Casey’s General Stores to revise financials to reflect biofuel excise tax mistakes

In Iowa, Casey’s General Stores, Inc announced that it will revise its financial statements for fiscal years 2012, 2013 and 2014 and the first quarter of fiscal year 2015, due to an inadvertent accounting and reporting error that occurred during these periods. The revision is related to the treatment of the excise tax on ethanol following a change in the law governing ethanol blending credits, which was discovered by the Company during a routine Internal Revenue Service examination. Casey’s voluntarily reported this error, has been cooperating fully with the IRS, and has paid $30.4 million in taxes due as well as $1.1 million in interest to resolve this matter.