The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

Source Advisors LIFO Accounting, which stands for Last In First Out, is an accounting method that assumes the most recently acquired inventory items are sold first. This practice can be seen in a ...

With 2021 just ended, many dealers are rubbing their hands in delight over their supersized operating profits while scratching their heads over what to do about last in, first out (LIFO) recapture as ...

The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...

There are different inventory accounting methods, including first in, first out (FIFO) and last in, first out (LIFO). Companies often try to match the physical movement of inventory to the inventory ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

James Chen, CMT is an expert trader, investment adviser, and global market strategist. Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance ...

The food industry is gathering data to fight efforts in Congress toward the possible repeal of the LIFO method of inventory accounting — proposals that could mean not only higher taxes on inventory ...

The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...

Accounting and parts tracking can be some of the most challenging chores for fleet managers. To help, Fleetio added new inventory valuation methods to its list of offerings on Tuesday — LIFO / FIFO ...

I think we’re going to see a new era in how we manage this type of thing. My hope is people are going to give more thought to the importance of carrying inventory and safety stock so that we can ...