For your information, and reading pleasure, the NAW-led LIFO Coalition has just sent a letter to Capitol Hill in response to tax reform discussion drafts released last fall by Senate Finance Committee Chairman Max Baucus and the ongoing push for reform by the House Ways and Means Committee. The letter was sent to the Chairmen and Ranking Members of both tax-writing committees with copies to all Members of the House and Senate. To read the letter, go to:
It is unclear at this point how much momentum exists for comprehensive tax reform, especially with the December announcement that Finance Chairman Baucus will be leaving the Senate soon to become U.S. Ambassador to China, but we will stay engaged in the process both to fight against LIFO repeal, and to fight for “comprehensive” tax reform that includes the individual tax rates that pass-through companies pay. We are also working with our colleagues in the Coalition for Fair Effective Tax Rates to ensure that tax reform is seen through the lens of effective rather than statutory rates (wholesale distribution is one of the highest effective rate paying industries).
Additionally, the Internal Revenue Service (IRS) has produced some guidance to employers on how to manage the subsidy offsets on their quarterly tax forms. For IRS’ Q’s and A’s on the preparation of the form, go to: www.irs.gov/newsroom/article/0,,id=205373,00.htm
To access the Employer’s Quarterly Federal Tax Return, go to:
To access Quarterly Form instructions, go to: www.irs.gov/pub/irs-pdf/i941.pdf