The Bureau of Labor Statistics (BLS) released February 2025 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 7.4% in the last month and rose 16.7% in the last twelve months Processed foods + feeds rose 0.6% from January and increased 4.1% since February 2025 […]
The Bureau of Labor Statistics (BLS) released February 2025 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.4% in the last month and increased 2.8% in the last twelve months Food at home increased 0.1% from January and rose 1.9% since February 2024 […]
CPAs should be aware of situations for which their clients are using Specific Goods LIFO. Read the full blog article to see why
Check out our comprehensive guide containing the top 2024 LIFO opportunities and strategies for all companies Quickly find the most meaningful LIFO tax savings available this year for companies that aren’t on LIFO, but are ideal candidates, or download our complete list of 2024 top LIFO election candidates Excel file 2024 Top Tax Savings Tips […]
UPDATED 1/29/25 TO INCLUDE DECEMBER 2024 BUREAU OF LABOR STATISTICS INFLATION RATES! View/Download the PDF report version of this guide or our 2024 Top LIFO Candidates List Excel file by clicking the buttons below! LIFOPro’s 2024 Top LIFO Election Candidates List LIFOPro’s 2024 top LIFO election candidates list provides you with the ability to quickly […]
Updated 1/30/2025 with December 2024 Inflation Rates View/Download the PDF report version of this guide or our 2024 Top LIFO Candidates List Excel file by clicking the buttons below! 2024 Top LIFO Tax Savings Opportunities Abound Although inflation has returned to a more normalized level, there are many industries with inflation at or above the […]
Overview The IRS defines a bargain purchase as an acquisition of assets at a price that’s lower than the seller’s cost. Such events frequently occur as a part of a bulk purchase of assets from a business experiencing financial distress. These events can also occur with a bulk purchase of assets where the allocation of […]
The Bureau of Labor Statistics (BLS) released January 2025 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 1.6% in the last month and rose 12.4% in the last twelve months Processed foods + feeds rose 0.4% from December and increased 4.6% since January 2024 […]
The Bureau of Labor Statistics (BLS) released January 2025 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.7% in the last month and increased 3.0% in the last twelve months Food at home rose 0.8% from December and increased 1.9% since January 2024 […]
Dollar-value LIFO Background The vast majority of companies on LIFO use what’s called the dollar-value method. Under this method, LIFO is essentially treated as an annual top-side adjustment to account for the change in the current vs. prior period’s LIFO reserve and to convert the year end inventory balance from cost to its LIFO value. […]
Tax Treatment of Change to LIFO For tax purposes, the IRS allows all taxpayers to use LIFO method, and establishing preferability regarding the use of LIFO is not required. The tax requirements incident with and subsequent to a LIFO election are as follows: LIFO must be applied as a cutoff change, meaning it’s to be […]
The Bureau of Labor Statistics (BLS) released December 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items fell saw no change in the last month and increased 2.9% in the last twelve months Food at home rose 0.1% from November and increased 1.8% since […]
