The AICPA has requested relief from the IRS and the Treasury Department to help LIFO taxpayers suffering increased tax liability as a result of layer erosion LIFO income that occurred from COVID-19 related inventory liquidations. As touched in our last blog, which can be found at DeFilipps Proposal for Section 473 Relief » LIFOPro […]
Willard De Filipps, CPA, PC has ran his specialized accounting and consulting firm since 1978. He’s a renowned expert in automobile dealership tax issues, LIFO inventory valuation method issues & representation before the IRS in diverse tax examination issues. While he offers a resource center for CPA’s through DeFilipps University, he’s been an invaluable resource […]
2020 was an interesting year, to say the least, and auto dealers on LIFO are no exception to that. Having significantly lower ending new vehicle inventories than the year before has caused many of them to incur significant reductions in LIFO reserves (also known as LIFO reserve recapture or repayment) that may have caused significant […]
The Bureau of Labor Statistics (BLS) released March 2021 Consumer Price Indexes (CPI) today. The all items index rose by 0.7% in the last month and increased 2.6% in the last twelve months. Food saw an increase of 0.2% since February 2021 and increased 3.5% from March 2020. Food at home increased by 0.2% in […]
The BLS released March 2021 PPI today. The all commodities index rose 3.7% the last month and 12.0% the last twelve months. Farm products rose 0.8% from February and increased 16.1% from March 2020. Processed foods and feeds increased 1.1% in the last month and rose 5.1% in the last twelve months. Processed foods and […]
2021 LIFO Lookout Inflation is alive & kicking Federal reserve has raised its 2021 year end inflation forecast from 1.8% to 2.2% Massive amounts of government stimulus & proposed infrastructure spending expected to create above-average inflation in many industries Improved economic outlook & GDP growth expected to further accelerate price increases Inflation increased substantially in […]
The BLS released February 2021 PPI today. The all commodities index rose 2.1% in the last month and increased 6.0% in the last twelve months. Farm products saw a 2.6% increase from January and increased 13.3% from February 2020. Processed foods and feeds saw a 1.7% increase in the last month and rose 3.9% in […]
The Bureau of Labor Statistics (BLS) released February 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 1.7% in the last twelve months. All items less food and energy increased 0.3% from January 2021 and saw a 1.3% increase since February 2020. Fuel oil and other […]
LIFOPro’s 2021 LIFO Lookout LIFO continues to be the biggest inventory-related tax savings tool Unprecedented inflation has occurred this year, creating widespread once in a lifetime tax saving opportunities from electing LIFO in 2021 Top LIFO candidates & 12 months ended Dec. ‘21 inflation are as follows (includes all manufacturers, wholesalers & retailers): Processed foods […]
The BLS released January 2021 PPI today. The all commodities index rose by 2.5% in the last month and saw a rise of 1.8% in the last twelve months. Processed foods and feeds decreased by 0.5% from December 2020 and increased 1.5% since January 2020. Canned fruits and juices increased 0.9% in the last month […]
The Bureau of Labor Statistics (BLS) released January 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.4% from December 2020 and increased 1.4% from January 2020. Food saw a 0.3% rise in the last month and increased 3.8% in the last twelve months. Household paper products saw an increase of 0.5% from […]
The BLS released December 2020 PPI today. The all commodities index increased 1.2% over the last month and rose 0.8%in the last twelve months. Processed foods and feeds increased by 0.3% from November 2020 and saw an increase of 2.0% from December 2019 to December 2020. Meats increased 3.2% in the last month and increased […]
