House and Senate tax committee members are finally putting pen to paper and drafting comprehensive reform legislation. Industry groups are getting nervous as lawmakers have warned that key parts of the Internal Revenue Code are on track for major changes or outright repeal.
Of particular concern to AED and NAEDA is the fact that “last in, first out” (LIFO) tax accounting method and like-kind exchanges (LKE) are apparently both in the crosshairs. Lawmakers are looking for revenues everywhere and LIFO in particular is a big target.
Because Senate Finance and Ways & Means Committee meetings have been private, we don’t have certain information on what has been discussed or decided at this point. However, we have heard from sources that LIFO and LKE are in danger and action is needed to inform Ways & Means Committee Republicans about the importance of both.
If you have 10 minutes, please send a personalized letter to your lawmakers, particularly if you have a location in the district of a Ways & Means or Finance Committee member. Thanks to AED, in a cooperative effort, they have made it easy as possible to send a letter by following these steps.
1. Download a pre-drafted letter urging lawmakers to protect LIFO and/or LKE here:
2. Place the letter on your company letterhead and complete the bracketed information specific to your company. Don’t forget to address the letter(s) to your senators/representatives. Save the letter and convert to a PDF file.
3. Look up your lawmakers’ tax staffer and e-mail the letter to her/him. A complete list of tax staffers can be found here.