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 http://newsletters.usdbriefs.com/2012/Tax/TNV/120213_1.html