The acronyms FIFO and LIFO identify methods for figuring the cost of goods sold when the price of your inventory has changed over time. With LIFO, you determine the price by assuming the most recent ...

Many dealers know that LIFO stands for the "last-in, first-out" inventory valuation method and that it produces sizable interest-free loans from the U.S. Treasury. These loans last as long as moderate ...

Source Advisors LIFO Accounting, which stands for Last In First Out, is an accounting method that assumes the most recently acquired inventory items are sold first. This practice can be seen in a ...

The LIFO accounting method for valuing a business's inventory -- standing for last in, first out -- has come under fire from Congress and the White House. President Barack Obama in early 2012 ...

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 ...

The conversion to International Financial Reporting Standards, coupled with the movement towards fair value accounting and Congress' need for revenue, could result in the repeal of the ...

NORTH COAST -- The IRS has proposed a resolution to a yearlong debate with accountants for more than two dozen North Coast wine companies caught in an audit sweep over common industry inventory ...

During the 1998 to 2002 stretch, scrap dealers may have forgotten how to think in terms of protecting profits from tax collecting agencies. But 2004 will almost certainly be a year when such thinking ...