LIFO

Budget Proposal Renews Call for LIFO Repeal

Tammy Whitehouse February 28, 2012

Another year, another White House budget proposal to banish last-in-first-out accounting for inventory. As it has each year in office, the Obama Administration is asking Congress to do away with LIFO accounting as a way to raise revenue and align with international standards.

FEI Lobbies Congress to Fend Off Obama Tax Plans

Tammy Whitehouse March 31, 2009

Corporate appeals to temper President Obama’s apparent plans around tax reform are beginning to hit Capitol Hill. Financial Executives International has written to Congressional leaders to take shots at Obama’s so-far sketchy plans referenced in his 2010 budget blueprint to make major changes in U.S. business tax policy.“The tax provisions...

Obama Budget Proposes LIFO Repeal Starting in 2012

Tammy Whitehouse March 19, 2009

Tucked deep into the tables of President Barack Obama’s proposed 2010 federal budget lies a line item sure to become a focal point of corporate tax policy debate—“repeal LIFO.”LIFO is the tax-friendly “last in, first out” method of accounting for inventory that has become increasingly touchy in recent years. It...

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