <br />December 31. <br /> <br />2009 <br /> <br />$ 12.355 <br />(26,099) <br />$ (13.744) <br /> <br />2008 <br /> <br />$ 13,371 <br />8,716 <br />$ 22 087 <br /> <br />Current <br />Deferred <br /> <br />o <br /> <br />" <br /> <br /> <br />o <br />o <br /> <br />~ <br /> <br />o <br />;j <br />o <br />~ <br />~ <br /> <br /> <br />" <br /> <br />I <br /> <br /> <br />; <br /> <br />t <br /> <br />Temporary Differences <br /> <br />The tax effects of temporary differences that give rise to significant portions of <br />current deferred tax assets and liabilities consist of the following: <br /> <br />December 31, 2009 2008 <br />Deferred tax assets: <br />Accounts payable and <br />accrued expenses $ 258,337 $ 168,779 <br />Other 1.500 1,500 <br />Total $ 259.837 $ 170.279 <br />Deferred tax liabilities: <br />Accrued accounts receivable $ 271,116 $ 185,730 <br />Other 64,588 51.811 <br />Total $ 335.704 $ 237.541 <br />Net deferred tax liability $( 75,867) $ ( 67.262) <br /> <br />'--..'--.'- -"..".- ---.:-.. <br />.. .-. <br />