2023 Top LIFO Election Locks

Find the best candidates for providing meaningful tax benefits from electing LIFO this year!

Read

Exploring Interim LIFO Estimate Approaches

Learn why companies perform interim LIFO estimates, best practices, approaches and solutions to quickly and accurately perform LIFO forecasting & planning. Avoid material post year-end LIFO surprises from ever happening again!

Read Blog

The LIFOPro Difference

Learn why our clients stay on LIFO far longer than non-clients. Learn why our client retention rate is far higher than the industry average. Read how LIFOPro’s offerings are second to none!

The LIFOPro Difference: Why Our Clients Stay on LIFO Longer & Remain Clients Longer than Non-clients

How the IPIC Method Could Help Grow or Preserve Your LIFO Reserve

Learn how companies often switch to the IPIC method to protect their existing LIFO reserve or maximize LIFO reserve growth for tax purposes at our blog!

Read Blog

LIFO Financial Reporting Disclosure Requirements & Alternatives

Learn the LIFO financial reporting disclosure rules. Find out the non-LIFO disclosures that can be made within financial reports. Understand the types of reports not subject to LIFO reporting requirements in our Blog!

Read Blog

How CPA Firms Can Easily Identify the Best LIFO Candidates

The resources & tools provided on this page offer simple, straight-forward steps to help CPA firms identify good LIFO election candidates & explore LIFO for their clients. Identify great LIFO opportunities for all your clients, not just the ones who approach you about it using our simple 3-step process! Act now before other firms present historic tax benefits to your clients & prospective clients!

Learn More

Why Companies Use Different Book & Tax LIFO Methods

Learn how companies minimize the impact of LIFO for financial reporting purposes and maximize the benefits for tax purposes!

Learn More

Understanding LIFO Accounting Podcast

Tune in to our 10 minute LIFO podcast! On this inaugural episode of Insights À La Carte, an EisnerAmper Food and Beverage Podcast, Rich Colloca, Partner and the firm’s National Food and Beverage Practice Leader, and Kevin Nardone, Director in the firm’s Private Client Services Group, are joined by Bob Richardson, Vice President of LIFOPro. The three cover the basics of last-in, first- out (“LIFO”) accounting and the real-world benefits and tax implications food and beverage businesses leaders need to know about this method.

Listen Now

What Makes a Good LIFO Candidate?

Learn about our proprietary scoring system & criteria used to identify the best LIFO candidates, find out the best time to elect LIFO & learn tips/tricks only available from the LIFO experts!

Learn More

Get a Free LIFO Election Benefit Analysis Today!

LIFOPro makes it simple for companies to obtain complimentary, comprehensive benefit analysis. This valuable resource is only available from the most trusted name in LIFO. Get accurate, user-friendly estimates of the projected savings from electing LIFO this year. Our proprietary Good LIFO Candidate criteria & scoring system coupled with our 20 year historical calculation analysis helps identify whether or not you’re a good long-term LIFO candidate. Our alternative comparisons identify the most beneficial methods. Get your complimentary analysis PDF report & turnkey outsourcing solutions fee quote within one week of submitting your request! Our benefit analysis are free of obligation. The time commitment to quantify your LIFO tax savings & obtain your free analysis report is low & only requires a minimal amount of readily available data from your accounting system!

Get Started Today

LIFO Calculation & Best Practices Review

Verify calculation accuracy. Maximize LIFO tax deferral. Ensure methods compliance. Get policies & procedures optimization strategies. Discover planning opportunities. Our complimentary review report offers a comprehensive LIFO assessment that provides valuable feedback & recommendations from the leading LIFO experts. Get a review by submitting our request form today!

Learn more

LIFO Election Requirements + Method Alternatives

Get the essential information to consider prior to making a LIFO calculation. Learn about the submethodology options available within LIFO & the pros/cons of each alternative that you’ll only find from the LIFO experts!

Learn More At Our Blog

Software & Turnkey Outsourcing Solutions

Our turnkey outsourcing solutions makes being on LIFO as simple as possible. Our software automates LIFO calculations & documentation. Both offerings eliminates complicated procedures & error-prone, time-consuming manual Excel spreadsheet calculations. Let our complete range of offerings make dealing with LIFO as simple as possible.

Learn more about LIFOPro's Offerings

IRS Auditing More LIFO Calculations than Before

The recent release of an IRS LIFO Records Practice Unit has led to a surge in LIFO audits. Learn about the most recent developments & get strategies to preserve your LIFO reserve & eliminate or reduce audit exposure. Learn more at our LIFO Insights Blog!

Learn More

Record Number of Companies Electing LIFO

Learn more about the surge in first-time LIFO elections!

Record Number of Companies Electing LIFO Blog

May 2024 CPI Released

Get the highlights at LIFO-PRO’s BLS Blog!

May '24 BLS CPI Blog

May 2024 PPI Released

Get the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) highlights at LIFO-PRO’s Blog!

 

 

May '24 BLS PPI Release Blog

2023 Top LIFO Election Locks

Find the best candidates for providing meaningful tax benefits from electing LIFO this year!

Read

Exploring Interim LIFO Estimate Approaches

Learn why companies perform interim LIFO estimates, best practices, approaches and solutions to quickly and accurately perform LIFO forecasting & planning. Avoid material post year-end LIFO surprises from ever happening again!

Read Blog

The LIFOPro Difference

Learn why our clients stay on LIFO far longer than non-clients. Learn why our client retention rate is far higher than the industry average. Read how LIFOPro’s offerings are second to none!

The LIFOPro Difference: Why Our Clients Stay on LIFO Longer & Remain Clients Longer than Non-clients

How the IPIC Method Could Help Grow or Preserve Your LIFO Reserve

Learn how companies often switch to the IPIC method to protect their existing LIFO reserve or maximize LIFO reserve growth for tax purposes at our blog!

Read Blog

LIFO Financial Reporting Disclosure Requirements & Alternatives

Learn the LIFO financial reporting disclosure rules. Find out the non-LIFO disclosures that can be made within financial reports. Understand the types of reports not subject to LIFO reporting requirements in our Blog!

Read Blog

How CPA Firms Can Easily Identify the Best LIFO Candidates

The resources & tools provided on this page offer simple, straight-forward steps to help CPA firms identify good LIFO election candidates & explore LIFO for their clients. Identify great LIFO opportunities for all your clients, not just the ones who approach you about it using our simple 3-step process! Act now before other firms present historic tax benefits to your clients & prospective clients!

Learn More

Why Companies Use Different Book & Tax LIFO Methods

Learn how companies minimize the impact of LIFO for financial reporting purposes and maximize the benefits for tax purposes!

Learn More

Understanding LIFO Accounting Podcast

Tune in to our 10 minute LIFO podcast! On this inaugural episode of Insights À La Carte, an EisnerAmper Food and Beverage Podcast, Rich Colloca, Partner and the firm’s National Food and Beverage Practice Leader, and Kevin Nardone, Director in the firm’s Private Client Services Group, are joined by Bob Richardson, Vice President of LIFOPro. The three cover the basics of last-in, first- out (“LIFO”) accounting and the real-world benefits and tax implications food and beverage businesses leaders need to know about this method.

Listen Now

What Makes a Good LIFO Candidate?

Learn about our proprietary scoring system & criteria used to identify the best LIFO candidates, find out the best time to elect LIFO & learn tips/tricks only available from the LIFO experts!

Learn More

Get a Free LIFO Election Benefit Analysis Today!

LIFOPro makes it simple for companies to obtain complimentary, comprehensive benefit analysis. This valuable resource is only available from the most trusted name in LIFO. Get accurate, user-friendly estimates of the projected savings from electing LIFO this year. Our proprietary Good LIFO Candidate criteria & scoring system coupled with our 20 year historical calculation analysis helps identify whether or not you’re a good long-term LIFO candidate. Our alternative comparisons identify the most beneficial methods. Get your complimentary analysis PDF report & turnkey outsourcing solutions fee quote within one week of submitting your request! Our benefit analysis are free of obligation. The time commitment to quantify your LIFO tax savings & obtain your free analysis report is low & only requires a minimal amount of readily available data from your accounting system!

Get Started Today

LIFO Calculation & Best Practices Review

Verify calculation accuracy. Maximize LIFO tax deferral. Ensure methods compliance. Get policies & procedures optimization strategies. Discover planning opportunities. Our complimentary review report offers a comprehensive LIFO assessment that provides valuable feedback & recommendations from the leading LIFO experts. Get a review by submitting our request form today!

Learn more

LIFO Election Requirements + Method Alternatives

Get the essential information to consider prior to making a LIFO calculation. Learn about the submethodology options available within LIFO & the pros/cons of each alternative that you’ll only find from the LIFO experts!

Learn More At Our Blog

Software & Turnkey Outsourcing Solutions

Our turnkey outsourcing solutions makes being on LIFO as simple as possible. Our software automates LIFO calculations & documentation. Both offerings eliminates complicated procedures & error-prone, time-consuming manual Excel spreadsheet calculations. Let our complete range of offerings make dealing with LIFO as simple as possible.

Learn more about LIFOPro's Offerings

IRS Auditing More LIFO Calculations than Before

The recent release of an IRS LIFO Records Practice Unit has led to a surge in LIFO audits. Learn about the most recent developments & get strategies to preserve your LIFO reserve & eliminate or reduce audit exposure. Learn more at our LIFO Insights Blog!

Learn More

Record Number of Companies Electing LIFO

Learn more about the surge in first-time LIFO elections!

Record Number of Companies Electing LIFO Blog

May 2024 CPI Released

Get the highlights at LIFO-PRO’s BLS Blog!

May '24 BLS CPI Blog

May 2024 PPI Released

Get the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) highlights at LIFO-PRO’s Blog!

 

 

May '24 BLS PPI Release Blog

Our solutions make being on LIFO as simple as possible. We offer the most practical approaches and offer best practices feedback to minimize the effort involved with LIFO while doing so in a compliant manner. LIFOPro has the highest client retention rate in the accounting industry because the value of our services far outweighs the costs. Our clients remain on LIFO far longer than non-clients because our solutions maximize LIFO tax benefits and eliminate the issues that most commonly cause companies to go off LIFO. Contact LIFOPro today to learn more about partnering with us for all your LIFO needs!

Top Resources

1

LIFO Election Benefit Analysis

2

LIFO Methods, Rules & Regulations

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

3

How LIFO Works

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

4

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.

5

FAQ’s

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

6

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.

LIFO Guides and White Papers

Get valuable information on important LIFO issues exclusively available from the LIFO experts

Learn more

From The Blog

May 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products fell 0.1% in the last month and decreased 9.0% in the last twelve months Processed foods + feeds rose 0.3% from April and increased 0.8% since May 2023 Textile […]

Read more
June 13, 2024
May 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.2% in the last month and increased 3.3% in the last twelve months Food at home saw no change from April and increased 1.0% since May […]

Read more
June 12, 2024
April 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.4% in the last month and increased 3.4% in the last twelve months Food at home rose 0.2% from March and increased 2.2% since April 2023 […]

Read more
May 15, 2024
April 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 0.3% in the last month and decreased 8.7% in the last twelve months Processed foods + feeds saw no change from March and increased 1.5% since April 2023 […]

Read more
May 14, 2024
March 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released March Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 2.4% in the last month and decreased 7.5% in the last twelve months Processed foods + feeds rose 1.4% from February and increased 0.8% since March 2023 Textile […]

Read more
April 11, 2024
March 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.6% in the last month and increased 3.5% in the last twelve months Food at home saw no change from February and rose 1.2% since March […]

Read more
April 10, 2024
February 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released February Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 3.4% in the last month and decreased 9.9% in the last twelve months Processed foods + feeds rose 1.2% from January and increased 0.1% since February 2023 Textile […]

Read more
March 14, 2024
February 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.6% in the last month and increased 3.2% in the last twelve months Food at home increased 0.1% from January and rose 1.0% since February 2023 […]

Read more
March 12, 2024
January 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released January Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products fell 1.4% in the last month and decreased 15.0% in the last twelve months Processed foods + feeds decreased 0.2% from December and fell 2.2% since January 2023 Textile […]

Read more
February 16, 2024
January 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.5% in the last month and increased 3.1% in the last twelve months Food at home increased 0.7% from December and rose 1.2% since January 2023 […]

Read more
February 13, 2024
December 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released December Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products fell 1.5% in the last month and decreased 17.5% in the last twelve months Processed foods + feeds decreased 0.6% from November and fell 1.0% since December 2022 Textile […]

Read more
January 12, 2024
December 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items decreased 0.1% in the last month and increased 3.4% in the last twelve months Food at home fell 0.1% from November and increased 1.3% since December 2022 […]

Read more
January 11, 2024
Top 2023 LIFO Election Locks

Learn about the best opportunities to obtain meaningful tax benefits from electing LIFO for the 2023 year end!

Read more
December 27, 2023
November 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 2.9% in the last month and decreased 17.4% in the last twelve months Processed foods + feeds decreased 0.9% from October and fell 1.4% since November 2022 Textile […]

Read more
December 13, 2023
November 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items decreased 0.2% in the last month and increased 3.1% in the last twelve months Food at home fell 0.5% from October and increased 1.7% since November 2022 […]

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December 12, 2023
2023 Updated PPI Table 9 Category Name File Released

LIFOPro has completed the annual updates to the Excel file used by LIFOPro clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in their inventory detail files. LIFOPro clients should use the email received containing the Complete Table 9 PPI Category Name file download link to obtain the updated file (feel free […]

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November 16, 2023
October 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released October Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products fell 3.7% in the last month and decreased 14.3% in the last twelve months Processed foods + feeds decreased 0.6% from September and rose 0.9% since October 2022 Textile […]

Read more
November 15, 2023
October 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items saw no change in the last month and increased 3.2% in the last twelve months Food at home increased 0.3% from September and increased 2.1% since October […]

Read more
November 14, 2023
LIFO Financial Reporting Disclosure Requirements & Alternatives

What Rules Exist Regarding LIFO Disclosures for Financial Reporting Purposes? The IRS tax law commonly referred to as the “LIFO conformity rule” is the authoritative guidance that prescribes the financial report and statement requirements for companies that use the LIFO method (assuming financial reports or statements are issued to external parties; these rules are not […]

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October 23, 2023
Exploring Interim LIFO Estimate Approaches

Why do companies perform interim LIFO estimates? The dollar-value LIFO method is a calculation designed to be performed annually or one time each reporting period (this is the method used by the vast majority of companies using LIFO). Furthermore, IRS Regs. prescribes for LIFO to be applied annually & never mentions performing interim LIFO estimates […]

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October 20, 2023
Why Companies Use Different Book & Tax LIFO Methods

What is the LIFO Conformity Rule? IRS Reg. §1.472-2(e)(1) requires for taxpayers using the LIFO method to also do so for financial reporting purposes beginning in the year that LIFO is adopted for tax purposes (LIFO can be adopted for financial reporting purposes prior to the adoption for tax purposes, but not vice versa). What […]

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October 14, 2023
How the IPIC Method Could Maximize Your LIFO Reserve

What is the IPIC Method? Dollar-value LIFO method users are allowed to use an internal or external inflation measurement source to calculate inflation. Here’s an overview of these two methods: Internal indexes Current period’s quantities are double extended against current & prior period unit costs (prior period unit costs are used if the link-chain method […]

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October 14, 2023
September 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.2% in the last month and rose 3.7% in the last twelve months Food at home increased 0.1% from August and increased 2.4% since September 2022 […]

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October 12, 2023
The LIFOPro Difference

Our Clients Stay on LIFO Far Longer than Non-clients An internally developed study of publicly traded companies found that LIFOPro clients are far more likely to remain on LIFO than non-clients. More specifically, as of the 2011 year-end, there were 318 publicly traded companies on LIFO. Of the 318 companies were on LIFO as of […]

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October 11, 2023
September 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released September Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 0.3% in the last month and decreased 10.8% in the last twelve months Processed foods + feeds increased 0.9% from August and rose 0.6% since September 2022 Textile […]

Read more
October 11, 2023
Record Number of Companies Electing LIFO

What has Caused the Surge in First-time LIFO Elections? LIFOPro has seen a nearly 40% increase in first-time LIFO elections amongst new clients between 2021 – 2022. The primary cause of this record number of companies electing LIFO has been the highest inflation seen in 40 years over the last two years, which translated into […]

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October 10, 2023
August 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released August Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 4.3% in the last month and decreased 11.8% in the last twelve months Processed foods + feeds increased 0.2% from July and fell 0.8% since August 2022 Textile […]

Read more
September 14, 2023
August 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.4% in the last month and rose 3.7% in the last twelve months Food at home increased 0.2% from July and increased 4.3% since August 2022 […]

Read more
September 13, 2023
July 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released July Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 2.9% in the last month and decreased 10.4% in the last twelve months Processed foods + feeds increased 0.3% from June and fell 0.2% since July 2022 Textile […]

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August 11, 2023
July 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 1.0% in the last month and rose 2.8% in the last twelve months Food at home increased 0.4% from June and increased 3.6% since July 2022 […]

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August 10, 2023
June 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released June Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 4.4% in the last month and decreased 10.2% in the last twelve months Processed foods + feeds decreased 1.1 % from May and fell 0.9% since June 2022 […]

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July 13, 2023
June 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.1% in the last month and rose 2.0% in the last twelve months Food at home decreased 0.1% from May and increased 10.1% since June 2022 […]

Read more
July 12, 2023
May 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released May Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 0.2% in the last month and decreased 7.0% in the last twelve months Processed foods + feeds rose 1.0% from April and increased 1.4% since May 2022 Textile […]

Read more
June 14, 2023
May 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.1% in the last month and rose 4.1% in the last twelve months Food at home rose 0.1% from April and increased 5.8% since May 2022 […]

Read more
June 13, 2023
April 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 1.5 % in the last month and decreased 5.1% in the last twelve months Processed foods + feeds rose 0.7% from March and increased 4.5% since April 2022 […]

Read more
May 11, 2023
April 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.4% in the last month and rose 4.9 in the last twelve months Food at home rose 0.1% from March and increased 7.1% since April 2022 […]

Read more
May 10, 2023
When the Use of a LIFO Specialist May be the Best Choice for Your Client

When I worked at Touche Ross many years ago, the idea that another CPA or professional would be a better choice to provide specialized accounting services for one of our clients would have been just about unthinkable. Things have changed a lot over the years and the use of outside service providers for accounting services […]

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May 8, 2023
March 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2023 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 0.3% in the last month and decreased 2.0% in the last twelve months Processed foods + feeds rose 0.7% from February and increased 4.5% since March 2022 […]

Read more
April 13, 2023
March 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.1% in the last month and rose 4.9% in the last twelve months Food at home decreased 0.2% from February and rose 8.4% since March 2022 […]

Read more
April 12, 2023
LIFO Election Essentials

LIFOPro’s LIFO Election Essentials What are the advantages of LIFO? It will reduce taxable income whenever there’s inflation (unless material inventory liquidation occurs) Most companies remain on LIFO once they elect because the benefits will continue to accrue & there’s no limit on how long you stay on LIFO or cap on the size of […]

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April 3, 2023
February 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2023 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 2.3% in the last month and increased 6.7% in the last twelve months Processed foods + feeds decreased 1.1% from January and rose 5.8% from February 2022 […]

Read more
March 15, 2023
February 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items saw no change in the last month and rose 6.4% in the last twelve months Food at home increased 0.6% from January and rose 13.0% from February […]

Read more
March 14, 2023
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 […]

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March 7, 2023
January 2023 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2023 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.5% in the last month and increased 23.2% in the last twelve months Processed foods + feeds decreased 1.0% from December 2022 and rose 9.7% since January […]

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February 16, 2023
January 2023 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2023 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items decreased by 0.1% in the last month and rose 6.4% in the last twelve months All items, less energy, increased 0.3% from December 2022 and rose 6.4% […]

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February 14, 2023
LIFO Conformity for Foreign-Controlled Consolidated Groups with U.S. Subsidiaries

IRS Revenue Ruling 78-246 provides an exception to the LIFO conformity rule for foreign-controlled consolidated groups. The use of a non-LIFO method of calculating income, profit and loss in the consolidated statements of a foreign-controlled consolidated group even when one or more of the subsidiaries uses LIFO for U.S. income tax reporting is not in […]

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February 10, 2023
Top 10 LIFO Election Locks of 2022

Exploring electing LIFO in 2022 is essential in certain industries because it’d be irresponsible to fail to do so. The inflation experienced in many industries this year will may never occur again in our lifetimes. In many cases, the benefits from electing LIFO in 2022 will create tax benefits that would normally take many years […]

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January 18, 2023
December 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.5% in the last month and rose 23.2% in the last twelve months Processed foods + feeds decreased 1.0% from November 2022 and increased 9.7% since December […]

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January 18, 2023
December 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose .2% in the last month and increased 8.2% in the last twelve months Food at home rose 0.6% from November and increased by 13.0% since December […]

Read more
January 12, 2023
Top LIFO Tips & Tax Savings Strategies for 2022

This blog explores the top ten LIFO tips & tax savings strategies for 2022, broken down by opportunities for companies + CPA firms. Feel free to schedule a free call or online meeting with us to take a deeper dive as to how these can benefit you + receive a complimentary analysis from the LIFO […]

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December 29, 2022
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 […]

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November 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.2% in the last month and increased 8.2% in the last twelve months Food at home increased 0.6% from October 2022 and rose 13.0% since November […]

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December 16, 2022
How LIFO Works: A Beginner’s Guide to LIFO

Download PDF Guide Why Use LIFO? Tax Benefits LIFO often creates material long-term tax deferral/savings: Not just a one-time tax benefit or timing difference between book & tax such as straight-line vs. accelerated depreciation During periods of rising costs, LIFO: Provides more after-tax free cash flow than non-LIFO methods when there’s inflation Ensures taxes aren’t […]

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December 12, 2022
2022 Auto Dealer IPIC LIFO Case Study

Download PDF Guide Auto Dealer LIFO Submethods Comparisons Alternative LIFO method (ALM): Measures inflation based on comparing current & prior period’s invoice costs; Item definition is specific to each vehicle/VIN, meaning inflation must be calculated for each vehicle, not just by make or type (car, truck, SUV) Pros Historically created more inflation & tax deferral […]

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December 12, 2022
November 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 6.8% in the last month and rose 29.6% in the last twelve months Processed foods + feeds rose 1.3% from October 2022 and increased 11.0% since November […]

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December 9, 2022
October 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 0.1% in the last month and rose by 26.7% in the last twelve months Processed foods + feeds decreased 0.8% since September 2022 and increased 9.5% from […]

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November 15, 2022
October 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.2% in the last month and rose by 8.2% in the last twelve months Food at home rose 0.6% from September 2022 and increased 13.0% since […]

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November 10, 2022
2022 Updated PPI Table 9 Category Name File Released

LIFOPro has completed the annual updates to the Excel file used by LIFOPro clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in their inventory detail files. LIFOPro clients should use the email received containing the Complete Table 9 PPI Category Name file download link to obtain the updated file (feel free […]

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October 28, 2022
Election Requirements & Method Alternatives

Although LIFO is the biggest inventory-related tax savings tool for companies with inflation, it’s important to understand the requirements & sub methodology options available related to LIFO elections. This blog outlines the most important LIFO election requirements, provides a comprehensive list of LIFO method alternatives & breaks down the pros & cons of each alternative. […]

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October 15, 2022
September 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.2% in the last month & increased 8.2% in the last twelve months Food at home increased by 0.6% from August 2022 and rose 13.0% since […]

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October 13, 2022
September 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 0.7% in the last month and increased 25.6% in the last twelve months Processed foods + feeds decreased by 0.5% from August 2022 and rose 9.7% since […]

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October 12, 2022
August 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 2.9% over the last month and increased 22.7% over the last twelve months Processed foods + feeds rose 0.7% from July 2022 and increased 11.7% since August […]

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September 14, 2022
August 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items were unchanged in the last month and increased 8.3% in the last twelve months All items, less food + energy, rise 0.5% from July 2022 and rose […]

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September 13, 2022
July 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 2.6% in the last month and increased 27.1% in the last twelve months Processed foods + feeds decreased 0.4% from June 2022 and increased 13.4% since July […]

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August 11, 2022
July 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The All items category was unchanged month over month and increased 8.5% in the last twelve months All items, less food & energy, rose 0.3% from June 2022 and […]

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August 10, 2022
Superior LIFO Solutions at a Fraction of Competitor’s Costs

LIFOPro is the most trusted provider for turnkey outsourcing solutions & LIFO software. We offer the most comprehensive documentation & reporting packages, and also provide a full range of LIFO services for both financial reporting and tax. Numerous clients outsource both their book & tax LIFO calculations in order to simplify & streamline the reporting […]

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July 21, 2022
Comparing the Pros & Cons of Internal & External Indexes

The vast majority of companies on LIFO use a method called dollar-value LIFO. Under this method, the calculation of the LIFO reserve occurs as a side-calculation that occurs in two distinct steps, the first being the current year inflation calculation (front end) & the LIFO reserve calculation (back end). The front end of the LIFO […]

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July 20, 2022
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 […]

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June 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 1.0% in the last month and increased 26.5% in the last twelve months Processed foods + feeds rose 1.2% from May 2022 and increased 11.3% since June […]

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July 14, 2022
June 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 1.4% over the last month and rose 9.1% over the last twelve months Commodities, less food + energy commodities, increased 0.8% from May 2022 and rose […]

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July 13, 2022
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 […]

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June 16, 2022
May 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 2.3% in the last month and increased 26.4% in the last twelve months Processed foods + feeds increased 0.8% from April 2022 and rose 11.8% since May […]

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June 14, 2022
May 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The all items index rose 1.1% over the last month and increased 8.6% over the last twelve months Commodities, less food + energy commodities, rose 0.4% from April 2022 […]

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June 10, 2022
April 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2022 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): Farm products rose 4.9% in the last month and increased 35.6% in the last twelve months Processed foods + feeds increased 2.5% from March 2022 and rose by 13.6% […]

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May 12, 2022
April 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2022 Consumer Price Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): The all items index rose 0.6% in the last month and increased 8.3% in the last twelve months Commodities, less food + energy commodities, remained flat from March to […]

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May 11, 2022
March 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2022 Producer Price Index (PPI) today. Farm products rose 8.6% in the last month and increased 35.6% in the last twelve months. Processed foods + feeds rose 2.0% from February 2022 and increased 13.7% since March 2021. Textile products + apparel increased 0.5% in the last month […]

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April 13, 2022
March 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2022 Consumer Price Index (CPI) today. The all items index rose 1.3% in the last month and increased 8.5% in the last twelve months. Energy rose 11.4% from February 2022 and increased by 32.0% from March 2021. Commodities, less food + energy commodities, decreased 0.1% in the […]

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April 12, 2022
February 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2022 Producer Price Index (PPI) today. Farm products rose 5.6% in the last month and increased 25.9% in the last twelve months. Processed foods + feeds rose by 1.9% from January 2022 and increased 12.8% from February 2021. Textile products + apparel increased 1.5% in the last […]

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March 15, 2022
February 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2022 Consumer Price Index (CPI) today. The all items index rose 0.9% in the last month and increased 7.9% in the last twelve months. Used cars + trucks increased 0.8% from January 2022 and rose 41.2% since February 2021. Gasoline (all types) increased 5.4% in the last […]

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March 10, 2022
January 2022 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2022 Producer Price Index (PPI) today. Farm products rose 2.2% in the last month and increased 22.2% in the last twelve months. Processed foods + feeds rose by 1.6% from December 2021 and increased 12.6% from January 2021. Textile products + apparel rose 0.7% in the last […]

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February 15, 2022
January 2022 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2022 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 7.5% in the last twelve months. All items, less food + energy, increased 0.7% between December 2021 and January 2022 and rose 6.0% from January 2021 to January 2022. […]

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February 10, 2022
BLS Begins Monthly Revisions of Preliminary Producer Price Indexes

For many years prior to October 2021, the Bureau of Labor Statistics (BLS) published preliminary Producer Price Indexes (PPI) in the middle of the month proceeding each index release. For example, the BLS released January ’23 PPI on February 16th of this year. (final January indexes will be released four months from now or in […]

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February 7, 2022
December 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2021 Producer Price Index (PPI) today. The industrial commodities index decreased 1.2% in the last month and increased 21.4% in the last twelve months. Processed foods + feeds rose 0.2% from November 2021 & increased 10.4% since December 2020. Textile products + apparel increased 0.8% in the […]

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January 13, 2022
December 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.3% in the last month and increased a notable 7.0% in the last twelve months. Commodities, less food + energy, rose by 0.9% from November 2021 and increased 10.7% from December 2020. Cereals + cereal products […]

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January 12, 2022
2022 LIFO Lookout & Opportunities Guide

Download PDF Guide Recent LIFO Developments LIFO Related Congressional Updates No current general threats to LIFO on Capitol Hill H.R. 7832/S. 4105 – 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 […]

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January 2, 2022
2021 Updated PPI Table 9 Category Name File Released

LIFOPro has completed the annual updates to the excel file used by LIFOPro clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in their inventory detail files. LIFOPro clients should use the email received containing the Complete Table 9 PPI Category Name file download link to obtain the updated file (feel free […]

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December 15, 2021
November 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2021 Producer Price Index (PPI) today. The all commodities index rose 1.4% in the last month and increased 22.8% in the last twelve months. Farm products rose 4.4% from October 2021 and increased 20.0% since November 2020. Processed foods + feeds maintained the last month and increased […]

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December 14, 2021
November 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 6.8% in the last twelve months. Commodities, less food + energy commodities, increased 0.6% from October 2021 and rose 57.5% since November 2020. Energy commodities increased 2.8% in the […]

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December 10, 2021
LIFO Tax Savings Calculator

Instructions: Identify the year to date & 20 year average annual historical inflation rates for your company using the tables shown below the calculator Enter the following values into the blue-colored cells: Prior year end inventory balance at cost Current year inflation rate 20 year average annual inflation rate: used to calculate the 20 year […]

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November 29, 2021
Machinery & Equipment Dealer LIFO Case Study

Machinery & Equipment Dealer LIFO Overview Many machinery & equipment dealers use LIFO because of the consistent long-term historical inflation Majority of machinery & equipment dealers on LIFO have use external indexes & Bureau of Labor Statistics Producer Price Indexes (BLS PPI), which is also known as the IPIC method IPIC method most predominantly used […]

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November 22, 2021
How to Easily Implement LIFO

LIFOPro offers turnkey outsourcing solutions to allow companies to outsource all LIFO-related work to us! Listed below are the key steps to streamlining the analysis, calculation & implementation steps required to elect LIFO in the year of adoption. With our outsourcing model, companies can obtain material tax benefits from electing LIFO in the following four […]

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November 22, 2021
How to Identify the Best LIFO Candidates

How can CPA firms easily identify clients that could be good LIFO candidates? Top LIFO Candidates List Excel File Two separate Excel sheets containing a list of the best industries, commodities & items to recommend LIFO elections for your clients Top LIFO candidates by Industry – List of 34 Industry-based candidates. Includes year to date […]

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November 22, 2021
LIFO Q & A: First-time LIFO Elections

Why Should Companies Elect LIFO in 2021? LIFO remains to be the most valuable inventory-related tax savings tool In 2021, unprecedented inflation has created once in a lifetime LIFO tax savings opportunities in a wide range of industries There has been extreme inflation measured across the board so far this year. In metals and metal […]

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November 20, 2021
Why Companies Should Always use Dollar-Value & not Unit LIFO

For companies considering adopting the use of the LIFO method, there are many options available to chose from in order to implement LIFO & perform the calculation. One of the most fundamental options is the LIFO index computation method chosen. The two options available are as follows: Dollar value method – A shortcut cost flow method […]

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November 11, 2021
October 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 6.2% in the last twelve months. Commodities, les food and energy, increased 1.2% from September 2021 and rose 8.4% since October 2020. Motor fuel increased 3.7% in the last […]

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November 10, 2021
October 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2021 Producer Price Index (PPI) today. The all commodities index  rose 2.0% in the last month and increased 22.2% in the last twelve months. Processed foods + feeds decreased 0.6% from September 2021 and rose 14.0% since October 2020. Cereal and bakery products rose 1.4% in the […]

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November 9, 2021
September 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2021 Producer Price Index (PPI) today. The all commodities index rose 1.1% in the last month and increased 20.4% in the last twelve months. Processed foods + feeds increased 1.3% from August 2021 and rose 14.0% since September 2020. Meats increased 3.2% in the last month and […]

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October 14, 2021
September 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.3% in the last month and increased 5.4% in the last twelve months. Commodities, less food and energy commodities, increased 0.1% from August 2021 and rose 7.3% from September 2020. Food increased 0.8% in the last […]

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October 13, 2021
August 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.2% over the last month and increased 5.3% in the last twelve months. All items, less food + energy, rose 0.1% from July 2021 and increased by 4.0% since August 2020. Food at home increased 0.3% […]

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September 14, 2021
August 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2021 Producer Price Index (PPI) today. The all commodities index rose 0.7% in the last month and increased 19.9% in the last twelve months. Farm products increased 0.6% from July 2021 and rose 36.6% since August 2020. Processed foods and feeds rose 2.2% in the last month […]

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September 10, 2021
July 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2021 Producer Price Index (PPI) today. The all commodities index rose 1.2% in the last month and increased 19.8% in the last twelve months. Farm products decreased 3.0% from June 2021 and increased 36.6% from July 2020. Processed foods and feeds decreased 2.2% in the last month […]

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August 12, 2021
July 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 5.4% in the last twelve months. All items less food + energy increased 0.3% from June 2021 & rose 4.3% from July 2020. Commodities less food and energy commodities […]

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August 11, 2021
LIFO Schedule M Adjustments Explained

As with other Schedule M items, a LIFO schedule M adjustment represents a difference between the financial reporting (book) & tax treatment of an item that effects the computation of income (change in LIFO reserve affects cost of goods sold). There are two key concepts related to LIFO Schedule M adjustments. The first concept is […]

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July 28, 2021
LIFO Benefit Case Study: Lumber & Steel

2021 has brought unprecedented inflation to many industries, with lumber & steel commodities seeing the most profound increases out of all industries. The focus of this blog is to highlight the potential tax savings that companies in these industries could achieve by electing LIFO this coming year end. Quick LIFO 101 The LIFO method can […]

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July 14, 2021
June 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2021 Producer Price Index (PPI) today. The all commodities index rose 1.8% in the last month and increased 19.5% in the last twelve months. Processed foods and feeds rose 1.7% from May 2021 and increased 10.4% since June 2020. Meats, poultry and fish increased 5.8% in the […]

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July 14, 2021
June 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 5.0% in the last twelve months. Food saw a 0.4% increase from May 2021 and rose 2.2% since June 2020. Food at home increased 0.3% in the last month […]

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July 13, 2021
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 […]

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May 2021 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2021 Producer Price Index PPI today. The all commodities index rose 3.2% in the last month and increased 19.0% in the last twelve months. Farm products saw a rise of 10.4% from April 2021 and increased 41.5% since May 2020. Processed foods and feeds increased 2.4% in […]

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June 15, 2021
May 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 5.0% in the last twelve months. Food at home increased 0.3% from April 2021 and rose by 0.7% since May 2020. Bacon, breakfast sausage and related products increased by […]

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June 10, 2021
April 2021 PPI Release Highlights

The BLS released April 2021 PPI today. The all commodities index rose 0.6% in the last month and increased 17.3% in the last twelve months. Processed foods and feeds rose by 2.6% from March 2021 and saw a 7.5% rise since April 2020. Meats, poultry and fish rose by 7.5% in the last month and […]

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May 13, 2021
April 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2021 Consumer Price Indexes today. The all items index rose by 0.8% in the last month and increased 4.2% in the last twelve months. Commodities, less food and energy commodities, saw an increase of 1.9% from March 2021 and rose by 4.4% since April 2020. Food increased […]

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May 12, 2021
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 […]

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May 11, 2021
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 […]

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How Auto Dealers Can Manage Layer Erosion LIFO Income

2020 was an interesting year, to say the least, and auto dealers on LIFO are no exception to that. Having significantly lower ending new vehicle inventories than the year before has caused many of them to incur significant reductions in LIFO reserves (also known as LIFO reserve recapture or repayment) that may have caused significant […]

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April 23, 2021
March 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2021 Consumer Price Indexes (CPI) today. The all items index rose by 0.7% in the last month and increased 2.6% in the last twelve months. Food saw an increase of 0.2% since February 2021 and increased 3.5% from March 2020. Food at home increased by 0.2% in […]

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April 13, 2021
March 2021 PPI Release Highlights

The BLS released March 2021 PPI today. The all commodities index rose 3.7% the last month and 12.0% the last twelve months. Farm products rose 0.8% from February and increased 16.1% from March 2020. Processed foods and feeds increased 1.1% in the last month and rose 5.1% in the last twelve months. Processed foods and […]

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April 9, 2021
LIFO Lookout for Tax Incentives, Automation Opportunities & Optimization Strategies

2021 LIFO Lookout Inflation is alive & kicking Federal reserve has raised its 2021 year end inflation forecast from 1.8% to 2.2% Massive amounts of government stimulus & proposed infrastructure spending expected to create above-average inflation in many industries Improved economic outlook & GDP growth expected to further accelerate price increases Inflation increased substantially in […]

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March 19, 2021
February 2021 PPI Release Highlights

The BLS released February 2021 PPI today. The all commodities index rose 2.1% in the last month and increased 6.0% in the last twelve months. Farm products saw a 2.6% increase from January and increased 13.3% from February 2020. Processed foods and feeds saw a 1.7% increase in the last month and rose 3.9% in […]

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March 12, 2021
February 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 1.7% in the last twelve months. All items less food and energy increased 0.3% from January 2021 and saw a 1.3% increase since February 2020. Fuel oil and other […]

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March 10, 2021
2021 LIFO Lookout & Top Election Candidates Guide

LIFOPro’s 2021 LIFO Lookout LIFO continues to be the biggest inventory-related tax savings tool Unprecedented inflation has occurred this year, creating widespread once in a lifetime tax saving opportunities from electing LIFO in 2021 Top LIFO candidates & 12 months ended Dec. ‘21 inflation are as follows (includes all manufacturers, wholesalers & retailers): Processed foods […]

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March 4, 2021
January 2021 PPI Release Highlights

The BLS released January 2021 PPI today. The all commodities index rose by 2.5% in the last month and saw a rise of 1.8% in the last twelve months. Processed foods and feeds decreased by 0.5% from December 2020 and increased 1.5% since January 2020. Canned fruits and juices increased 0.9% in the last month […]

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February 17, 2021
January 2021 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.4% from December 2020 and increased 1.4% from January 2020. Food saw a 0.3% rise in the last month and increased 3.8% in the last twelve months. Household paper products saw an increase of 0.5% from […]

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February 10, 2021
December 2020 PPI Release Highlights

The BLS released December 2020 PPI today. The all commodities index increased 1.2% over the last month and rose 0.8%in the last twelve months. Processed foods and feeds increased by 0.3% from November 2020 and saw an increase of 2.0% from December 2019 to December 2020. Meats increased 3.2% in the last month and increased […]

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January 15, 2021
December 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2020 Consumer Price Indexes (CPI) today. The all items index increased 0.1% in the last month and increased 1.4% in the last twelve months. Food saw an increase of 0.4% in the last month and increased 3.9% in the last twelve months. Cereals and cereal products rose […]

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January 13, 2021
November 2020 PPI Release Highlights

The BLS released November PPI today. The all commodities index increased 0.3% in the last month and decreased 1.4% in the last twelve months. Farm products saw a 3.1% increase from October 2020 and increased 4.2% since November 2019. Processed foods and feeds rose 1.4% between October – November 2020 and increased 1.7% November 2019 […]

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December 11, 2020
November 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2020 Consumer Price Indexes (CPI) today. The all items index decreased 0.1% in the last month and increased 1.2% in the last twelve months. Other food at home decreased 0.7% since October 2020 and increased 2.9% since November 2019. Peanut butter saw a 0.1% increase from last […]

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December 10, 2020
Why 2020 is a Great Year for RV Dealers to Adopt LIFO or Expand Their LIFO Election Scope

COVID-19 has caused the following circumstances for RV dealers: Above average sales volume Appreciating used equipment prices Depleted inventory levels LCM reserve liquidations Increased taxable income from: Above average sales volume LCM reserve liquidations LIFOPro identified the following planning opportunities for RV dealers seeking to create after-tax cash savings & reduce taxable income: RV dealers […]

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December 1, 2020
October 2020 PPI Release Highlights

The BLS released October PPI today. The all commodities index has increased 0.3% in the last month and decreased 1.4% in the last year. Processed foods & feeds rose by 1.1% from September 2020 and saw an increase of 0.7% since October 2019. Fruits & melons, fresh/dry vegs. & nuts increased by 9.2% from September […]

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November 13, 2020
2020 Updated PPI Table 9 Category Name File Released

LIFOPro has completed the annual updates to the excel file used by LIFOPro clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in their inventory detail files. LIFOPro clients should use the email received containing the Complete Table 9 PPI Category Name file download link to obtain the updated file (feel free […]

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November 12, 2020
October 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2020 Consumer Price Indexes (CPI) today. The all items index maintained the last month and saw a 1.2% increase in the last twelve months. Carbonated drinks increased by 1.0% in the last month and rose by 7.9% in the last twelve months. Sugar and sugar substitutes increased […]

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November 12, 2020
2020 Top LIFO Candidates

LIFO Tax Incentive Opportunities Abound LIFO is the most valuable inventory-related tax incentive for companies with inflation. LIFOPro publishes our top LIFO candidates blog annually at the end of the year to help CPA firms & companies considering electing LIFO both identify if they’re a good LIFO candidate and if the current inflation environment favors […]

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October 23, 2020
September 2020 PPI Release Highlights

The BLS released September 2020 PPI today. The All commodities index increased 0.7% in the last month and decreased 1.5% in the last twelve months. Processed foods and feeds decreased 0.6% from August 2020 and decreased 0.3% from September 2019 – September 2020. Fruits & melons, fresh/dry vegetables & nuts rose by 7.7% in the […]

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October 14, 2020
September 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2020 Consumer Price Indexes (CPI) today. The all commodities index saws an increase of 0.1% in the last month and increased by 1.4% in the last twelve months. Food at home decreased 0.4% since August 2020 and increased 4.1% from September 2019. Used cars and trucks increased […]

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October 13, 2020
Contrasting the Front & Back End Components of Dollar-value LIFO Calculations

All dollar-value LIFO calculations are composed of two separate components to arrive at the end result (some would consider the end result to be the current year end LIFO reserve; others may consider it to be the current year end LIFO inventory balance). We call those two components the front & back end of a […]

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October 2, 2020
LIFOPro Software Internal Index Module Released

Automate All Aspects of LIFO Calculations in a Few Clicks of a Button The LIFOPro team is proud to announce that the latest release of the LIFOPro software now includes a robust Internal Index Module that completely automates all aspects of dollar-value internal index LIFO calculations. With this new release, users can complete both the […]

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October 1, 2020
August 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2020 Consumer Price Indexes (CPI) today. The All commodities index saw an increase of 0.3% in the last month and increased by 1.3% in the last 12 months. Food rose by 0.1% from July – August ’20 and has risen 4.1% between August 2019 – August 2020. […]

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September 11, 2020
August 2020 PPI Release Highlights

The BLS released August 2020 PPI today. The All commodities index increased 0.6% over the last month & decreased 2.6% from August ’19 – ’20. Processed foods decreased 0.3% from July – August ’20 and increased 0.3% between August 2019 – August 2020. Lumber and wood products saw a rise of 5.1% in the last […]

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September 10, 2020
July 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes (CPI) today. The All Commodities index saw a 0.5% increase over the last month & has increased 1.0% over the last 12 months on a seasonally unadjusted basis. Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between July ’19 […]

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August 12, 2020
July 2020 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes (CPI) today. The All Commodities index saw a 0.5% increase over the last month & has increased 1.0% over the last 12 months on a seasonally unadjusted basis. Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between July ’19 […]

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August 11, 2020
Why RV Dealerships are Great LIFO Candidates

How LIFO Works The LIFO inventory method matches current period revenues with the most recent period’s costs to provide a better measure of current earnings when there is inflation. The LIFO method transfers the inflationary portion of the ending inventory balance from the balance sheet to the income statement via cost of goods sold. When […]

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July 27, 2020
LIFOPro Software Promotional Offer

LIFOPro highly values the relationships we have with all of our software users. When we begun as a software-only company, we knew there was a great desire for automating calculations & greatly simplifying LIFO procedures. Since then, we’ve taken great pride in having of the most reputable & successful companies as software users. In our […]

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July 22, 2020
Introducing the LIFOPro Software Private Cloud

As LIFOPro has evolved in the last three decades since our inception in 1992, we are constantly making improvements based on our client’s needs. With the advancement of technology, companies are expecting web-based software solution options more than ever. LIFOPro has answered that call with our new private cloud. As efficient as our software & […]

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July 22, 2020
June 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2020 Consumer Price Indexes (CPI) today. The All Commodities index saw a 0.5% increase over the last month & has increased 0.6% over the last 12 months on a seasonally unadjusted basis. All items less food and energy increased 0.2% from May – June 2020 & rose […]

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July 14, 2020
June 2020 PPI Release Highlights

The BLS released June 2020 PPI today. The All commodities index decreased 4.6% over the last month & increased 0.9% from June ’19 – ’20. Food Commodities Fruits & vegetables rose 6.7% between May – June 2020 & has declined 0.9% over the last 12 months. Chicken eggs decreased 1.6% from May 2020 to June […]

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July 10, 2020
May 2020 PPI Release Highlights

The BLS released May ’20 PPI today. The All commodities index increased 1.8% from April – May ’20 & decreased 6.1% between May ’19 – ’20. Commodities Affected by COVID-19 & the Related Supply/Demand Volatility Food Fruits & melons, fresh/dry vegetables & nuts saw a 5.7% decrease between April – May 2020 and a 6.1% […]

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June 11, 2020
May 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2020 Consumer Price Indexes (CPI) today. The All commodities index was unchanged over the last month & has increased 0.1% over the last 12 months on a seasonally unadjusted basis. All items less food and energy decreased 0.1% from April – May 2020 & rose 1.2% between […]

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June 10, 2020
Why Heavy Duty Truck Dealerships are Great LIFO Candidates

Defining Good LIFO Candidates When weighing the costs & benefits of using the LIFO method, the following factors are key in determining if a company is a good LIFO candidate Inflation rate – When working with companies to determine if they’re a good LIFO candidate, we look for a historical average annual inflation greater than […]

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May 31, 2020
April 2020 PPI Release Highlights

The BLS released April 2020 PPI today. The All commodities index dropped 3.0% from March – April 2020 & decreased 2.1% between April ’19 – April 2020. Commodities Affected by COVID-19 & the Related Supply/Demand Volatility For the foreseeable future, our monthly BLS PPI release blogs will highlight price changes for commodities experiencing above average […]

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May 13, 2020
April 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2020 Consumer Price Indexes (CPI) today. The All commodities index decreased 0.7% over the last month & has increased 0.3% over the last year on a seasonally unadjusted basis. All items less food and energy decreased 0.5% from March – April 2020 & rose 1.4% between April […]

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May 12, 2020
March 2020 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2020 Consumer Price Indexes (CPI) today. The All commodities index decreased 0.2% over the last month & has increased 1.5% over the last year on a seasonally unadjusted basis. All items less food and energy were unchanged from February – March 2020 & rose 2.1% between March […]

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April 10, 2020
March 2020 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2020 Producer Price Indexes (PPI) today. All commodities saw a decrease of 3.5% over the last month and a decrease of 1.4% over the last year. Building paper & building board mill products increased by 11.4% over the last month & rose by 10.8% over the last […]

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April 9, 2020
February 2020 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2020 Producer Price Indexes (PPI) today. All commodities saw a decrease of 1.4% over the last month and a decrease of 1.5% over the last year. Nonferrous metal ores increased by 1.4%  over the last month & rose by 21.5% over the last year. From January 2020 to […]

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March 12, 2020
BLS
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 […]

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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 […]

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February 19, 2020
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 […]

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Clarifying How LIFO Reserve Changes are Calculated

For companies on LIFO, the LIFO reserve represents the difference between their ending inventory balance at FIFO or average cost (commonly referred to as “current year cost) vs. LIFO cost (for dollar-value LIFO calculations, a non-LIFO costing method must be used to track inventory costs throughout the year in order to determine the “pre-LIFO” ending […]

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February 11, 2020
Understanding Price Changes for Producer Price Indexes, Imports & Exports

When providing LIFO Election Benefit Analysis results to companies looking to determine the potential benefits of LIFO, we use Producer Price Index (PPI) inflation tracked by the Bureau of Labor Statistics (BLS) to determine the historical inflation the most predominant items within a businesses’ product mix. When a company’s internal price changes are significantly different […]

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February 10, 2020
The Industries Providing The Best LIFO Benefits For The 2019 Year End

What’s Changed Since our Top 50 List was Published in October? In October, we released a Top 50 LIFO candidates list that used inflation rates for the 9 months ended September 2019. As of last Wednesday, December 2019 Producer Price Indexes (PPI) were published and the books have now been closed on inflation rates for […]

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January 19, 2020
December 2019 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2019 Producer Price Indexes (PPI) today. All commodities saw an increase of 0.1% over the last month and decrease of 0.9% over the last year. Crude petroleum (domestic production) increased by 3.4%  over the last month & rose by 12.7% over the last year. Dental equipment and supplies […]

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January 15, 2020
December ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2019 Consumer Price Indexes (CPI) today. The All commodities index decreased by 0.1% over the last month & has increased 2.3% over the last year on a seasonally unadjusted basis. All items less food and energy decreased by 0.1% between November – December ’19 & rose 2.3% […]

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January 14, 2020
CPA Firm LIFO Opportunities

  Imagine a company with $5 million of inventory that’s taking proposals from several CPA firms to properly manage it. The company is not on LIFO, their current CPA firm never performed a benefit analysis or even offered the idea of LIFO to them and the only thing the client’s CFO recalls about LIFO is […]

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January 9, 2020
November 2019 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2019 Producer Price Indexes (PPI) today. The All commodities index increased by 0.3% over the last month & has decreased by 1.6% over the last year on a seasonally unadjusted basis. Dairy products increased by 1.5% over the last month & rose by 7.4% over the last […]

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December 12, 2019
November ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2019 Consumer Price Indexes (CPI) today. The All commodities index decreased by 0.1% over the last month & has increased 2.1% over the last year on a seasonally unadjusted basis. All items less food and energy was unchanged between October – November ’19 & rose 2.3% between […]

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December 11, 2019
What Companies Using IPIC LIFO Need to Know About Preliminary vs. Final Producer Price Indexes (PPI)

Companies using the IPIC LIFO method must choose between using final or preliminary Producer Price Indexes. The most important differences between these two options is availability & timing. The BLS releases preliminary indexes around the 15th of the month for the previous month based on price surveys returned from companies and then follows up with […]

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December 5, 2019
What you Need to Know about Dual Indexes

Most accounting systems track inventory costs using FIFO or moving average cost. The same can be said for companies on LIFO, but adjustments are obviously required to convert FIFO or average cost to LIFO. The most widely-used and accepted approach to make a link-chain LIFO calculation is what one could call a single index method. […]

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November 27, 2019
October ’19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2019 Producer Price Indexes (PPI) today. The All commodities index increased by 0.2% over the last month & has decreased by 3.0% over the last year on a seasonally unadjusted basis. Farm products increased by 6.0% over the last month & rose by 4.1% over the last […]

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November 14, 2019
October ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2019 Consumer Price Indexes (CPI) today. The All commodities index increased by 0.2% over the last month & has increased 1.8% over the last year on a seasonally unadjusted basis. Candy and chewing gum increased by 3% from September to October ’19 and rose by 4.9% from […]

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November 13, 2019
September ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 19 Consumer Price Indexes (CPI) today. The all items category increased 0.1% over the last month & rose 1.7% over the last year while All items less food and energy increased 0.1% between August – September ’19 and rose 2.4% between September ’18 – ’19. Tobacco and […]

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October 9, 2019
BLS
LIFO-PRO’s Top 50 LIFO Candidates of 2019

LIFO-PRO releases this list of the top 50 LIFO candidates annually in October following the Bureau of Labor Statistics (BLS) releasing September Producer Price Indexes (PPI). This allows for the best LIFO candidates to be identified in advance keeping in mind that considering a LIFO election typically requires prior planning and buy in from the […]

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October 9, 2019
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 […]

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August 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2019 Consumer Price Indexes (CPI) today. The all items category was unchanged over the last month & rose by 1.7% over the last year while All items less food and energy increased 0.2% from July – August ’19 and rose by 2.4% from August ’18 – ’19. […]

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August 19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released August 2019 Producer Price Indexes (PPI) today. The All commodities index declined by 0.8% over the last month & has decreased by 2.0% over the last year on a seasonally unadjusted basis. Meats increased by 2.6% from July to August 2019 and rose by 6.1% from August ’18 […]

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September 10, 2019
July ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2019 Consumer Price Indexes (CPI) today. The all items category rose 0.2% over the last month & rose by 1.8% over the last year while All items less food and energy increased 0.1% from June – July ’19 and rose by 2.2% from July ’18 – ’19. […]

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Why the Double-extension LIFO Index Calculation Method is Unreliable

The double-extension method does not reliably measure the amount of price inflation during a year and should not be considered a permissible LIFO method. The double-extension method has been considered by the IRS to be the preferred method to make dollar-value method LIFO index calculations for the almost 60 years that the dollar-value LIFO method […]

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July ’19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released July 2019 Producer Price Indexes (PPI) today. The All commodities index rose by 0.3% over the last month & decreased by 1.6% over the last year on a seasonally unadjusted basis. Dairy products increased by 1.2% from June to July ’19 and rose by 5.6% from July ’18 […]

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August 9, 2019
June ’19 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2019 Consumer Price Indexes (CPI) today. The all items category was unchanged over the last month & rose by 1.6% over the last year while All items less food and energy increased 0.2% from May – June 19 and rose by 2.1% from May ’18 – ’19. […]

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June 2019 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released June 2019 Producer Price Indexes (PPI) today. The All commodities index declined by 0.6% over the last month & decreased by 1.9% over the last year on a seasonally unadjusted basis. Leading the decreases was refined petroleum with a 7.3% decline from May – June 2019 and a […]

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May 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 2019 Consumer Price Indexes (CPI) today. The all items category increased 0.2% over the last month & rose by 1.8% over the last year while All items less food and energy increased 0.1% between April – May ’19 and rose by 2.0% between May ’18 – ’19. […]

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May ’19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released May 19 Producer Price Indexes (PPI) today. The All commodities index decreased 0.3% over the last month & declined by 0.8% over the last year on a seasonally unadjusted basis. Industrial commodities less fuels was unchanged between April – May ’19 & rose by 0.7% between May ’18 […]

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Clarifying How LIFO Works

The most common resistance we get when speaking with companies regarding LIFO is related to its complexity. “It just doesn’t make sense” is a common theme. “I don’t know why anyone would go out of their way to make inventory accounting more complicated” is another often-used rebuttal. But the bottom line is that LIFO provides […]

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August 1, 2019
April 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2019 Consumer Price Indexes (CPI) today. The all items category increased 0.5% over the last month & rose by 2.0% over the last year while All items less food and energy increased 0.2% between March – April ’19 and rose by 2.1% between April ’18 – ’19.

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April 2019 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released April 2019 Producer Price Indexes (PPI) today. The All commodities index increased 0.5% over the last month & rose by 0.9% over the last year on a seasonally unadjusted basis.

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March ’19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2019 Producer Price Indexes (PPI) today. The All commodities index increased 1.2% over the last month & rose by 0.9% over the last year on a seasonally unadjusted basis.

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March 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released March 2019 Consumer Price Indexes (CPI) today. The all items category increased 0.6% over the last month & rose 1.9% over the last year while All items less food and energy increased 0.3% between February – March ’19 and rose 2.0% between March ’18 – March ’19.

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February 2019 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2019 Producer Price Indexes (PPI) today. The All commodities index increased 0.1% over the last month & decreased 0.3% over the last year on a seasonally unadjusted basis.

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February 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released February 2019 Consumer Price Indexes (CPI) today. The all items category increased 0.4% over the last month & rose1.5% over the last year while All items less food and energy increased 0.4% between January – February ’19 & rose 2.1% over the last year.

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January ’19 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2019 Producer Price Indexes (PPI) today. The All commodities index decreased 1.7% over the last month & rose 0.4% over the last year on a seasonally unadjusted basis.

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January 2019 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2019 Consumer Price Indexes (CPI) today. The all items category increased 0.2% over the last month & by 1.6% over the last year while All items less food and energy increased 0.4% between December ’18 – January ’19 & by 2.2% over the last year.

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December 2018 PPI Release Highlights

Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!

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December ’18 CPI Release Highlights

Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) releases at LIFO-PRO’s BLS Blog!

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November 2018 CPI Release Highlights

Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) releases at LIFO-PRO’s BLS Blog!

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November 2018 PPI Release Highlights

Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!

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October 2018 CPI Release Highlights

Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) releases at LIFO-PRO’s BLS Blog!

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Top 50 LIFO Candidates of 2018

Find out the top LIFO candidates by type of business, good or industry based on year to date & historical average inflation rates at LIFO-PRO’s blog!

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November 12, 2018
October 2018 PPI Release Highlights

Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!

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September ’18 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2018 Consumer Price Indexes (CPI) today.

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September ’18 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released September 2018 Producer Price Indexes (PPI) today.

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August 2018 CPI Highlights

The Bureau of Labor Statistics (BLS) released August 2018 Consumer Price Indexes (CPI) today.

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Updated PPI Table 9 Category Name File Released

LIFO-PRO has completed the annual updates to the excel file used by LIFO-PRO clients for populating BLS PPI Table 9 category names via vlookup formulas in their inventory detail files.

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August ’18 PPI Highlights

The Bureau of Labor Statistics (BLS) released August 2018 Producer Price Indexes (PPI) today.

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July 2018 CPI Highlights

The Bureau of Labor Statistics (BLS) released July 2018 Consumer Price Indexes (CPI) today.

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July 2018 PPI Highlights

Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index (PPI) monthly release at LIFO-PRO’s BLS Blog!

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June ’18 PPI Highlights

Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index (PPI) monthly release at LIFO-PRO’s BLS Blog!

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June ’18 CPI Highlights

The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes (CPI) today.

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May 2018 PPI Highlights

The Bureau of Labor Statistics (BLS) released May 2018 Producer Price Indexes (PPI) today.

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May 2018 CPI Highlights

The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes (CPI) today.

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AICPA Recommends Changes to Proposed IRS LIFO Regulations

The AICPA submitted a letter to the IRS on May 21st detailing change recommendations to the proposed IRS IPIC LIFO pooling regulations.

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April 2018 CPI Highlights

The Bureau of Labor Statistics (BLS) released April 2018 Consumer Price Indexes (CPI) today.

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April ’18 PPI Highlights

The Bureau of Labor Statistics (BLS) released April 2018 Producer Price Indexes (PPI) today.

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March ’18 CPI Highlights

The Bureau of Labor Statistics (BLS) released March 2018 Consumer Price Indexes (CPI) today. Shown below are historical inflation rates through March 2018 for selected CPI categories.

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April 11, 2018
March ’18 PPI Highlights

The Bureau of Labor Statistics (BLS) released March 2018 Producer Price Indexes (PPI) today.

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February ’18 PPI Highlights

The Bureau of Labor Statistics (BLS) released February 2018 Producer Price Indexes (PPI) today.

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February ’18 CPI Highlights

The Bureau of Labor Statistics (BLS) released February 2018 Consumer Price Indexes (CPI) today. Shown below are historical inflation rates through February 2018 for selected CPI categories.

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March 13, 2018
January ’18 PPI Highlights

The Bureau of Labor Statistics (BLS) released January 2018 Producer Price Indexes (PPI) today.

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January ’18 CPI Highlights

The Bureau of Labor Statistics (BLS) released January 2018 Consumer Price Indexes (CPI) today. Shown below are historical inflation rates through January 2018 for selected CPI categories.

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December 2017 CPI Highlights

The Bureau of Labor Statistics (BLS) released December 2017 Consumer Price Indexes (CPI) today. Shown below are historical inflation rates through December 2017 for selected CPI categories.

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December 17 PPI Highlights

Get the latest updates on commodity inflation trends with PPI release updates from LIFO-PRO’s BLS Blog Page, including historical inflation averages & top 10 monthly gainers!

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IPIC LIFO Method Advantages

For most large supermarket chains the advantage of using CPI vs. internal indexes has been substantial.

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December 20, 2017
November ’17 CPI Highlights

The Bureau of Labor Statistics (BLS) released November 2017 Consumer Price Indexes (CPI) today.

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November ’17 PPI Highlights

The Bureau of Labor Statistics (BLS) released November 2017 Producer Price Indexes (PPI) today.

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Reasons for Congress to Keep the LIFO Inventory Method

The last-in, first-out (LIFO) inventory method has been an acceptable accounting method in the U.S. tax code for more than 75 years.

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October ’17 CPI Highlights

Shown below are historical inflation rates through October 2017 for selected CPI categories.

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October 17 PPI Highlights

On a seasonally unadjusted basis, the PPI for all commodities increased by 0.2%. Prices for final demand goods moved up 0.3 percent in October, the third straight increase.

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Senate Finance Committee Drafting Tax Reform Bill

Based on recent reports, sources indicate that at least two Senate Finance Committee members have stated that they favor LIFO repeal.

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Tax Cuts and Jobs Act: House Tax Reform Bill Details Released

The House Ways & Means Committee released the details of their tax reform bill, called the Tax Cuts and Jobs Act. See a summary & the full bill here!

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November 2, 2017
LIFO InfoGraphic

Click to view The LIFO Coalition, last-in, first-out inventory accounting method.

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Why Trading LIFO Repeal for Reduced Corporate Rates is Unsound Tax Policy

Comparatively speaking, LIFO was enacted during a time of relatively low corporate tax rates. Learn why LIFO repeal is unsound tax policy at this Blog!

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The Economic & Budgetary Impact of LIFO Repeal

According to the Tax Foundation LIFO repeal would reduce GDP by $11.6 billion per year & end up reducing federal revenue by $518 million annually. Read more

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Facts & Figures Favoring the Acceptability, Preferability & Preservation of LIFO

Summary of the defining principles of the LIFO method & authoritative references that played pivotal roles in its inception.

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Senators Cassidy, Isakson & Thune Seeking LIFO Repeal

Key Senate Finance Committee Members Speak Out In Favor of LIFO Repeal

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July 2017 CPI Highlights

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in July on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today.

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July 2017 PPI Highlights

The Producer Price Index for final demand declined 0.1 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.

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Companies Urged to Contact Congress in Support of LIFO

It is extremely important for LIFO tax-paying businesses & CPA firms to voice their support for LIFO to their respective members of Congress.

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LIFO Coalition Meeting Highlights

LIFO-PRO brings you highlights of recent LIFO Coalition meetings and tax reform developments that pertain to LIFO all from our LIFO Coalition Blog Page!

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April ’17 PPI Top 10 Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI) Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.

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April ’17 CPI Top Five Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.

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March ’17 CPI Top Five Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.

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March ’17 PPI Top 10 Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI) Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.

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Clarifying the Acceptability of Differing Book & Tax LIFO Methods

Many accountants have misinterpreted the LIFO conformity rules; this has led them into thinking that uniform use of Book & Tax LIFO methods are required.

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March 29, 2017
February ’17 CPI Top Five Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.

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February ’17 PPI Top 10 Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI) Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.

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January ’17 CPI Top Five Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.

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Why to Not Use Manual Spreadsheet Formulas to Calculate LIFO

Learn why using manual spreadsheet to calculate LIFO fails to provide sufficient LIFO internal controls at LIFO-PRO’s LIFO Insights Blog.

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January ’17 PPI Top 10 Gainers

Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI) Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.

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January 2017 FASB ASU Exposure Draft Proposes New LIFO Disclosure Requirements

The two amendments would require the following additional LIFO-related disclosures

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December CPI Top Five Gainers

Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page; find out the December CPI Top 5 gainers by BLS categories here!

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December ’16 PPI Top 10 Gainers

Visit LIFO-PRO’s BLS PPI Blog for the top 10 PPI gainers of the month and read the BLS PPI Economic News Release.

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C Corporation IRS Tax Return Due Date Changed to April 15th for 2016 Tax Year

C Corporation IRS Tax Return Due Date Changed to April 15th for 2016 Tax Year.

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November CPI Top Five Gainers

Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page; find out the November CPI Top 5 gainers by BLS categories here!

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November PPI Top 10 Gainers

Visit LIFO-PRO’s October PPI Blog to see the November PPI top 10 gainer PPI Categories were and read the BLS PPI Economic News Release.

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Proposed IPIC Pooling Method LIFO Regulations Released by Treasury Department, IRS

Proposed IPIC Pooling Method LIFO Regulations Released by Treasury Department, IRS read more on the impact to LIFO taxpayers at LIFO-PRO’s Blog page.

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October CPI Top 5 Gainers

October 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today. The top 5 gainers are shown in the table below:

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October PPI Top 10 Gainers

The Bureau of Labor Statistics (BLS) released October 2016 PPI today. Listed below are the top 10 gainers:

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September ’16 CPI Top 5 Gainers

September 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today. The top gainers are shown in the table below:

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September ’16 PPI Top 10 Gainers

The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed below are the top 10 gainers:

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September ’16 PPI Top 10 Gainers

The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed below are the top 10 gainers:

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October 14, 2016
BLS
August PPI Top 10 Gainers

The Bureau of Labor Statistics (BLS) released August 2016 PPI today. The top 10 gainers are listed below:

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July CPI Top 5 Gainers

July 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today. The top 5 gainers are shown in the table below:

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July PPI Top 10 Gainers

July 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The top 10 gainers are shown in the table below:

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June 16 CPI Top 5 Gainers

June 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today. The top 5 gainers are shown in the table below:

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June PPI Top 10 Gainers

June 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The top 10 gainers are shown in the table below:

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House GOP Tax Proposal Calls for LIFO Preservation

A recent message from the LIFO Coalition highlighted a development regarding a policy agenda involving LIFO that has been drafted by Republican Party members within the House of Representatives.

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May 2016 CPI Top Gainers

May 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today. The top 5 gainers are shown in the table below:

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May 2016 PPI Top 10 Gainers

May 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The top 10 gainers are shown in the table below:

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PPI Top 10 April Gainers by BLS Commodity Groups

The Bureau of Labor Statistics (BLS) released April 2016 PPI today.

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March ’16 CPI Economic News Release

The Bureau of Labor Statistics (BLS) released March 2016 CPI today.

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April 18, 2016
Beware of Specific Goods or Unit LIFO

CPAs should be aware of situations for which their clients are using Specific Goods LIFO. Read the full blog article to see why

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March ’16 PPI Economic News Release

The Bureau of Labor Statistics (BLS) released March 2016 PPI today.

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Why Internal Index LIFO Inflation is Often More Volatile than PPI inflation for Manufacturers

Learn why internal index calculations have historically lower LIFO Tax benefits when compared to other inflation measure sources.

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Keeping Up With the Frequent Changes in the Producer Price Index Commodity Codes Used for LIFO Inventory Calculations

LIFO-PRO’s software will automatically make the reassignments of Producer Price Index codes necessary of discontinued codes.

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Tax Foundation Study: Economic & Budgetary Impact of LIFO Repeal

The Tax Foundation, the nation’s leading independent tax policy research organization, conducted a survey that collected information regarding the economic and budgetary impact of LIFO Repeal in the United States.

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Committee Hearing Exchange with Treasury Secretary Jack Lew

Congressman Mike Thompson (D-CA), a leading Congressional LIFO advocate, had an exchange with Obama Treasury Secretary Jack Lew this week during a House Ways & Means Committee hearing. The unofficial transcript is posted below:

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February 12, 2016
LIFO repeal once again misrepresented in White House budget proposal

The LIFO Coalition posted an update on their website today that discussed the recent release of President Obama’s 2016 budget proposal.

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“Congress must not hurt small businesses by repealing accounting procedure”

A Florida House of Representatives member wrote an article regarding LIFO that appeared in the Column of online news network Context Florida on January 25th, 2016. Read the full article below.

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LIFO Updates: Discussion from LIFO Coalition’s Executive Secretariat

LIFO-PRO partners with the LIFO Coalition in any efforts geared towards preventing LIFO Repeal.

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Why clients choose us- LIFO-PRO Testimonials

In over twenty years of providing LIFO Software & Calculation Services, LIFO-PRO has earned the trust and loyalty needed to maintain a strong client-base. LIFO-PRO continues to be a cost leader in LIFO Calculation Services; the LIFO-PRO Software is priced at affordable rates for companies both large and small. LIFO-PRO’s commitment to our clients does not […]

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Business Journal Article Supports LIFO Preservation

On August 14th, 2015, the Central Penn Business Journal published an article written by Cathy Kolakowski. She is the Owner of CK Bookkeeping Services based in Lower Paxton Township, PA.

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Rep. Williams Resolves to Protect American Business, LIFO Method

Rep. Roger Williams (R-TX) submitted the following concurrent resolution, H.CON.RES.69, to protect the use of LIFO for American businesses.

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Topeka Independent Business Association Founders LIFO Article

Ken Daniels, Founder of the Topeka Independent Business Association, spoke on the subject of tax reform and the LIFO Method in a August 12th article.

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Volatility of PPI Table 9 code 0638-0202RX- Analgesics, prescription

There was a 28% 1 month increase in February ’14, and a 26% increase in March ’14. In May ’14, RX analgesics PPI Table 9 reported a 21% 1 month decrease.

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New, recoded & deleted NAICS & PPI codes made, effective July 15, 2015

The BLS released information regarding NAICS & PPI codes. See the tables for a summary of the different changes.

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Problems that Can Arise When Using Internal Index LIFO to Calculate Inflation

The IRS Regs. allow two LIFO inflation measurement sources. LIFO taxpayers can either use: External indexes – The IRS Regs. were amended in 1982 to permit the use of the Inventory Price Index Computation (IPIC) method for which Producer Price Indexes (PPI) or Consumer Price Indexes (CPI) are used. Internal indexes – This is a […]

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May 27, 2015
Use of PPI Indexes by Supermarkets to Increase Tax Deferral

The use of PPI LIFO inflation for inflation measurement is a tax planning idea that can significantly increase the amount of LIFO benefits for supermarkets.

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