Oklahoma business briefs for March 5, 2013

Oklahoma business briefs: March 5, 2013
Modified: March 4, 2013 at 9:32 pm •  Published: March 5, 2013
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OKLAHOMA BRIEFS

GMX warned about compliance

GMX Resources Inc. has been notified it is not in compliance with one of the standards for continued listing on the New York Stock Exchange, the Oklahoma City-based company announced Monday. GMX is out of compliance because its market capitalization has been less than $50 million over a 30-consecutive day trading period. The company now has 45 days to submit a plan detailing how it intends to comply with the stock exchange's continued listing standards within 18 months. If the plan is not accepted, GMX could be suspended or delisted. The company said last week it had retained financial adviser Jeffries & Co. Inc. to help explore financing alternatives, including a potential restructuring of the company's balance sheet in light of its liquidity and cash needs. GMX's stock dropped more than 18 percent Monday, closing down 57 cents at $2.53 a share.

IRS accepting all 2012 returns

WASHINGTON — The Internal Revenue Service announced Monday that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns. Over the weekend, the IRS completed reprogramming and testing of its systems for tax-year 2012 including all remaining updates required by the American Taxpayer Relief Act enacted by Congress in January. This final step clears the way for those claiming residential energy credits on Form 5695 and various business tax credits and deductions to file their returns.