Bob Richardson

10/27/2015 LIFO Coalition Update:

LIFO-PRO partners with the LIFO Coalition in any efforts geared towards preventing LIFO Repeal. LIFO-PRO recently received communication from Jade West (LIFO Coalition Executive Secretariat) providing a general update on LIFO in the political arena. Ms. West’s message read as follows:

“The prospects for enactment of any significant tax reform legislation this year have greatly declined, despite House Ways & Means Committee Chairman Paul Ryan’s determined push for broad reform. Moreover, the more recent talk about enacting reform of the just international tax law to fund the highway trust fund has also stalled.   At this point, funding for the highway trust fund is still needed, but is very unlikely to include significant tax reform measures.

That is mostly good news for us, since LIFO is most seriously threatened in the context of broad tax reform, and that threat does not exist in the current political situation.   However, Congress and the White House still have to find funding sources for the highway bill. While we have been assured by allies on Capitol Hill that LIFO repeal is not discussed as a highway fund pay-for, we watch this process closely just in case LIFO were to become part of that conversation.”

The above message suggests a positive outlook for LIFO taxpayers; it should provide some reassurance to LIFO accountants and designated tax staff of corporations that are LIFO taxpayers. LIFO-PRO will continue to provide updates on any developments in the LIFO political arena if and when they occur.

Bob Richardson

Senior IPIC Tax Accountant