INCOME TAXES

At June 30, 2015, we had $923 thousand recorded in the Condensed Consolidated Balance Sheets under the caption, "Accrued federal and state income taxes" for U.S. federal and various states income tax after the application of the annual limitation set forth under Section 382 of the Internal Revenue Code ("IRC").

The following table provides a detailed breakout of the provision for (benefit from) income taxes for the periods indicated (in thousands):



	Three months ended June 30,					Six months ended June 30,
	2015		2014			2015			2014
Current:
U.S. federal	$	813	$	—		$	813		$	—
State	110		(1		)	110			(2		)
Foreign	—		—			(10		)	—
Provision for (benefit from) income taxes	$	923	$	(1	)	$	913		$	(2	)

For the three months ended June 30, 2015, we had $923 thousand recorded to the provision for income taxes for U.S. federal and various states income tax after the application of the annual limitation set forth under Section 382 of the IRC. For the three months ended June 30, 2014, benefit from income taxes was $1 thousand, and resulted from state and local tax credits received by what was formerly known as our "Solutions" segment.

For the six months ended June 30, 2015, provision for income taxes was $913 thousand for U.S. federal and various states income tax after the application of the annual limitation set forth under Section 382 of the IRC. For the six months ended June 30, 2014, benefit from income taxes was $2 thousand, and resulted from state and local tax credits received by what was formerly known as our "Solutions" segment.

At June 30, 2015, we had a full valuation allowance recorded against our deferred tax assets. The valuation allowance was recorded due to uncertainties related to our ability to utilize the deferred tax assets; primarily consisting of certain net operating losses carried forward. The valuation allowance is based upon management’s estimates of taxable income by jurisdiction and the periods over which the deferred tax assets will be recoverable.

At December 31, 2014, we had a net operating loss carry-forward of approximately $75.4 million for U.S. federal, state, and local income tax purposes. However, due to changes in our capital structure, approximately $23.9 million of this amount is available to offset future taxable income after the application of the limitations found under Section 382 of the IRC. If not utilized, these carry-forwards will begin to expire in 2021 for federal purposes and in 2021 or sooner for state and local purposes. Additionally, the changes to our capital structure have subjected, and will continue to subject our net operating loss carry-forward to an annual limitation. This limitation will significantly restrict our ability to utilize the carry-forward to offset taxable income in future periods. At December 31, 2014, we had a foreign net operating loss carry-forward of approximately $1.6 million denominated in British pounds and based on the exchange rate at that date, related to our operations in the United Kingdom. Based on current tax law in the United Kingdom, net operating losses may be carried forward to offset future profits of the same trade for an indefinite period of time until fully utilized. For a full discussion of the estimated restrictions on our utilization of net operating loss carry-forwards, please refer to Note 14. Income taxes, included under Item 8. of our 2014 Annual Report.