The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...

Fleetio, a fleet maintenance software, has added new inventory valuation methods to its list of offerings, LIFO and FIFO (Last-In First-Out and First-In First-Out). LIFO-FIFO is an accounting method ...

WASHINGTON — Despite bipartisan efforts in the House and Senate, new-car dealers looking to Congress for legislation on LIFO tax relief may need to wait until next year. The nearly $1.7 trillion ...

Learn how LIFO liquidation impacts businesses, why companies use this method during inflation, and see a real-world example to understand its financial benefits.

Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of goods sold with practical examples and methods.