Asure Software Shares Slip 15% After IRS Pauses Processing of Pandemic-era Tax Credit
By Ben Glickman
Shares of Asure Software sank Friday after the Internal Revenue Service said it wouldn't process certain pandemic-era tax claims until at least 2024.
The stock was down 15% to $9.60 in midday trading. Shares are up 2.5% this year.
The IRS said Thursday that it had received fraudulent and overstated claims for the federal employee retention credit and would pause processing so that it could examine requests with more scrutiny.
Asure, a human capital management software company, said Friday that it supported the IRS efforts and the pausing of ERC requests wouldn't significantly affect its business.
The company said it doesn't plan to update its guidance for the fiscal year given the IRS's position.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 15, 2023 14:48 ET (18:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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