LIFO Lookout

The LIFO Lookout is a unique periodic publication that provides a comprehensive look at how current IRS rulings, audit developments, administrative pronouncements and Court decisions affect all types of taxpayers using the LIFO (Last-In, First-Out) inventory valuation method.  Taxpayers using LIFO include manufacturers, wholesalers and distributors and retailers, including automobile dealerships.

At various times throughout the year, from a multitude of sources, Mr. De Filipps reviews and identifies for coverage only the most important LIFO-related developments.  This is based on his extensive practice consulting with other CPAs and businesses using LIFO who require assistance in application refinements and staying informed concerning important current developments and Court cases or who want to know more about dealing with computational issues, IRS audits or accounting method changes.

The cornerstone of each LIFO Lookout is the “LIFO Update” overview that summarizes recent major developments.  Mr. De Filipps provides an executive briefing of the major developments, grounded in his more than 45 years as a CPA tax practitioner and LIFO specialist.

Auto dealerships represent one type of business whose LIFO practices over the years have been subject to significant IRS attention, audit activity, rulings and other guidance.  In addition, the IRS has taken many auto dealer LIFO issues to the U.S. Tax Court and to other courts.  Whenever appropriate, the LIFO Lookout provides an intensive analysis of dealer-LIFO related issues and cases.  In addition, each year, the unofficial IRS new vehicle “new items” lists are subject to a thorough review and analysis.

Find an article.  While searching our complete, cross-referenced Index of Articles†, as you find articles you would like to access, please note the Issue/Edition and page information in the right-hand column.  After identifying an article you would like to view, please return to this page and select the Issue/Edition* from the list below in which that article appeared.  You will be linked to the full .pdf file of the Issue/Edition in which that article appeared.  You can then save a copy of that Issue/Edition to your computer or print out only the pages that you want.

Index of Articles – LIFO Lookout

Past Issues / Editions of the LIFO Lookout (1991 – 2012)*

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DisclaimerThe De Filipps’ LIFO Lookout newsletter is a periodic publication of LIFO News, Views and Ideas by Willard J. De Filipps, CPA, P.C., 317 West Prospect Avenue, Mt. Prospect, IL 60056.  It is intended to provide accurate, general information on LIFO matters and it should not be construed as offering accounting or legal advice or accounting or legal opinion on any specific facts or circumstances.  The contents are intended for general information purposes only.  Readers should consult their certified public accountant, attorney and/or other competent advisors to discuss their own situations and specific LIFO questions.  Mechanical or electronic reproduction or photocopying is prohibited without permission of the publisher.  Back issues are available … See De Filipps University Resource Center at for details.  Not assignable without consent.  Any reprinted or quoted material must be attributed to De Filipps LIFO Lookout published by Willard J. De Filipps, CPA, P.C.  Editorial comments and article suggestions are welcome and should be directed to Willard J. De Filipps at (847) 577-3977; Fax (847) 577-1073 or by email to © Copyrights 1991 – 2012, Willard J. De Filipps.  De Filipps’ LIFO Lookout format designed by Publish or Perish, Inc. (630) 627-7227.

PLEASE NOTE:  All articles and the entire contents of this publication are the proprietary intellectual property of the author and publisher, Willard J. De Filipps.  No article, nor any portion of this publication, is to be reproduced or distributed without the express written authorization of Willard J. De Filipps.  Any prior permission to reproduce and/or distribute, unless expressed in a written document, is null and void.

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