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 ...

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 ...

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 ...

New motor vehicle dealers should consider including a tax-saving contingency in their cash plans for pending federal income tax legislation affecting inventory accounting. If enacted, dealers using ...

Many dealers know that LIFO stands for the "last-in, first-out" inventory valuation method and that it produces sizable interest-free loans from the U.S. Treasury. These loans last as long as moderate ...

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 ...

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 ...

Fleet maintenance software Fleetio has added new inventory valuation methods to its offerings: LIFO / FIFO (last-in first-out, first-in first-out). LIFO / FIFO is an accounting method for customers to ...

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 ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

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 ...

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 ...