Retailers woke up to the alarming news courtesy of a little known IRS tax increase. Retailers have long suffered federal attacks of overtaxation with little representation or relief. This new move by IRS authority would, in effect push retailers toward a fiscal cliff of higher prices on the shelf. Inflation anyone?
Internally, IRS plans include mod ification of regulations controlling inventory accounting. The ugly result requires creating expensive inventory tracking systems.
Question: Is there a way congress can mitigate or derail IRS plans?