Sen. Ron Wyden (D-Ore.) has introduced a proposal to repeal the last-in, first-out (LIFO) accounting principle for the oil and gas industry. Specifically, S. 4768, would tax excess profits of large oil and gas companies, […] Read More
Sen. Ron Wyden (D-Ore.) has introduced a proposal to repeal the last-in, first-out (LIFO) accounting principle for the oil and gas industry. Specifically, S. 4768, would tax excess profits of large oil and gas companies, […] Read More
Last week, two scholars at the Urban/Brooking Tax Policy Center argued the recent increased in oil prices and spike in inflation have boosted tax benefits from the “last-in, first-out” (LIFO) inventory accounting method. They argued […] Read More
On July 22, 13 Democratic House members sent a letter to House Speaker Nancy Pelosi (D-Calif.) expressing their support for LIFO, the last-in, first-first out accounting principle. For years, Congress has targeted LIFO as a […] Read More
The U.S. Congress’s Joint Committee on Taxation has again included last-in, first-out (LIFO) in its annual “Estimates of Federal Tax Expenditures,” signaling lawmakers could begin looking at LIFO repeal as a means to increase federal […] Read More
As Metals Service Center Institute (MSCI) members are aware, the federal tax bill passed and signed into law last year kept in place the last-in, last-out (LIFO) accounting principle. MSCI had worked with the LIFO […] Read More