February 2023 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released February 2023 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 2.3% in the last month and increased 6.7% in the last twelve months Processed foods + feeds decreased 1.1% from January and rose 5.8% from February 2022 […]
View full articleFebruary 2023 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released February 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items saw no change in the last month and rose 6.4% in the last twelve months Food at home increased 0.6% from January and rose 13.0% from February […]
View full articleUnderstanding LIFO Accounting for the Food and Beverage Industry Podcast
Recently, our Vice President Bob Richardson joined EisnerAmper’s podcast to discuss LIFO. Along with Richard Colloca (Audit Partner + National Food and Beverage Practice Leader, member of the firm’s Manufacturing and Distribution Group as well as a member of the firm’s Profession Practice Group providing audit, accounting, tax and business consulting services to clients) and […]
View full articleJanuary 2023 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released January 2023 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.5% in the last month and increased 23.2% in the last twelve months Processed foods + feeds decreased 1.0% from December 2022 and rose 9.7% since January […]
View full articleJanuary 2023 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released January 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items decreased by 0.1% in the last month and rose 6.4% in the last twelve months All items, less energy, increased 0.3% from December 2022 and rose 6.4% […]
View full articleLIFO Conformity for Foreign-Controlled Consolidated Groups with U.S. Subsidiaries
IRS Revenue Ruling 78-246 provides an exception to the LIFO conformity rule for foreign-controlled consolidated groups. The use of a non-LIFO method of calculating income, profit and loss in the consolidated statements of a foreign-controlled consolidated group even when one or more of the subsidiaries uses LIFO for U.S. income tax reporting is not in […]
View full articleTop 10 LIFO Election Locks of 2022
Exploring electing LIFO in 2022 is essential in certain industries because it’d be irresponsible to fail to do so. The inflation experienced in many industries this year will may never occur again in our lifetimes. In many cases, the benefits from electing LIFO in 2022 will create tax benefits that would normally take many years […]
View full articleDecember 2022 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released December 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.5% in the last month and rose 23.2% in the last twelve months Processed foods + feeds decreased 1.0% from November 2022 and increased 9.7% since December […]
View full articleDecember 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released December 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose .2% in the last month and increased 8.2% in the last twelve months Food at home rose 0.6% from November and increased by 13.0% since December […]
View full articleTop LIFO Tips & Tax Savings Strategies for 2022
This blog explores the top ten LIFO tips & tax savings strategies for 2022, broken down by opportunities for companies + CPA firms. Feel free to schedule a free call or online meeting with us to take a deeper dive as to how these can benefit you + receive a complimentary analysis from the LIFO […]
View full articleTax Relief in Sight for Dealerships Suffering LIFO Recapture in 2020 – 2021
What is the Supply Chain Disruptions Relief Act? This bill was drafted to provide tax relief to new motor vehicle dealerships using the LIFO method who had qualified inventory liquidations solely attributable to supply chain disruptions that occurred between 2020 – 2021, which in turn caused LIFO recapture & increased tax liabilities to be recognized […]
View full articleNovember 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released November 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.2% in the last month and increased 8.2% in the last twelve months Food at home increased 0.6% from October 2022 and rose 13.0% since November […]
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