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 ...

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 ...

The selection by an entity of its company structure, its fiscal year and its method of accounting are the three main mechanisms that a company can employ in performing substantial tax planning, ...

The impact of reduced new-vehicle inventories and the resulting LIFO recapture continues to be a major concern for dealers. The National Automobile Dealers Association has been very active for more ...

Another year, another administrative budget proposal to banish last-in-first-out accounting for inventory. As he has each year in office, President Obama is suggesting Congress do away with LIFO ...

Your company has three inventory costing methods from which to choose. The choice is important because it influences your cost of goods sold, net income and income tax payable. Whichever method you ...

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

How much you paid for your cryptocurrency (the cost basis) has a major impact on the taxes you pay when you eventually sell them. Understanding how Specific ID, First in, first out (FIFO) & Highest in ...

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 ...