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 […]
View full articleDecember 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 […]
View full articleDecember 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 […]
View full articleTop 2023 LIFO Election Locks
Learn about the best opportunities to obtain meaningful tax benefits from electing LIFO for the 2023 year end!
View full articleNovember 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 […]
View full articleNovember 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 […]
View full article2023 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 […]
View full articleOctober 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 […]
View full articleOctober 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 […]
View full articleLIFO 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 […]
View full articleExploring 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 […]
View full articleWhy 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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