repeal of the "Last-In First-Out" (LIFO) accounting method beginning in 2012.

Posted by Jeff Kirchner on Jul 6, 2009 9:24:00 AM

BACKGROUND The President's Budget proposes repeal of the "Last-In First-Out" (LIFO) accounting method beginning in 2012, and requiring companies with LIFO reserves to pay taxes on those reserves within 7 years. We manufacturers need to educate Members of Congress on the negative effects of repeal on manufacturers such as forgers. The common message has been one of "we need the money", i.e., the issue isn't one of whether they agree with the use of LIFO, it is simply one of needing additional revenues to pay for programs (such as healthcare reform), and LIFO repeal represents additional revenues.

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Topics: business, government, house of representatives, senators

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