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Like kids waiting for Santa Claus to come down the chimney on Christmas Eve, we’re waiting for the BLS to release the CPI inflation index for auto dealers for December. Based on projections we’ve [...]

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 [...]