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Casey's discloses $30M tax error
Convenience chain Casey’s General Stores said Tuesday that it was restating financial results to account for having improperly accounted for fuel excise taxes.
November 25, 2014
1 Min Read
Convenience chain Casey’s General Stores said Tuesday that it was restating financial results to account for having improperly accounted for fuel excise taxes.
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The retailer, based in Ankeny, Iowa, said the company has paid the Internal Revenue Service $30.4 million to correct the error and $1.1 million in interest; and restated earnings figures from fiscal 2012 through the first quarter of the current fiscal year.
Casey’s said it discovered the error during a routine IRS examination. Officials said the error was a failure to pay excise taxes on ethanol that were previously offset by a tax credit that expired at the end of 2011. Stock was down by around 7% early Tuesday. Casey's operates more than 1,850 convenience stores.
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