The Bureau of Labor Statistics (BLS) released August 2021 Producer Price Index (PPI) today. The all commodities index rose 0.7% in the last month and increased 19.9% in the last twelve months. Farm products increased 0.6% from July 2021 and rose 36.6% since August 2020. Processed foods and feeds rose 2.2% in the last month […]
The Bureau of Labor Statistics (BLS) released July 2021 Producer Price Index (PPI) today. The all commodities index rose 1.2% in the last month and increased 19.8% in the last twelve months. Farm products decreased 3.0% from June 2021 and increased 36.6% from July 2020. Processed foods and feeds decreased 2.2% in the last month […]
The Bureau of Labor Statistics (BLS) released July 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 5.4% in the last twelve months. All items less food + energy increased 0.3% from June 2021 & rose 4.3% from July 2020. Commodities less food and energy commodities […]
As with other Schedule M items, a LIFO schedule M adjustment represents a difference between the financial reporting (book) & tax treatment of an item that effects the computation of income (change in LIFO reserve affects cost of goods sold). There are two key concepts related to LIFO Schedule M adjustments. The first concept is […]
2021 has brought unprecedented inflation to many industries, with lumber & steel commodities seeing the most profound increases out of all industries. The focus of this blog is to highlight the potential tax savings that companies in these industries could achieve by electing LIFO this coming year end. Quick LIFO 101 The LIFO method can […]
The Bureau of Labor Statistics (BLS) released June 2021 Producer Price Index (PPI) today. The all commodities index rose 1.8% in the last month and increased 19.5% in the last twelve months. Processed foods and feeds rose 1.7% from May 2021 and increased 10.4% since June 2020. Meats, poultry and fish increased 5.8% in the […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
