Archives

Many dealers using the LIFO (Last-In, First-Out) Method for valuing their inventories are facing unexpected high tax bills this year. This is resulting from the combination of lower year-end [...]

Today, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. Particular problems will arise in handling situations where it is expected that the PPP loan will be forgiven, but that [...]

The IRS has posted a revision to Form 970 – Application to Use LIFO Inventory Method – in Draft form. The Draft is dated November 2020, and it is not to be filed with the IRS. Form 970 is to be [...]