Convenience chain Casey’s General Stores said Tuesday that it was restating financial results to account for having improperly accounted for fuel excise taxes.
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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