July 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released July 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The All items category was unchanged month over month and increased 8.5% in the last twelve months All items, less food & energy, rose 0.3% from June 2022 and […]
View full articleSuperior LIFO Solutions at a Fraction of Competitor’s Costs
LIFOPro is the most trusted provider for turnkey outsourcing solutions & LIFO software. We offer the most comprehensive documentation & reporting packages, and also provide a full range of LIFO services for both financial reporting and tax. Numerous clients outsource both their book & tax LIFO calculations in order to simplify & streamline the reporting […]
View full articleComparing the Pros & Cons of Internal & External Indexes
The vast majority of companies on LIFO use a method called dollar-value LIFO. Under this method, the calculation of the LIFO reserve occurs as a side-calculation that occurs in two distinct steps, the first being the current year inflation calculation (front end) & the LIFO reserve calculation (back end). The front end of the LIFO […]
View full articleIRS Auditing More LIFO Calculations than Before
History of IRS LIFO Resources & Audits 1990s – 2000s The frequency & level of scrutiny being given to LIFO by the IRS has varied widely over the past 30 years that LIFOPro has been in business. When LIFOPro begun in 1992, the IRS Chief Counsel’s office employed multiple LIFO experts, and also employed many […]
View full articleJune 2022 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released June 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.0% in the last month and increased 26.5% in the last twelve months Processed foods + feeds rose 1.2% from May 2022 and increased 11.3% since June […]
View full articleJune 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released June 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 1.4% over the last month and rose 9.1% over the last twelve months Commodities, less food + energy commodities, increased 0.8% from May 2022 and rose […]
View full articleLIFO Coalition Responds to Tax Policy Center’s Repeal Blog
The LIFOPro team would like to acknowledge an article recently published by The Tax Policy Center (you can read the article for yourself here) suggesting LIFO repeal for the gas + oil industry. The LIFO Coalition, whose mission is working on behalf of its members to protect the ability of businesses to use the LIFO […]
View full articleMay 2022 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released May 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 2.3% in the last month and increased 26.4% in the last twelve months Processed foods + feeds increased 0.8% from April 2022 and rose 11.8% since May […]
View full articleMay 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released May 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The all items index rose 1.1% over the last month and increased 8.6% over the last twelve months Commodities, less food + energy commodities, rose 0.4% from April 2022 […]
View full articleApril 2022 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released April 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): Farm products rose 4.9% in the last month and increased 35.6% in the last twelve months Processed foods + feeds increased 2.5% from March 2022 and rose by 13.6% […]
View full articleApril 2022 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released April 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The all items index rose 0.6% in the last month and increased 8.3% in the last twelve months Commodities, less food + energy commodities, remained flat from March to […]
View full articleMarch 2022 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released March 2022 Producer Price Index (PPI) today. Farm products rose 8.6% in the last month and increased 35.6% in the last twelve months. Processed foods + feeds rose 2.0% from February 2022 and increased 13.7% since March 2021. Textile products + apparel increased 0.5% in the last month […]
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