(April, 2018) As you may know the federal tax bill passed and signed into law last year kept in place the last-in, last-out (LIFO) accounting principle. TCATA has worked with the LIFO Coalition over the last several years to achieve this outcome.
With lawmakers now discussing a second round of tax cuts, the threat to LIFO has not been entirely removed. There is little doubt that the Joint Committee on Taxation produced a revenue score for LIFO repeal during last year's tax debate, and repeal therefore remains a source of revenue that could be used as revenue in other tax legislation.
To ensure that LIFO repeal is not considered in that context, the LIFO Coalition is initiating a "thank-you" campaign to reach out to the members of Congress who supported the coalition's efforts to protect LIFO. Feel free to use language from this letter to write to key Representatives and Senators: