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 […]
View full articleDeFilipps 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 […]
View full articleHow 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 […]
View full articleMarch 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 […]
View full articleMarch 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 […]
View full articleFebruary 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 […]
View full articleFebruary 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 […]
View full articleJanuary 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 […]
View full articleJanuary 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 […]
View full articleDecember 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 […]
View full articleDecember 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 […]
View full articleNovember 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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