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 […]
View full articleIRS 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 […]
View full articleMay 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 […]
View full articleMay 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 […]
View full articleApril 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 […]
View full articleApril 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 […]
View full articleAICPA 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 articleLIFO 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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