Top 2023 LIFO Election Locks
Learn about the best opportunities to obtain meaningful tax benefits from electing LIFO for the 2023 year end!
Understanding 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 […]
Tax 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 […]
IRS 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 […]
LIFO 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 […]
IRS Releases Roadmap for Auditors to use on LIFO Taxpayers
The recent release of a new LIFO practice unit by the Large Business & International (LB&I) division of the IRS suggests that IRS agents will be increasing their focus on LIFO during exams. The “concept unit” titled LIFO records includes a 21 page slide deck PDF file outlining a road map of sorts to guide […]
AICPA Proposal for Section 473 Relief
The AICPA has requested relief from the IRS and the Treasury Department to help LIFO taxpayers suffering increased tax liability as a result of layer erosion LIFO income that occurred from COVID-19 related inventory liquidations. As touched in our last blog, which can be found at DeFilipps Proposal for Section 473 Relief » LIFOPro […]
DeFilipps Proposal for Section 473 Relief
Willard De Filipps, CPA, PC has ran his specialized accounting and consulting firm since 1978. He’s a renowned expert in automobile dealership tax issues, LIFO inventory valuation method issues & representation before the IRS in diverse tax examination issues. While he offers a resource center for CPA’s through DeFilipps University, he’s been an invaluable resource […]
February 2020 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released February 2020 Consumer Price Indexes (CPI) today. The All commodities index increased by 0.3% over the last month & has increased 2.3% over the last year on a seasonally unadjusted basis. All items less food and energy increased by 0.5% between January 2020 – February 2020 & rose […]
January 2020 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released January 2020 Producer Price Indexes (PPI) today. All commodities saw an increase of 0.2% over the last month and increase of 0.1% over the last year. Bolts, nuts, screws, rivets and washers increased by 1.8% over the last month & rose by 6.4% over the last year. From December […]
January 2020 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released January 2020 Consumer Price Indexes (CPI) today. The All commodities index increased by 0.4% over the last month & has increased 2.5% over the last year on a seasonally unadjusted basis. All items less food and energy increased by .04% between December ’19 – January 2020 & rose […]
September 2019 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released September 2019 Producer Price Indexes (PPI) today. The Bureau of Labor Statistics (BLS) released September 2019 Producer Price Indexes (PPI) today. The All commodities index declined by 0.6% over the last month & has decreased by 2.7% over the last year on a seasonally unadjusted basis. Meats […]