Industry Concerned About LIFO Accounting Changes

The food industry is gathering data to fight efforts in Congress toward the possible repeal of the LIFO method of inventory accounting proposals that could mean not only higher taxes on inventory going forward, but also back-tax obligations on inventory reserves. The National Grocers Association, Arlington, Va., is collecting responses from its retail and wholesale members to a survey asking their

The food industry is gathering data to fight efforts in Congress toward the possible repeal of the LIFO method of inventory accounting — proposals that could mean not only higher taxes on inventory going forward, but also back-tax obligations on inventory reserves.

The National Grocers Association, Arlington, Va., is collecting responses from its retail and wholesale members to a survey asking their opinions on what LIFO repeal could mean for their businesses. The full survey results

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