Best LIFO Practices & Review

Features & Benefits
- LIFOPro offers complimentary Best LIFO Practices & Methods Reviews for companies on LIFO in the form of a report that includes the following sections:
  - Calculation review
  - Methods compliance review
  - Best LIFO practices review
  - Pro forma calculations to compare LIFO reserve of present vs. alternative submethodologies
  - Calculation policies & procedures review
  - Change recommendations & implementation steps
- Benefits include:
  - Learn about potential strategies for maximizing tax savings from LIFO
  - Detect/prevent past/future calculation errors
  - Identify potential audit exposure risk & how to eliminate/minimize it
  - Get recommendations for LIFO Submethods optimization
  - Get recommendations for simplifying calculation policies & procedures
  - Get straightforward solutions for implementing recommended change
How it Works
Documentation Requirements
- Best LIFO Practices Review & turnkey outsourcing solutions fee quote documentation
  - LIFO layer history/carryforward schedule from last two periods closed
  - Inflation index calculation documentation from the last period closed (also known as item detail, stock status or inventory valuation report)
  - Product hierarchies (if available)
  - LIFO calculation policies & procedures documentation (if available)
  - Any other schedules/documents not listed above used to complete prior year LIFO calculation
- See our documentation request listing here: Review & fee quote documentation request
- Send documentation to LIFOPro@LIFOPro.com or upload here: https://spaces.hightail.com/uplink/LIFO-PRO
- LIFOPro will email review report, fee quote & sample LIFOPro report package within one week of receiving above documentation (LIFOPro will also contact you to schedule a time to discuss engagement options, documentation requirements, expected/required receivables/deliverables timing)
Get Started Today!
Request your complimentary Best LIFO Practices & Review Report by completing & submitting the form below. You’ll receive your complimentary PDF report within one week of submitting this form. Note: if you are submitting your request using the form below, you will need to upload your documentation using the upload file button located at the bottom of this form. Alternatively, you may email your documentation to lifopro@lifopro.com
Name *
Email *
Is this review for financial reporting (book) LIFO, tax LIFO, both or does your company make a single LIFO calculation? (i.e. Book & Tax LIFO are the same)
Book & Tax LIFO are the same (single calculation)
Book LIFO Only
Tax LIFO Only
Both Book & Tax LIFO (separate calculations)
Select the method to send your company's/client's historical LIFO documentation to LIFOPro
This request form (file upload box will appear below if selecting this option)
Email
Other (explain in comment box below)
LIFO Documentation File Upload

Click or drag a file to this area to upload.

LIFO documentation includes: 1) LIFO layer carryforward schedule 2) Inflation index calculation from the most recent period closed 3) Calculation Policies & procedures (if available)
Comments/Requests
Learn More

Want to learn more about the review process & our offerings? Schedule an introductory call or Teams meeting with LIFOPro by calling 402-330-8573, emailing lifopro@lifopro.com or using our online scheduling tool by clicking here: Schedule Call With LIFOPro

Best LIFO Practices & Review Documentation Request Listing

Sample Best Practices & Calculation Review Report

Turnkey Outsourcing Solutions Slide Deck

LIFO Review & Turnkey Outsourcing Solutions Process Flow Charts

CPA Firm Partnership Playbook

2024 Top LIFO Election Candidates Guide

Sec. 473 Relief Estimate Request Form

Auto Dealer IPIC LIFO Case Study

2024 LIFO Opportunities & Strategies Guide

How LIFO Works: A Beginner’s Guide to LIFO

How to Identify Clients that are Good LIFO Election Candidates

How to Easily Implement LIFO

Complimentary Interim LIFO Estimate Request Form

Best LIFO Practices & Review

Auto Dealer LIFO Case Study

LIFO Election Benefit Analysis

Downloads

Get information about LIFO-PRO’s offerings, valuable guides & white papers & sample LIFO reports!

IPIC LIFO Guide

Get educated on the Inventory Price Index Computation (IPIC) method, including the origins, advantages & disadvantages, calculation procedures, options & much more!

Service Organization Control Report

Learn how LIFO-PRO receives an annual review of our policies & procedures to provide required assurances to our clients.

LIFO Tax Benefit Calculator

Calculate the potential tax savings from using LIFO & determine your company’s historical inflation percentages!

Secure File Upload Portal

Here you can send us all files needed for us to seamlessly give you the best LIFO results possible. We look forward to working with you!

CPA Firm LIFO Opportunities & Training Guide

Learn about LIFO opportunities abound for CPA firms, how to increase the scope of your LIFO offerings & learn how to easily identify good LIFO candidates!

Interim Estimate Options

Learn how to easily make interim LIFO estimates manually or within our software!

Non-disclosure Agreement Request Form

Get a NDA generated electronically in less than a minute using LIFO-PRO’s online request form page & avoid having to print, sign & scan a paper NDA!

IPIC LIFO Resources

Learn how the IPIC LIFO Method works, find valuable Bureau of Labor Statistics (BLS) links and stay up to date on all changes related to the IPIC Method!

LIFO Success Stories

Learn about LIFOPro’s past roles in partnering with companies & CPA firms to deliver great value by finding solutions to the most challenging LIFO issues!

IPIC LIFO Overview

The Inventory Price Index Computation (IPIC) method allows taxpayers to use published external indexes to calculate inflation for the purpose of valuing LIFO inventories.

Authoritative Guidance & LIFO Methods

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

Supermarket Physical Count Procedures

Find helpful information on how IRS regulations effect grocery LIFO Count Procedures for CPI & PPI taxpayers on our Supermarket Count Procedures page.

Special Challenges for Supermarkets

Supermarkets face LIFO calculation issues unique to the industry. Find out why & answers to how they are dealt with Special Challenges for Supermarkets page.

Why the Double-extension LIFO Index Calculation Method is Unreliable

Facts describing why the double-extension LIFO index calculation method is unreliable and examples proving how this method creates unpredictable results.

LIFO Training & Audit Guide

The LIFO Inventory Training Basics & Audit Guide provides detailed LIFO calculation steps, LIFO documentation procedures, internal controls & audit best practices.

Addition of Services Table 9 Codes

Find recent important changes & BLS addition of Table 9 Wherever-provided Services & Construction PPI Indexes & Important Change in PPI Code Structure page.

CPI Category Updates

Find information on CPI Category Changes & Bureau of Labor Statistics Consumer Price Index update information such as new medical commodity codes here!

PPI Category Updates

Learn IRS Regulations Requirements for missing PPI Indexes, procedures for reassigning discontinued PPI Categories at LIFO-PRO’s PPI Category Changes page.

Producer Price Index Usage by Supermarkets to Increase Tax Deferral

Learn how drugs, non-foods & food/beverage indexes cause increase LIFO tax benefits at our PPI Index Usage by Supermarkets to Increase Tax Deferral page.

Consumer/Producer Price Index Inflation History

Get the most up to date Bureau of Labor Statistics Consumer & Producer Price Index inflation data from LIFOPro!

IPIC LIFO Advantages

Switching from the double-extension to link-chain method? Want to achieve higher possible inflation indexes? Learn more at the IPIC LIFO Advantages page.

LIFO Repeal Updates

Get the latest LIFO repeal updates including the latest news on corporate tax reform at LIFO-PRO’s LIFO Repeal Updates page.

Videos

LIFO-PRO Company Overview – Quick 1 minute video explaining LIFO-PRO’s service and software offerings.

Request Forms Page

Request a software trial, LIFO Election Benefit Analysis, Best LIFO Practices Methods Review or cost estimate. All of our requests are complimentary & free of obligation!

FAQ’s

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

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.

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.

Why Use LIFO & How it Works

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

Best LIFO Practices & Review