Jewelers Fight for LIFO

As legislators on Capitol Hill reconvene after their summer breaks, the members of the Jewelers of America Political Action Committee, or JAPAC, are hoping a recent trip to Washington, D.C., will help resolve some key issues before year’s end. Chief among them: the Last-In-First-Out (LIFO) method of accounting and sales tax fairness.JAPAC members made their maiden voyage to the nation’s capital in June to meet with legislators. At the time, they were told that LIFO—the accounting method allowing business owners to record the sale of their high-value inventory first, so as to reduce tax liabilities—was safe from being repealed.Jewelers use LIFO because ­jewelry is a low-turnover product, which makes them particularly vulnerable to inflation and fluctuating commodity prices. In practical terms, a product sold today was purchased at a much lower cost than the cost to replace that p

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