Bidz.com, Inc. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 11, 2012

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Income Tax
 3 Months Ended
Mar. 31, 2012
Income Tax  
Income Tax

8.                                      Income Tax

 

The Company’s effective tax rate for the three month period ended March 31, 2012 was approximately 0.2%, compared to (18.0%) for the three month period ended March 31, 2011.  The Company’s effective rates for both years differ from the statutory federal income tax rate of 34% primarily due to a stock options shortfall, state taxes and in the case of the three month period ended March 31, 2012, the increase in valuation allowance.  The lower effective rate during the first quarter of 2012 as compared to the first quarter of 2011 is due primarily to the increase in valuation allowance in 2012.

 

As a result of cumulative losses in recent years and our current projections, we no longer believe that we will more likely than not be able to utilize our net deferred tax assets in their entirety.  As such, we have maintained a valuation allowance for the amount of our net deferred tax assets in excess of our carry-back availability.

 

We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.  There have been no material changes in the Company’s unrecognized tax benefits since December 31, 2011 and as such, disclosures included in the Company’s 2011 Annual Report on Form 10-K continue to be relevant for the period ended March 31, 2012.

 

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