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Latest News: w If you were unable to participate in Will's March 7 audio seminar ... 2012 NADA Convention Tax Report ... Factory Facilities Programs & PaymentsThe on-demand audio recording is available at www.krm.com/wjd (on the "Recordings" tab).
w Searchable Indexes of Publication Articles Through Dec. 2011 Are Available On-Line for the Dealer Tax Watch and for the LIFO Lookout.
¿ Status of LIFO: How much longer will LIFO be around? … The relative prospects for keeping LIFO in the Tax Code have just received a significant boost. In recent years, many who lobbied Congress to repeal LIFO have argued that, as a practical matter, the repeal of LIFO was inevitable as soon as U.S. GAAP reporting standards (which permit LIFO) were absorbed and eliminated via “convergence” with European-style IFRS (which prohibit LIFO). The “inevitability” of the demise of LIFO, based on this assumption, is now in considerable doubt because of recent SEC decisions and a newly-announced approach (referred to as “condorsement”) for the more gradual and less all-inclusive assimilation of U.S. GAAP into IFRS. This approach will not, per se, either directly or indirectly, prohibit the use of LIFO by U.S. companies reporting to the SEC. The moral for LIFO repeal enthusiasts - in academia or in the Administration - is ... Don’t count your chickens before they hatch.
Willard J. De Filipps, CPA & De Filipps University were at the 2011 AICPA National Auto Dealership Conference in Orlando ... ♦ Will presented "Tax Update ... LIFO Issues & Tax Treatment of Manufacturer Payments to Dealerships for Facility Improvements & Upgrades" on Thursday, Oct. 20, and he also participated in the Tax Panel Q&A session on Friday, Oct. 21. Click here to see his presentation materials.
Other Important links ...
What’s the Status of LIFO? … How Much Longer Will LIFO Be Around? In response to President Obama's recent push to repeal LIFO, the LIFO Coalition (www.SaveLIFO.org) - an organization that represents hundreds of thousands of businesses and business associations - urged all of its members to inundate the President and their own Congressional representatives by phone, fax, e-mail and other media with one simple message … “Don’t Kill More Jobs by Killing LIFO!” You can find out more about the status of LIFO in the Mid-Year 2011 Edition of the LIFO Lookout.
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