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Get top-notch complimentary analysis & review from the LIFO experts. LIFOPro offers Best LIFO Practices & Methods Reviews for companies on LIFO. We also provide LIFO Election Benefit Analysis for companies considering adopting LIFO. Companies seeking an automated LIFO solution or replacement to their current LIFO system can get a free software trial. Click on any of the labels below to expand the desired content & learn more.

  • LIFO Election Benefit Analysis
  • Best LIFO Practices & Review Report
  • Software Trial

LIFO Election Benefit Analysis

  • Features & Benefits
    • Features
      • Current year pro forma LIFO calculations
        • Using internal inflation measurement source (internal indexes)
        • Using external inflation measurement source (external indexes; aka IPIC method)
      • 20 year pro forma LIFO calculations
      • Submethodology benefit analysis comparisons
      • Proprietary grading & scoring system based on pro forma calculation results
      • How LIFO Works Appendix
    • Benefits
      • Quantify current year taxable income reduction from electing LIFO for the upcoming year end
      • Comprehensive, comparative calculation results provide complete range of calculation options in order to identify methods that will yield most advantageous tax benefits
      • 20 year pro forma calculations provide inflation trends needed to determine whether consistent & sufficient inflation has historically existed
      • Receive objective advice regarding whether your company is a good LIFO candidate & if a LIFO election is recommended
      • How LIFO Works appendix provides valuable information regarding everything you need to know about electing LIFO, including implementation steps & requirements
      • Includes sample LIFOPro report package & turnkey outsourcing solutions fee quote
  • How it Works



  • Documentation Requirements
    • Required LIFO election benefit analysis documentation:
      • Current & prior period’s item detail reports (Also known as stock status or inventory valuation report)
      • Combined federal & state tax rate (optional; tax savings will be estimated using range of tax rates if not provided)
    • See our documentation request listing here: LIFO Benefit Analysis Documentation Request
    • Submit your request using one of the following options:
    • LIFOPro will email you analysis report & fee quote within one week of receiving above documentation or completed request form
    • LIFOPro will also contact you to schedule a time to discuss analysis results, fee quote & implementation steps upon delivering benefit analysis report
    • LIFOPro will turn around calculation & deliver PDF report package as quickly as needed to meet financial reporting & tax return deadlines

  • Get Started today!

    Request your complimentary benefit analysis report by completing & submitting the form below. You’ll receive your complimentary analysis PDF report & fee quote within one week of submitting this form. Note: if you are submitting your request using the form below, you will need to upload your documentation using the upload file button located at the bottom of this form. Alternatively, you may email your documentation to lifopro@lifopro.com

    Click or drag files to this area to upload. You can upload up to 20 files.
    For example, a company with a December year end sending us these reports in December of 2021 would send us their November 2021 & December 2020 item detail reports. Please upload reports that include the following fields 1. Item/part/product code or number 2. Item/part description 3. Current period quantity on hand/weight 4. Current period item/unit cost. 5. Any product hierarchy fields if they are available, such as: category/subcategory, class/subclass, type, group, line, division, cost/profit center, business segment/unit, etc. Including product hierarchies will provide for a more accurate estimate of the projected tax savings from LIFO & will also likely reduce the turnkey outsourcing solutions fee quote. You will receive a complimentary LIFO benefit analysis report & turnkey outsourcing solutions fee quote within one week of submitting this form. See a sample item detail report file & product hierarchies by downloading this file: https://lifopro.com/publicdownloads/LIFOPro_Sample_Item_Detail_Report.xlsx Alternatively, you can email your item detail reports to lifopro@lifopro.com after submitting this request form.
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  • Learn More

    Want to learn more about LIFO & our offerings? Schedule an introductory call or Teams meeting with LIFOPro by calling 402-330-8573, emailing lifopro@lifopro.com or using our online scheduling tool by clicking here: Schedule Call With LIFOPro

    LIFO Election Benefit Analysis Documentation Request Listing

    Sample LIFO Election Benefit Analysis Report

    How LIFO Works & LIFOPro’s Offerings Slide Deck

    LIFO Benefit Analysis & Turnkey Solutions Process Flow Charts

Best LIFO Practices & Review Report

  • Features & Benefits
    • LIFOPro offers complimentary Best LIFO Practices & Methods Reviews for companies on LIFO in the form of a report that includes the following sections:
      • Calculation review
      • Methods compliance review
      • Best LIFO practices review
      • Pro forma calculations to compare LIFO reserve of present vs. alternative submethodologies
      • Calculation policies & procedures review
      • Change recommendations & implementation steps
    • Benefits include:
      • Learn about potential strategies for maximizing tax savings from LIFO
      • Detect/prevent past/future calculation errors
      • Identify potential audit exposure risk & how to eliminate/minimize it
      • Get recommendations for LIFO Submethods optimization
      • Get recommendations for simplifying calculation policies & procedures
      • Get straightforward solutions for implementing recommended change
  • How it Works

  • Documentation Requirements
    • Best LIFO Practices Review & turnkey outsourcing solutions fee quote documentation
      • LIFO layer history/carryforward schedule from last two periods closed
      • Inflation index calculation documentation from the last period closed (also known as item detail, stock status or inventory valuation report)
      • Product hierarchies (if available)
      • LIFO calculation policies & procedures documentation (if available)
      • Any other schedules/documents not listed above used to complete prior year LIFO calculation
    • See our documentation request listing here: Review & fee quote documentation request
    • Send documentation to LIFOPro@LIFOPro.com or upload here: https://spaces.hightail.com/uplink/LIFO-PRO
    • LIFOPro will email review report, fee quote & sample LIFOPro report package within one week of receiving above documentation (LIFOPro will also contact you to schedule a time to discuss engagement options, documentation requirements, expected/required receivables/deliverables timing)

  • Get Started Today!

    Request your complimentary Best LIFO Practices & Review Report by completing & submitting the form below. You’ll receive your complimentary PDF report within one week of submitting this form. Note: if you are submitting your request using the form below, you will need to upload your documentation using the upload file button located at the bottom of this form. Alternatively, you may email your documentation to lifopro@lifopro.com

  • Learn More

    Want to learn more about the review process & our offerings? Schedule an introductory call or Teams meeting with LIFOPro by calling 402-330-8573, emailing lifopro@lifopro.com or using our online scheduling tool by clicking here: Schedule Call With LIFOPro

    Best LIFO Practices & Review Slide Deck
    Sample Best LIFO Practices & Review Report
    Best LIFO Practices & Review Documentation Request Listing
    LIFO Review & Turnkey Outsourcing Solutions Process Flow Charts

Software Trial

  • Trial the Software Today!
    • Try the software for 90 days free of any commitment or obligation by completing request form in accordion below
    • Accessed via the internet using LIFO-PRO’s private cloud, meaning no installation required
    • Full functionality, meaning all features are enabled
    • Select from your choice of data:
      • Sample Data – comes preconfigured with the following:
        • Software database file containing sample historical LIFO calculation documentation
        • Sample software input data & templates for running LIFO calculations
        • Also can use your company’s current period input data for running LIFO calculations
      • Company Data – comes preconfigured with the following:
        • LIFO-PRO imports your company’s actual historical LIFO documentation into the software
        • Sample software input data & templates for running LIFO calculations
        • Also can use your company’s current period input data for running LIFO calculations
  • Software Trial Request Form
    Software trial users: 1
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  • Learn More

    LIFOPro Software Overview Slide Deck
    LIFOPro Software Demo – Internal Indexes
    LIFOPro Software Demo – External Indexes (IPIC Method)

Learn More or Get Started

 

Get a Software Trial, Analysis, Review or Cost Estimate

Trial the software for 90 days. Get a complimentary analysis for companies considering using LIFO. Get a complimentary review for companies on LIFO. Request a cost estimate. Use our simple form to submit your request.

Get started

Schedule a Call or Demo

Have a phone call or WebEx with the LIFO-PRO team to get started today or learn more about our offerings. Schedule online using our easy-to use booking tool.

Schedule Call or Demo

Generate a Non-disclosure Agreement

Receive a Unilateral Non-disclosure Agreement by electronically consenting & signing using our online form.

Receive a Non-disclosure Agreement

Software

Simplify LIFO calculation, documentation & reporting procedures. Eliminate complicated  Excel schedules. Reduce time on LIFO & increase reporting transparency!

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Resources

Sec. 473 Relief Estimate Request Form
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Auto Dealer IPIC LIFO Case Study
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2023 Top LIFO Opportunities & Strategies Guide
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How LIFO Works: A Beginner’s Guide to LIFO
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How to Identify Clients that are Good LIFO Election Candidates
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How to Easily Implement LIFO
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Complimentary Interim LIFO Estimate Request Form
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Best LIFO Practices & Review
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Auto Dealer LIFO Case Study
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LIFO Election Benefit Analysis
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Downloads

Get information about LIFO-PRO’s offerings, valuable guides & white papers & sample LIFO reports!

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IPIC LIFO Guide

Get educated on the Inventory Price Index Computation (IPIC) method, including the origins, advantages & disadvantages, calculation procedures, options & much more!

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Service Organization Control Report

Learn how LIFO-PRO receives an annual review of our policies & procedures to provide required assurances to our clients.

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LIFO Tax Benefit Calculator

Calculate the potential tax savings from using LIFO & determine your company’s historical inflation percentages!

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Secure File Upload Portal

Here you can send us all files needed for us to seamlessly give you the best LIFO results possible. We look forward to working with you!

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CPA Firm LIFO Opportunities & Training Guide

Learn about LIFO opportunities abound for CPA firms, how to increase the scope of your LIFO offerings & learn how to easily identify good LIFO candidates!

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Interim Estimate Options

Learn how to easily make interim LIFO estimates manually or within our software!

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Non-disclosure Agreement Request Form

Get a NDA generated electronically in less than a minute using LIFO-PRO’s online request form page & avoid having to print, sign & scan a paper NDA!

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IPIC LIFO Resources

Learn how the IPIC LIFO Method works, find valuable Bureau of Labor Statistics (BLS) links and stay up to date on all changes related to the IPIC Method!

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LIFO Success Stories

Learn about LIFOPro’s past roles in partnering with companies & CPA firms to deliver great value by finding solutions to the most challenging LIFO issues!

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IPIC LIFO Overview

The Inventory Price Index Computation (IPIC) method allows taxpayers to use published external indexes to calculate inflation for the purpose of valuing LIFO inventories.

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LIFO Methods, Rules & Regulations

Your comprehensive resource for authoritative LIFO guidance, LIFO election requirements, and method alternatives!

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Supermarket Physical Count Procedures

Find helpful information on how IRS regulations effect grocery LIFO Count Procedures for CPI & PPI taxpayers on our Supermarket Count Procedures page.

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Special Challenges for Supermarkets

Supermarkets face LIFO calculation issues unique to the industry. Find out why & answers to how they are dealt with Special Challenges for Supermarkets page.

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Why the Double-extension LIFO Index Calculation Method is Unreliable

Facts describing why the double-extension LIFO index calculation method is unreliable and examples proving how this method creates unpredictable results.

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Addition of Services Table 9 Codes

Find recent important changes & BLS addition of Table 9 Wherever-provided Services & Construction PPI Indexes & Important Change in PPI Code Structure page.

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CPI Category Updates

Find information on CPI Category Changes & Bureau of Labor Statistics Consumer Price Index update information such as new medical commodity codes here!

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PPI Category Updates

Learn IRS Regulations Requirements for missing PPI Indexes, procedures for reassigning discontinued PPI Categories at LIFO-PRO’s PPI Category Changes page.

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Producer Price Index Usage by Supermarkets to Increase Tax Deferral

Learn how drugs, non-foods & food/beverage indexes cause increase LIFO tax benefits at our PPI Index Usage by Supermarkets to Increase Tax Deferral page.

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BLS CPI & PPI Inflation History

Get the most up to date Bureau of Labor Statistics Consumer & Producer Price Index inflation data from LIFOPro!

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IPIC LIFO Advantages

Switching from the double-extension to link-chain method? Want to achieve higher possible inflation indexes? Learn more at the IPIC LIFO Advantages page.

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LIFO Repeal Updates

Get the latest LIFO repeal updates including the latest news on corporate tax reform at LIFO-PRO’s LIFO Repeal Updates page.

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LIFOPro Videos

LIFO-PRO Company Overview – Quick 1 minute video explaining LIFO-PRO’s service and software offerings.

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Request Forms Page

Request a software trial, LIFO Election Benefit Analysis, Best LIFO Practices Methods Review or cost estimate. All of our requests are complimentary & free of obligation!

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FAQ’s

View some of our frequently asked questions to learn more about LIFO

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LIFO Glossary

Accounting and financial professionals who work with LIFO need to understand the jargon associated with LIFO. Below are a number of LIFO-related terms.

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What Makes a Good LIFO Candidate?

Get answers to who should use the LIFO method, how much LIFO may benefit your company or client & good LIFO candidates by industry & principal business activity along with historical inflation data.

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How LIFO Works

Hundreds of companies & CPA firms utilize our LIFO outsourcing solutions or the LIFO-PRO software for turnkey LIFO solutions.

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