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 l
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