Accounting Assets-Obama’s 2013 Budget Proposal

Breaking down Obama’s 2013 Budget Proposal and its primary tax effects on accountants:

 1) Earned Income Tax credit – permanent.

2) $250 above-the-line deduction for teacher classroom expenses – renewed!

3) Repeal LIFO for federal income tax purposes.

4) Repeal lower-of-cost-or-market accounting.

5) For more details and other provisions, visit