LIFO Preserved in Final Tax Bill

(January, 2018) LIFO (last in, first out method of accounting) has been preserved in the tax bill that recently passed Congress, thanks to the efforts of many businesses and associations, including TCATA and several members.  As you know, Congress had been considering repealing LIFO, as it was seen as a potential new source of revenue for the federal government.  LIFO is important to many businesses, and is a method of accounting that has been used for nearly 80 years.

Textile Care Allied Trades Association · 4023 North Armenia Avenue, Suite 270 · Tampa, FL · USA · 33607 · 813-348-0075
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