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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
For companies considering adopting the use of the LIFO method, there are many options available to chose from in order to implement LIFO & perform the calculation. One of the most fundamental options is the LIFO index computation method chosen. The two options available are as follows: Dollar value method – A shortcut cost flow method […]
The Bureau of Labor Statistics (BLS) released October 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 6.2% in the last twelve months. Commodities, les food and energy, increased 1.2% from September 2021 and rose 8.4% since October 2020. Motor fuel increased 3.7% in the last […]
The Bureau of Labor Statistics (BLS) released October 2021 Producer Price Index (PPI) today. The all commodities index rose 2.0% in the last month and increased 22.2% in the last twelve months. Processed foods + feeds decreased 0.6% from September 2021 and rose 14.0% since October 2020. Cereal and bakery products rose 1.4% in the […]
The Bureau of Labor Statistics (BLS) released September 2021 Producer Price Index (PPI) today. The all commodities index rose 1.1% in the last month and increased 20.4% in the last twelve months. Processed foods + feeds increased 1.3% from August 2021 and rose 14.0% since September 2020. Meats increased 3.2% in the last month and […]
