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Congress enacts new filing deadlines, doubles IRS audit period in some cases

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The Crux A couple tax measures buried in the recently passed Surface Transportation and Veterans Health Care Choice Improvement Act may affect businesses and are worth noting: •Change in Filing Deadlines. Effective for tax years beginning after December 31, 2015 (that is, returns which won’t come due until 2017), Congress has issued new filing deadlines… Read more »

Altera Tax Case

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What’s New On July 27, 2015 the U.S. Tax Court struck down the Treasury cost sharing regulations requiring participants in a qualified cost sharing arrangement (CSA) to take into account the costs of stock-based compensation. Potential Impact The U.S. Tax Court invalided the 2003 cost sharing requirement (Treas. Reg. §1.482-7(d)(2)) that the participants to a… Read more »

Ooma, Inc. Goes Public in $85 million IPO

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San Jose, CA — July 20, 2015 — Clifton Douglas announced today that its client, Ooma, Inc. (NYSE: OOMA), closed its first day of trading at $13.00 per-share on Thursday. The company’s market cap, at the end of its first day was about $183 million. The company revenue grew by 84% to $72.2 million between… Read more »

Personal Property Tax Renditions Due on May 7, 2015

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The Crux On May 7th, 2015, Business Property Statements (Forms 571L) reporting personal property subject to taxation will become due. Filings after this date are subject to a 10% penalty. Next Steps For most corporate taxpayers, the property tax rendition is often a fairly straightforward reconciliation exercise to the general ledger fixed asset schedules; however,… Read more »

Texas Franchise Tax Report Due on May 15, 2015

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The Crux On May 15th, 2015 companies with a Texas filing requirement will need to submit their 2015 Texas Franchise Tax Report. Texas provides a six month extension to filers that submit an extension request by this date; however, only a three month extension is allowed for electronic fund transfer (EFT) filers (a second three… Read more »