Ebix Inc.'s fourth quarter earnings will take a $1.4 million hit after the resolution of an IRS audit of its income tax returns for 2008 through 2012.
The Atlanta-based supplier of On-Demand software and E-commerce services to the insurance, financial and health-care industries said the assessment relates only to non-recurring issues associated with certain acquisitions occurring during the audit period. Ebix (NASDAQ: EBIX) noted there were no adverse assessments or deficiencies asserted related to any recurring operating transactions. The audit was extended to 2012, which is now part of the resolution.
Ebix added the audit has no effect on any positions it has taken in any future years.