Asure Software does not anticipate changes to Q3, FY23 guidance on IRS measures

In a regulatory filing, Asure Software disclosed the company issued a press release announcing its support for the Internal Revenue Service’s recent measures against fraudulent ERC Claims and stated that, “at this point, it does not anticipate changes to its guidance for the third quarter ended September 30, 2023 and the full year ended December 31, 2023.” In the press release, Assure stated: “Asure Software, a leading provider of cloud-based Human Capital Management software solutions, today voiced its steadfast support for the Internal Revenue Service’s intensified efforts to counteract fraudulent claims linked to the Employee Retention Credit, or ‘ERC.’ Aligned with the IRS’s commitment to safeguard taxpayers and ensure the rightful allocation of tax credits, Asure emphasizes its dedication to transparency, accuracy, and integrity in the processing of ERC. In response to the recent notice from the IRS, Asure seeks to reassure its clients and investors. The company’s primary role remains to disseminate precise information and guide clients to official IRS resources. This empowers them to assess their ERC eligibility in tandem with their CPA or attorney. Furthermore, Asure ardently wishes for its clients to obtain the tax credits they are eligible for, emphasizing the importance of rightful claims. ‘We wholeheartedly back the IRS’s drive to eradicate fraudulent claims,’ confirmed Pat Goepel, Chairman and CEO. ‘Our enduring mission is to help small businesses grow. We stand ready to assist them in accessing authoritative IRS resources securing any tax credits they’re lawfully entitled to.’ Asure’s core business model is fundamentally anchored in the recurring revenue generated from payroll, HR services, and interest income on float. While the ERC offers a one-time opportunity, it does not form the core of Asure’s long-term strategy. As further described in Asure’s recent 10K filing with the SEC for the year December 31, 2022, Asure acknowledged the potential risks associated with the ERC, especially given this new guidance from the IRS. At this point, Asure does not anticipate changes to its guidance for the fiscal quarter ended September 30, 2023, or the year ended December 31, 2023. Asure is continually monitoring the IRS rules and program updates.”