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 […]
View full articleDecember 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 […]
View full articleDecember 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 […]
View full article2022 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 […]
View full article2021 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 articleNovember 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 […]
View full articleNovember 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 […]
View full articleLIFO 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 […]
View full articleMachinery & 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 […]
View full articleHow 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 […]
View full articleHow 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 […]
View full articleLIFO 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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