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Clifton Douglas LLP Announces Firm Expansion into San Francisco, California


San Jose, California – September 29, 2015 – Clifton Douglas announced today that they are expanding their offices to a second location in order to accommodate continuing growth and future market development plans. The new office will be located in the Financial District, at One Embarcadero Center, San Francisco, California, and is scheduled to open… Read more »

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


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


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


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


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 »