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LIFO Tax Savings Calculator Request Forms Schedule Call or Demo Blog Software
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2023 TOP LIFO ELECTION LOCKS
Find the best candidates for providing meaningful tax benefits from electing
LIFO this year!
Read
EXPLORING INTERIM LIFO ESTIMATE APPROACHES
Learn why companies perform interim LIFO estimates, best practices, approaches
and solutions to quickly and accurately perform LIFO forecasting & planning.
Avoid material post year-end LIFO surprises from ever happening again!
Read Blog
THE LIFOPRO DIFFERENCE
Learn why our clients stay on LIFO far longer than non-clients. Learn why our
client retention rate is far higher than the industry average. Read how
LIFOPro’s offerings are second to none!
The LIFOPro Difference: Why Our Clients Stay on LIFO Longer & Remain Clients
Longer than Non-clients
HOW THE IPIC METHOD COULD HELP GROW OR PRESERVE YOUR LIFO RESERVE
Learn how companies often switch to the IPIC method to protect their existing
LIFO reserve or maximize LIFO reserve growth for tax purposes at our blog!
Read Blog
LIFO FINANCIAL REPORTING DISCLOSURE REQUIREMENTS & ALTERNATIVES
Learn the LIFO financial reporting disclosure rules. Find out the non-LIFO
disclosures that can be made within financial reports. Understand the types of
reports not subject to LIFO reporting requirements in our Blog!
Read Blog
HOW CPA FIRMS CAN EASILY IDENTIFY THE BEST LIFO CANDIDATES
The resources & tools provided on this page offer simple, straight-forward steps
to help CPA firms identify good LIFO election candidates & explore LIFO for
their clients. Identify great LIFO opportunities for all your clients, not just
the ones who approach you about it using our simple 3-step process! Act now
before other firms present historic tax benefits to your clients & prospective
clients!
Learn More
WHY COMPANIES USE DIFFERENT BOOK & TAX LIFO METHODS
Learn how companies minimize the impact of LIFO for financial reporting purposes
and maximize the benefits for tax purposes!
Learn More
UNDERSTANDING LIFO ACCOUNTING PODCAST
Tune in to our 10 minute LIFO podcast! On this inaugural episode of Insights À
La Carte, an EisnerAmper Food and Beverage Podcast, Rich Colloca, Partner and
the firm’s National Food and Beverage Practice Leader, and Kevin Nardone,
Director in the firm’s Private Client Services Group, are joined by Bob
Richardson, Vice President of LIFOPro. The three cover the basics of last-in,
first- out (“LIFO”) accounting and the real-world benefits and tax implications
food and beverage businesses leaders need to know about this method.
Listen Now
WHAT MAKES A GOOD LIFO CANDIDATE?
Learn about our proprietary scoring system & criteria used to identify the best
LIFO candidates, find out the best time to elect LIFO & learn tips/tricks only
available from the LIFO experts!
Learn More
GET A FREE LIFO ELECTION BENEFIT ANALYSIS TODAY!
LIFOPro makes it simple for companies to obtain complimentary, comprehensive
benefit analysis. This valuable resource is only available from the most trusted
name in LIFO. Get accurate, user-friendly estimates of the projected savings
from electing LIFO this year. Our proprietary Good LIFO Candidate criteria &
scoring system coupled with our 20 year historical calculation analysis helps
identify whether or not you’re a good long-term LIFO candidate. Our alternative
comparisons identify the most beneficial methods. Get your complimentary
analysis PDF report & turnkey outsourcing solutions fee quote within one week of
submitting your request! Our benefit analysis are free of obligation. The time
commitment to quantify your LIFO tax savings & obtain your free analysis report
is low & only requires a minimal amount of readily available data from your
accounting system!
Get Started Today
LIFO CALCULATION & BEST PRACTICES REVIEW
Verify calculation accuracy. Maximize LIFO tax deferral. Ensure methods
compliance. Get policies & procedures optimization strategies. Discover planning
opportunities. Our complimentary review report offers a comprehensive LIFO
assessment that provides valuable feedback & recommendations from the leading
LIFO experts. Get a review by submitting our request form today!
Learn more
LIFO ELECTION REQUIREMENTS + METHOD ALTERNATIVES
Get the essential information to consider prior to making a LIFO calculation.
Learn about the submethodology options available within LIFO & the pros/cons of
each alternative that you’ll only find from the LIFO experts!
Learn More At Our Blog
SOFTWARE & TURNKEY OUTSOURCING SOLUTIONS
Our turnkey outsourcing solutions makes being on LIFO as simple as possible. Our
software automates LIFO calculations & documentation. Both offerings eliminates
complicated procedures & error-prone, time-consuming manual Excel spreadsheet
calculations. Let our complete range of offerings make dealing with LIFO as
simple as possible.
Learn more about LIFOPro's Offerings
IRS AUDITING MORE LIFO CALCULATIONS THAN BEFORE
The recent release of an IRS LIFO Records Practice Unit has led to a surge in
LIFO audits. Learn about the most recent developments & get strategies to
preserve your LIFO reserve & eliminate or reduce audit exposure. Learn more at
our LIFO Insights Blog!
Learn More
RECORD NUMBER OF COMPANIES ELECTING LIFO
Learn more about the surge in first-time LIFO elections!
Record Number of Companies Electing LIFO Blog
MAY 2024 CPI RELEASED
Get the highlights at LIFO-PRO’s BLS Blog!
May '24 BLS CPI Blog
MAY 2024 PPI RELEASED
Get the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
highlights at LIFO-PRO’s Blog!
May '24 BLS PPI Release Blog
* 1
* 2
* 3
* 4
* 5
* 6
* 7
* 8
* 9
* 10
* 11
* 12
* 13
* 14
* 15
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* 17
2023 TOP LIFO ELECTION LOCKS
Find the best candidates for providing meaningful tax benefits from electing
LIFO this year!
Read
EXPLORING INTERIM LIFO ESTIMATE APPROACHES
Learn why companies perform interim LIFO estimates, best practices, approaches
and solutions to quickly and accurately perform LIFO forecasting & planning.
Avoid material post year-end LIFO surprises from ever happening again!
Read Blog
THE LIFOPRO DIFFERENCE
Learn why our clients stay on LIFO far longer than non-clients. Learn why our
client retention rate is far higher than the industry average. Read how
LIFOPro’s offerings are second to none!
The LIFOPro Difference: Why Our Clients Stay on LIFO Longer & Remain Clients
Longer than Non-clients
HOW THE IPIC METHOD COULD HELP GROW OR PRESERVE YOUR LIFO RESERVE
Learn how companies often switch to the IPIC method to protect their existing
LIFO reserve or maximize LIFO reserve growth for tax purposes at our blog!
Read Blog
LIFO FINANCIAL REPORTING DISCLOSURE REQUIREMENTS & ALTERNATIVES
Learn the LIFO financial reporting disclosure rules. Find out the non-LIFO
disclosures that can be made within financial reports. Understand the types of
reports not subject to LIFO reporting requirements in our Blog!
Read Blog
HOW CPA FIRMS CAN EASILY IDENTIFY THE BEST LIFO CANDIDATES
The resources & tools provided on this page offer simple, straight-forward steps
to help CPA firms identify good LIFO election candidates & explore LIFO for
their clients. Identify great LIFO opportunities for all your clients, not just
the ones who approach you about it using our simple 3-step process! Act now
before other firms present historic tax benefits to your clients & prospective
clients!
Learn More
WHY COMPANIES USE DIFFERENT BOOK & TAX LIFO METHODS
Learn how companies minimize the impact of LIFO for financial reporting purposes
and maximize the benefits for tax purposes!
Learn More
UNDERSTANDING LIFO ACCOUNTING PODCAST
Tune in to our 10 minute LIFO podcast! On this inaugural episode of Insights À
La Carte, an EisnerAmper Food and Beverage Podcast, Rich Colloca, Partner and
the firm’s National Food and Beverage Practice Leader, and Kevin Nardone,
Director in the firm’s Private Client Services Group, are joined by Bob
Richardson, Vice President of LIFOPro. The three cover the basics of last-in,
first- out (“LIFO”) accounting and the real-world benefits and tax implications
food and beverage businesses leaders need to know about this method.
Listen Now
WHAT MAKES A GOOD LIFO CANDIDATE?
Learn about our proprietary scoring system & criteria used to identify the best
LIFO candidates, find out the best time to elect LIFO & learn tips/tricks only
available from the LIFO experts!
Learn More
GET A FREE LIFO ELECTION BENEFIT ANALYSIS TODAY!
LIFOPro makes it simple for companies to obtain complimentary, comprehensive
benefit analysis. This valuable resource is only available from the most trusted
name in LIFO. Get accurate, user-friendly estimates of the projected savings
from electing LIFO this year. Our proprietary Good LIFO Candidate criteria &
scoring system coupled with our 20 year historical calculation analysis helps
identify whether or not you’re a good long-term LIFO candidate. Our alternative
comparisons identify the most beneficial methods. Get your complimentary
analysis PDF report & turnkey outsourcing solutions fee quote within one week of
submitting your request! Our benefit analysis are free of obligation. The time
commitment to quantify your LIFO tax savings & obtain your free analysis report
is low & only requires a minimal amount of readily available data from your
accounting system!
Get Started Today
LIFO CALCULATION & BEST PRACTICES REVIEW
Verify calculation accuracy. Maximize LIFO tax deferral. Ensure methods
compliance. Get policies & procedures optimization strategies. Discover planning
opportunities. Our complimentary review report offers a comprehensive LIFO
assessment that provides valuable feedback & recommendations from the leading
LIFO experts. Get a review by submitting our request form today!
Learn more
LIFO ELECTION REQUIREMENTS + METHOD ALTERNATIVES
Get the essential information to consider prior to making a LIFO calculation.
Learn about the submethodology options available within LIFO & the pros/cons of
each alternative that you’ll only find from the LIFO experts!
Learn More At Our Blog
SOFTWARE & TURNKEY OUTSOURCING SOLUTIONS
Our turnkey outsourcing solutions makes being on LIFO as simple as possible. Our
software automates LIFO calculations & documentation. Both offerings eliminates
complicated procedures & error-prone, time-consuming manual Excel spreadsheet
calculations. Let our complete range of offerings make dealing with LIFO as
simple as possible.
Learn more about LIFOPro's Offerings
IRS AUDITING MORE LIFO CALCULATIONS THAN BEFORE
The recent release of an IRS LIFO Records Practice Unit has led to a surge in
LIFO audits. Learn about the most recent developments & get strategies to
preserve your LIFO reserve & eliminate or reduce audit exposure. Learn more at
our LIFO Insights Blog!
Learn More
RECORD NUMBER OF COMPANIES ELECTING LIFO
Learn more about the surge in first-time LIFO elections!
Record Number of Companies Electing LIFO Blog
MAY 2024 CPI RELEASED
Get the highlights at LIFO-PRO’s BLS Blog!
May '24 BLS CPI Blog
MAY 2024 PPI RELEASED
Get the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
highlights at LIFO-PRO’s Blog!
May '24 BLS PPI Release Blog
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* 2
* 3
* 4
* 5
* 6
* 7
* 8
* 9
* 10
* 11
* 12
* 13
* 14
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Our solutions make being on LIFO as simple as possible. We offer the most
practical approaches and offer best practices feedback to minimize the effort
involved with LIFO while doing so in a compliant manner. LIFOPro has the highest
client retention rate in the accounting industry because the value of our
services far outweighs the costs. Our clients remain on LIFO far longer than
non-clients because our solutions maximize LIFO tax benefits and eliminate the
issues that most commonly cause companies to go off LIFO. Contact LIFOPro today
to learn more about partnering with us for all your LIFO needs!
SOFTWARE
Minimize the time spent performing LIFO calculations in-house. Completely
automate all aspects of your LIFO calculation. Eliminate calculation errors,
improve reporting transparency & strengthen internal controls with our in-house
developed software.
Learn more
TURNKEY OUTSOURCING SOLUTIONS
Make LIFO as simple as possible. Maximize LIFO tax benefits while avoiding all
the hassle. Customize your engagement to fit your company’s exact wants and
needs. Get top tier solutions at small firm costs.
Learn more
CPA FIRM OFFERINGS
Enhance your firms ability to provide LIFO as a tax planning strategy without
incurring costs & resources to do so. Generate revenues by directly partnering
with us to build a wholesale-retail LIFO service offering. LIFOPro serves as the
exclusive LIFO subject matter expert and 3rd party service provider to the
majority of the top CPA firms. CPA firms who partner with us can maximize their
client’s LIFO reach and tax benefits without the need to build and maintain an
in-house LIFO system. CPA firms & clients can place reliance on LIFOPro’s
expertise to provide best practices feedback, training & support on all issues
related to LIFO when partnering with us.
Learn more
TOP RESOURCES
1
LIFO ELECTION BENEFIT ANALYSIS
Learn more
2
LIFO METHODS, RULES & REGULATIONS
Your comprehensive resource for authoritative LIFO guidance, LIFO election
requirements, and method alternatives!
Learn more
3
HOW LIFO WORKS
Hundreds of companies & CPA firms utilize our LIFO outsourcing solutions or the
LIFO-PRO software for turnkey LIFO solutions.
Learn more
4
WHAT MAKES A GOOD LIFO CANDIDATE?
Get answers to who should use the LIFO method, how much LIFO may benefit your
company or client & good LIFO candidates by industry & principal business
activity along with historical inflation data.
Learn more
5
FAQ’S
View some of our frequently asked questions to learn more about LIFO
Learn more
6
LIFO GLOSSARY
Accounting and financial professionals who work with LIFO need to understand the
jargon associated with LIFO. Below are a number of LIFO-related terms.
Learn more
LIFO GUIDES AND WHITE PAPERS
Get valuable information on important LIFO issues exclusively available from the
LIFO experts
Learn more
FROM THE BLOG
Previous
VOLATILITY OF PPI TABLE 9 CODE 0638-0202RX- ANALGESICS, PRESCRIPTION
There was a 28% 1 month increase in February ’14, and a 26% increase in March
’14. In May ’14, RX analgesics PPI Table 9 reported a 21% 1 month decrease.
Read more
July 24, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NEW, RECODED & DELETED NAICS & PPI CODES MADE, EFFECTIVE JULY 15, 2015
The BLS released information regarding NAICS & PPI codes. See the tables for a
summary of the different changes.
Read more
July 17, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PROBLEMS THAT CAN ARISE WHEN USING INTERNAL INDEX LIFO TO CALCULATE INFLATION
The IRS Regs. allow two LIFO inflation measurement sources. LIFO taxpayers can
either use: External indexes – The IRS Regs. were amended in 1982 to permit the
use of the Inventory Price Index Computation (IPIC) method for which Producer
Price Indexes (PPI) or Consumer Price Indexes (CPI) are used. Internal indexes –
This is a […]
Read more
May 27, 2015
LIFO Blog, LIFO Insights
USE OF PPI INDEXES BY SUPERMARKETS TO INCREASE TAX DEFERRAL
The use of PPI LIFO inflation for inflation measurement is a tax planning idea
that can significantly increase the amount of LIFO benefits for supermarkets.
Read more
June 16, 2014
LIFO Blog, LIFO in the News, LIFO Insights
MAY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products fell 0.1% in the last month and decreased 9.0% in the last twelve
months Processed foods + feeds rose 0.3% from April and increased 0.8% since May
2023 Textile […]
Read more
June 13, 2024
BLS, LIFO Blog
MAY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and increased 3.3%
in the last twelve months Food at home saw no change from April and increased
1.0% since May […]
Read more
June 12, 2024
BLS, LIFO Blog
APRIL 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and increased 3.4%
in the last twelve months Food at home rose 0.2% from March and increased 2.2%
since April 2023 […]
Read more
May 15, 2024
BLS, LIFO Blog
APRIL 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products rose 0.3% in the last month and decreased 8.7% in the last twelve
months Processed foods + feeds saw no change from March and increased 1.5% since
April 2023 […]
Read more
May 14, 2024
BLS, LIFO Blog
MARCH 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products rose 2.4% in the last month and decreased 7.5% in the last twelve
months Processed foods + feeds rose 1.4% from February and increased 0.8% since
March 2023 Textile […]
Read more
April 11, 2024
BLS, LIFO Blog
MARCH 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.6% in the last month and increased 3.5%
in the last twelve months Food at home saw no change from February and rose 1.2%
since March […]
Read more
April 10, 2024
BLS, LIFO Blog
FEBRUARY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 3.4% in the last month and decreased 9.9% in the last
twelve months Processed foods + feeds rose 1.2% from January and increased 0.1%
since February 2023 Textile […]
Read more
March 14, 2024
BLS, LIFO Blog
FEBRUARY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.6% in the last month and increased 3.2%
in the last twelve months Food at home increased 0.1% from January and rose 1.0%
since February 2023 […]
Read more
March 12, 2024
BLS, LIFO Blog
JANUARY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 1.4% in the last month and decreased 15.0% in the
last twelve months Processed foods + feeds decreased 0.2% from December and fell
2.2% since January 2023 Textile […]
Read more
February 16, 2024
BLS, LIFO Blog
JANUARY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.5% in the last month and increased 3.1%
in the last twelve months Food at home increased 0.7% from December and rose
1.2% since January 2023 […]
Read more
February 13, 2024
BLS, LIFO Blog
DECEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 1.5% in the last month and decreased 17.5% in the
last twelve months Processed foods + feeds decreased 0.6% from November and fell
1.0% since December 2022 Textile […]
Read more
January 12, 2024
BLS, LIFO Blog
DECEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased 0.1% in the last month and increased 3.4%
in the last twelve months Food at home fell 0.1% from November and increased
1.3% since December 2022 […]
Read more
January 11, 2024
BLS, LIFO Blog
TOP 2023 LIFO ELECTION LOCKS
Learn about the best opportunities to obtain meaningful tax benefits from
electing LIFO for the 2023 year end!
Read more
December 27, 2023
LIFO Blog, LIFO in the News
NOVEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 2.9% in the last month and decreased 17.4% in the
last twelve months Processed foods + feeds decreased 0.9% from October and fell
1.4% since November 2022 Textile […]
Read more
December 13, 2023
BLS, LIFO Blog
NOVEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased 0.2% in the last month and increased 3.1%
in the last twelve months Food at home fell 0.5% from October and increased 1.7%
since November 2022 […]
Read more
December 12, 2023
BLS, LIFO Blog
2023 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the Excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
November 16, 2023
LIFO Blog
OCTOBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 3.7% in the last month and decreased 14.3% in the
last twelve months Processed foods + feeds decreased 0.6% from September and
rose 0.9% since October 2022 Textile […]
Read more
November 15, 2023
BLS, LIFO Blog
OCTOBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items saw no change in the last month and increased 3.2%
in the last twelve months Food at home increased 0.3% from September and
increased 2.1% since October […]
Read more
November 14, 2023
BLS, LIFO Blog
LIFO FINANCIAL REPORTING DISCLOSURE REQUIREMENTS & ALTERNATIVES
What Rules Exist Regarding LIFO Disclosures for Financial Reporting Purposes?
The IRS tax law commonly referred to as the “LIFO conformity rule” is the
authoritative guidance that prescribes the financial report and statement
requirements for companies that use the LIFO method (assuming financial reports
or statements are issued to external parties; these rules are not […]
Read more
October 23, 2023
LIFO Blog, LIFO Insights
EXPLORING INTERIM LIFO ESTIMATE APPROACHES
Why do companies perform interim LIFO estimates? The dollar-value LIFO method is
a calculation designed to be performed annually or one time each reporting
period (this is the method used by the vast majority of companies using LIFO).
Furthermore, IRS Regs. prescribes for LIFO to be applied annually & never
mentions performing interim LIFO estimates […]
Read more
October 20, 2023
LIFO Blog
WHY COMPANIES USE DIFFERENT BOOK & TAX LIFO METHODS
What is the LIFO Conformity Rule? IRS Reg. §1.472-2(e)(1) requires for taxpayers
using the LIFO method to also do so for financial reporting purposes beginning
in the year that LIFO is adopted for tax purposes (LIFO can be adopted for
financial reporting purposes prior to the adoption for tax purposes, but not
vice versa). What […]
Read more
October 14, 2023
LIFO Insights
HOW THE IPIC METHOD COULD MAXIMIZE YOUR LIFO RESERVE
What is the IPIC Method? Dollar-value LIFO method users are allowed to use an
internal or external inflation measurement source to calculate inflation. Here’s
an overview of these two methods: Internal indexes Current period’s quantities
are double extended against current & prior period unit costs (prior period unit
costs are used if the link-chain method […]
Read more
October 14, 2023
LIFO Insights
SEPTEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2023 Consumer Price
Index (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and rose 3.7% in
the last twelve months Food at home increased 0.1% from August and increased
2.4% since September 2022 […]
Read more
October 12, 2023
BLS, LIFO Blog
THE LIFOPRO DIFFERENCE
Our Clients Stay on LIFO Far Longer than Non-clients An internally developed
study of publicly traded companies found that LIFOPro clients are far more
likely to remain on LIFO than non-clients. More specifically, as of the 2011
year-end, there were 318 publicly traded companies on LIFO. Of the 318 companies
were on LIFO as of […]
Read more
October 11, 2023
LIFO Blog
SEPTEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 0.3% in the last month and decreased 10.8% in the
last twelve months Processed foods + feeds increased 0.9% from August and rose
0.6% since September 2022 Textile […]
Read more
October 11, 2023
BLS, LIFO Blog
RECORD NUMBER OF COMPANIES ELECTING LIFO
What has Caused the Surge in First-time LIFO Elections? LIFOPro has seen a
nearly 40% increase in first-time LIFO elections amongst new clients between
2021 – 2022. The primary cause of this record number of companies electing LIFO
has been the highest inflation seen in 40 years over the last two years, which
translated into […]
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October 10, 2023
LIFO Insights
AUGUST 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 4.3% in the last month and decreased 11.8% in
the last twelve months Processed foods + feeds increased 0.2% from July and fell
0.8% since August 2022 Textile […]
Read more
September 14, 2023
BLS, LIFO Blog
AUGUST 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and rose 3.7% in
the last twelve months Food at home increased 0.2% from July and increased 4.3%
since August 2022 […]
Read more
September 13, 2023
BLS, LIFO Blog
JULY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products decreased 2.9% in the last month and decreased 10.4% in the last
twelve months Processed foods + feeds increased 0.3% from June and fell 0.2%
since July 2022 Textile […]
Read more
August 11, 2023
BLS, LIFO Blog
JULY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 1.0% in the last month and rose 2.8% in
the last twelve months Food at home increased 0.4% from June and increased 3.6%
since July 2022 […]
Read more
August 10, 2023
BLS, LIFO Blog
JUNE 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products decreased 4.4% in the last month and decreased 10.2% in the last
twelve months Processed foods + feeds decreased 1.1 % from May and fell 0.9%
since June 2022 […]
Read more
July 13, 2023
BLS, LIFO Blog
JUNE 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 2.0% in
the last twelve months Food at home decreased 0.1% from May and increased 10.1%
since June 2022 […]
Read more
July 12, 2023
BLS, LIFO Blog
MAY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products increased 0.2% in the last month and decreased 7.0% in the last
twelve months Processed foods + feeds rose 1.0% from April and increased 1.4%
since May 2022 Textile […]
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June 14, 2023
BLS, LIFO Blog
MAY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 4.1% in
the last twelve months Food at home rose 0.1% from April and increased 5.8%
since May 2022 […]
Read more
June 13, 2023
BLS, LIFO Blog
APRIL 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products increased 1.5 % in the last month and decreased 5.1% in the last
twelve months Processed foods + feeds rose 0.7% from March and increased 4.5%
since April 2022 […]
Read more
May 11, 2023
BLS, LIFO Blog
APRIL 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2023 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and rose 4.9 in
the last twelve months Food at home rose 0.1% from March and increased 7.1%
since April 2022 […]
Read more
May 10, 2023
BLS, LIFO Blog
WHEN THE USE OF A LIFO SPECIALIST MAY BE THE BEST CHOICE FOR YOUR CLIENT
When I worked at Touche Ross many years ago, the idea that another CPA or
professional would be a better choice to provide specialized accounting services
for one of our clients would have been just about unthinkable. Things have
changed a lot over the years and the use of outside service providers for
accounting services […]
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May 8, 2023
LIFO Blog, LIFO Insights
MARCH 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2023 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 0.3% in the last month and decreased 2.0% in the
last twelve months Processed foods + feeds rose 0.7% from February and increased
4.5% since March 2022 […]
Read more
April 13, 2023
BLS, LIFO Blog
MARCH 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2023 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 4.9% in
the last twelve months Food at home decreased 0.2% from February and rose 8.4%
since March 2022 […]
Read more
April 12, 2023
BLS, LIFO Blog
LIFO ELECTION ESSENTIALS
LIFOPro’s LIFO Election Essentials What are the advantages of LIFO? It will
reduce taxable income whenever there’s inflation (unless material inventory
liquidation occurs) Most companies remain on LIFO once they elect because the
benefits will continue to accrue & there’s no limit on how long you stay on LIFO
or cap on the size of […]
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April 3, 2023
LIFO Blog, LIFO Insights
FEBRUARY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2023 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 2.3% in the last month and increased
6.7% in the last twelve months Processed foods + feeds decreased 1.1% from
January and rose 5.8% from February 2022 […]
Read more
March 15, 2023
BLS, LIFO Blog
FEBRUARY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2023 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items saw no change in the last month and rose 6.4% in
the last twelve months Food at home increased 0.6% from January and rose 13.0%
from February […]
Read more
March 14, 2023
BLS, LIFO Blog
UNDERSTANDING LIFO ACCOUNTING FOR THE FOOD AND BEVERAGE INDUSTRY PODCAST
Recently, our Vice President Bob Richardson joined EisnerAmper’s podcast to
discuss LIFO. Along with Richard Colloca (Audit Partner + National Food and
Beverage Practice Leader, member of the firm’s Manufacturing and Distribution
Group as well as a member of the firm’s Profession Practice Group providing
audit, accounting, tax and business consulting services to clients) and […]
Read more
March 7, 2023
LIFO Blog, LIFO in the News
JANUARY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2023 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 1.5% in the last month and increased
23.2% in the last twelve months Processed foods + feeds decreased 1.0% from
December 2022 and rose 9.7% since January […]
Read more
February 16, 2023
BLS, LIFO Blog
JANUARY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2023 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased by 0.1% in the last month and rose 6.4%
in the last twelve months All items, less energy, increased 0.3% from December
2022 and rose 6.4% […]
Read more
February 14, 2023
BLS, LIFO Blog
LIFO CONFORMITY FOR FOREIGN-CONTROLLED CONSOLIDATED GROUPS WITH U.S.
SUBSIDIARIES
IRS Revenue Ruling 78-246 provides an exception to the LIFO conformity rule for
foreign-controlled consolidated groups. The use of a non-LIFO method of
calculating income, profit and loss in the consolidated statements of a
foreign-controlled consolidated group even when one or more of the subsidiaries
uses LIFO for U.S. income tax reporting is not in […]
Read more
February 10, 2023
LIFO Blog, LIFO Insights
TOP 10 LIFO ELECTION LOCKS OF 2022
Exploring electing LIFO in 2022 is essential in certain industries because it’d
be irresponsible to fail to do so. The inflation experienced in many industries
this year will may never occur again in our lifetimes. In many cases, the
benefits from electing LIFO in 2022 will create tax benefits that would normally
take many years […]
Read more
January 18, 2023
LIFO Blog, LIFO Insights
DECEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 1.5% in the last month and rose 23.2%
in the last twelve months Processed foods + feeds decreased 1.0% from November
2022 and increased 9.7% since December […]
Read more
January 18, 2023
BLS, LIFO Blog
DECEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose .2% in the last month and increased 8.2% in
the last twelve months Food at home rose 0.6% from November and increased by
13.0% since December […]
Read more
January 12, 2023
BLS, LIFO Blog
TOP LIFO TIPS & TAX SAVINGS STRATEGIES FOR 2022
This blog explores the top ten LIFO tips & tax savings strategies for 2022,
broken down by opportunities for companies + CPA firms. Feel free to schedule a
free call or online meeting with us to take a deeper dive as to how these can
benefit you + receive a complimentary analysis from the LIFO […]
Read more
December 29, 2022
LIFO Blog
TAX RELIEF IN SIGHT FOR DEALERSHIPS SUFFERING LIFO RECAPTURE IN 2020 – 2021
What is the Supply Chain Disruptions Relief Act? This bill was drafted to
provide tax relief to new motor vehicle dealerships using the LIFO method who
had qualified inventory liquidations solely attributable to supply chain
disruptions that occurred between 2020 – 2021, which in turn caused LIFO
recapture & increased tax liabilities to be recognized […]
Read more
December 24, 2022
LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose 0.2% in the last month and increased 8.2% in
the last twelve months Food at home increased 0.6% from October 2022 and rose
13.0% since November […]
Read more
December 16, 2022
BLS, LIFO Blog
HOW LIFO WORKS: A BEGINNER’S GUIDE TO LIFO
Download PDF Guide Why Use LIFO? Tax Benefits LIFO often creates material
long-term tax deferral/savings: Not just a one-time tax benefit or timing
difference between book & tax such as straight-line vs. accelerated depreciation
During periods of rising costs, LIFO: Provides more after-tax free cash flow
than non-LIFO methods when there’s inflation Ensures taxes aren’t […]
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December 12, 2022
LIFO Blog, LIFO Insights
2022 AUTO DEALER IPIC LIFO CASE STUDY
Download PDF Guide Auto Dealer LIFO Submethods Comparisons Alternative LIFO
method (ALM): Measures inflation based on comparing current & prior period’s
invoice costs; Item definition is specific to each vehicle/VIN, meaning
inflation must be calculated for each vehicle, not just by make or type (car,
truck, SUV) Pros Historically created more inflation & tax deferral […]
Read more
December 12, 2022
LIFO Blog, LIFO Insights
NOVEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products increased 6.8% in the last month and rose 29.6%
in the last twelve months Processed foods + feeds rose 1.3% from October 2022
and increased 11.0% since November […]
Read more
December 9, 2022
BLS, LIFO Blog
OCTOBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products increased 0.1% in the last month and rose by
26.7% in the last twelve months Processed foods + feeds decreased 0.8% since
September 2022 and increased 9.5% from […]
Read more
November 15, 2022
BLS, LIFO Blog
OCTOBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and rose by 8.2%
in the last twelve months Food at home rose 0.6% from September 2022 and
increased 13.0% since […]
Read more
November 10, 2022
BLS, LIFO Blog
2022 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the Excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
October 28, 2022
BLS, LIFO Blog
ELECTION REQUIREMENTS & METHOD ALTERNATIVES
Although LIFO is the biggest inventory-related tax savings tool for companies
with inflation, it’s important to understand the requirements & sub methodology
options available related to LIFO elections. This blog outlines the most
important LIFO election requirements, provides a comprehensive list of LIFO
method alternatives & breaks down the pros & cons of each alternative. […]
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October 15, 2022
BLS, LIFO Insights
SEPTEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose 0.2% in the last month & increased 8.2% in the
last twelve months Food at home increased by 0.6% from August 2022 and rose
13.0% since […]
Read more
October 13, 2022
BLS, LIFO Blog
SEPTEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 0.7% in the last month and increased
25.6% in the last twelve months Processed foods + feeds decreased by 0.5% from
August 2022 and rose 9.7% since […]
Read more
October 12, 2022
BLS, LIFO Blog
AUGUST 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 2.9% over the last month and increased 22.7%
over the last twelve months Processed foods + feeds rose 0.7% from July 2022 and
increased 11.7% since August […]
Read more
September 14, 2022
BLS, LIFO Blog
AUGUST 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items were unchanged in the last month and increased 8.3%
in the last twelve months All items, less food + energy, rise 0.5% from July
2022 and rose […]
Read more
September 13, 2022
BLS, LIFO Blog
JULY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 2.6% in the last month and increased 27.1% in
the last twelve months Processed foods + feeds decreased 0.4% from June 2022 and
increased 13.4% since July […]
Read more
August 11, 2022
BLS, LIFO Blog
JULY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The All items category was unchanged month over month and
increased 8.5% in the last twelve months All items, less food & energy, rose
0.3% from June 2022 and […]
Read more
August 10, 2022
BLS, LIFO Blog
SUPERIOR LIFO SOLUTIONS AT A FRACTION OF COMPETITOR’S COSTS
LIFOPro is the most trusted provider for turnkey outsourcing solutions & LIFO
software. We offer the most comprehensive documentation & reporting packages,
and also provide a full range of LIFO services for both financial reporting and
tax. Numerous clients outsource both their book & tax LIFO calculations in order
to simplify & streamline the reporting […]
Read more
July 21, 2022
LIFO Blog
COMPARING THE PROS & CONS OF INTERNAL & EXTERNAL INDEXES
The vast majority of companies on LIFO use a method called dollar-value LIFO.
Under this method, the calculation of the LIFO reserve occurs as a
side-calculation that occurs in two distinct steps, the first being the current
year inflation calculation (front end) & the LIFO reserve calculation (back
end). The front end of the LIFO […]
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July 20, 2022
LIFO Blog, LIFO Insights
IRS AUDITING MORE LIFO CALCULATIONS THAN BEFORE
History of IRS LIFO Resources & Audits 1990s – 2000s The frequency & level of
scrutiny being given to LIFO by the IRS has varied widely over the past 30 years
that LIFOPro has been in business. When LIFOPro begun in 1992, the IRS Chief
Counsel’s office employed multiple LIFO experts, and also employed many […]
Read more
July 20, 2022
LIFO in the News, LIFO Insights
JUNE 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 1.0% in the last month and increased 26.5% in
the last twelve months Processed foods + feeds rose 1.2% from May 2022 and
increased 11.3% since June […]
Read more
July 14, 2022
BLS, LIFO Blog
JUNE 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 1.4% over the last month and rose 9.1%
over the last twelve months Commodities, less food + energy commodities,
increased 0.8% from May 2022 and rose […]
Read more
July 13, 2022
BLS, LIFO Blog
LIFO COALITION RESPONDS TO TAX POLICY CENTER’S REPEAL BLOG
The LIFOPro team would like to acknowledge an article recently published by The
Tax Policy Center (you can read the article for yourself here) suggesting LIFO
repeal for the gas + oil industry. The LIFO Coalition, whose mission is working
on behalf of its members to protect the ability of businesses to use the LIFO
[…]
Read more
June 16, 2022
LIFO Blog, LIFO in the News
MAY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 2.3% in the last month and increased 26.4% in the
last twelve months Processed foods + feeds increased 0.8% from April 2022 and
rose 11.8% since May […]
Read more
June 14, 2022
BLS, LIFO Blog
MAY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The all items index rose 1.1% over the last month and
increased 8.6% over the last twelve months Commodities, less food + energy
commodities, rose 0.4% from April 2022 […]
Read more
June 10, 2022
BLS, LIFO Blog
APRIL 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): Farm products rose 4.9% in the last month and increased 35.6%
in the last twelve months Processed foods + feeds increased 2.5% from March 2022
and rose by 13.6% […]
Read more
May 12, 2022
BLS, LIFO Blog
APRIL 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The all items index rose 0.6% in the last month and increased
8.3% in the last twelve months Commodities, less food + energy commodities,
remained flat from March to […]
Read more
May 11, 2022
BLS, LIFO Blog
MARCH 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2022 Producer Price Index
(PPI) today. Farm products rose 8.6% in the last month and increased 35.6% in
the last twelve months. Processed foods + feeds rose 2.0% from February 2022 and
increased 13.7% since March 2021. Textile products + apparel increased 0.5% in
the last month […]
Read more
April 13, 2022
BLS, LIFO Blog
MARCH 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2022 Consumer Price Index
(CPI) today. The all items index rose 1.3% in the last month and increased 8.5%
in the last twelve months. Energy rose 11.4% from February 2022 and increased by
32.0% from March 2021. Commodities, less food + energy commodities, decreased
0.1% in the […]
Read more
April 12, 2022
BLS, LIFO Blog
FEBRUARY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2022 Producer Price Index
(PPI) today. Farm products rose 5.6% in the last month and increased 25.9% in
the last twelve months. Processed foods + feeds rose by 1.9% from January 2022
and increased 12.8% from February 2021. Textile products + apparel increased
1.5% in the last […]
Read more
March 15, 2022
BLS, LIFO Blog
FEBRUARY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2022 Consumer Price Index
(CPI) today. The all items index rose 0.9% in the last month and increased 7.9%
in the last twelve months. Used cars + trucks increased 0.8% from January 2022
and rose 41.2% since February 2021. Gasoline (all types) increased 5.4% in the
last […]
Read more
March 10, 2022
LIFO Blog
JANUARY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2022 Producer Price Index
(PPI) today. Farm products rose 2.2% in the last month and increased 22.2% in
the last twelve months. Processed foods + feeds rose by 1.6% from December 2021
and increased 12.6% from January 2021. Textile products + apparel rose 0.7% in
the last […]
Read more
February 15, 2022
BLS, LIFO Blog
JANUARY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2022 Consumer Price
Indexes (CPI) today. The all items index rose 0.8% in the last month and
increased 7.5% in the last twelve months. All items, less food + energy,
increased 0.7% between December 2021 and January 2022 and rose 6.0% from January
2021 to January 2022. […]
Read more
February 10, 2022
BLS, LIFO Blog
BLS BEGINS MONTHLY REVISIONS OF PRELIMINARY PRODUCER PRICE INDEXES
For many years prior to October 2021, the Bureau of Labor Statistics (BLS)
published preliminary Producer Price Indexes (PPI) in the middle of the month
proceeding each index release. For example, the BLS released January ’23 PPI on
February 16th of this year. (final January indexes will be released four months
from now or in […]
Read more
February 7, 2022
LIFO Blog
DECEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2021 Producer Price Index
(PPI) today. The industrial commodities index decreased 1.2% in the last month
and increased 21.4% in the last twelve months. Processed foods + feeds rose 0.2%
from November 2021 & increased 10.4% since December 2020. Textile products +
apparel increased 0.8% in the […]
Read more
January 13, 2022
BLS, LIFO Blog
DECEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.3% in the last month and
increased a notable 7.0% in the last twelve months. Commodities, less food +
energy, rose by 0.9% from November 2021 and increased 10.7% from December 2020.
Cereals + cereal products […]
Read more
January 12, 2022
BLS, LIFO Blog
2022 LIFO LOOKOUT & OPPORTUNITIES GUIDE
Download PDF Guide Recent LIFO Developments LIFO Related Congressional Updates
No current general threats to LIFO on Capitol Hill H.R. 7832/S. 4105 – Supply
Chain Disruptions Relief Act This bill was drafted to provide tax relief to new
motor vehicle dealerships using the LIFO method who had qualified inventory
liquidations solely attributable to supply chain […]
Read more
January 2, 2022
LIFO Blog, LIFO Insights
2021 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
December 15, 2021
LIFO Blog
NOVEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.4% in the last month and increased
22.8% in the last twelve months. Farm products rose 4.4% from October 2021 and
increased 20.0% since November 2020. Processed foods + feeds maintained the last
month and increased […]
Read more
December 14, 2021
BLS, LIFO Blog
NOVEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.5% in the last month and
increased 6.8% in the last twelve months. Commodities, less food + energy
commodities, increased 0.6% from October 2021 and rose 57.5% since November
2020. Energy commodities increased 2.8% in the […]
Read more
December 10, 2021
BLS, LIFO Blog
LIFO TAX SAVINGS CALCULATOR
Instructions: Identify the year to date & 20 year average annual historical
inflation rates for your company using the tables shown below the calculator
Enter the following values into the blue-colored cells: Prior year end inventory
balance at cost Current year inflation rate 20 year average annual inflation
rate: used to calculate the 20 year […]
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November 29, 2021
LIFO Blog, LIFO Insights
MACHINERY & EQUIPMENT DEALER LIFO CASE STUDY
Machinery & Equipment Dealer LIFO Overview Many machinery & equipment dealers
use LIFO because of the consistent long-term historical inflation Majority of
machinery & equipment dealers on LIFO have use external indexes & Bureau of
Labor Statistics Producer Price Indexes (BLS PPI), which is also known as the
IPIC method IPIC method most predominantly used […]
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November 22, 2021
LIFO Blog, LIFO Insights
HOW TO EASILY IMPLEMENT LIFO
LIFOPro offers turnkey outsourcing solutions to allow companies to outsource all
LIFO-related work to us! Listed below are the key steps to streamlining the
analysis, calculation & implementation steps required to elect LIFO in the year
of adoption. With our outsourcing model, companies can obtain material tax
benefits from electing LIFO in the following four […]
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November 22, 2021
LIFO Blog, LIFO Insights
HOW TO IDENTIFY THE BEST LIFO CANDIDATES
How can CPA firms easily identify clients that could be good LIFO candidates?
Top LIFO Candidates List Excel File Two separate Excel sheets containing a list
of the best industries, commodities & items to recommend LIFO elections for your
clients Top LIFO candidates by Industry – List of 34 Industry-based candidates.
Includes year to date […]
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November 22, 2021
LIFO Blog, LIFO Insights
LIFO Q & A: FIRST-TIME LIFO ELECTIONS
Why Should Companies Elect LIFO in 2021? LIFO remains to be the most valuable
inventory-related tax savings tool In 2021, unprecedented inflation has created
once in a lifetime LIFO tax savings opportunities in a wide range of industries
There has been extreme inflation measured across the board so far this year. In
metals and metal […]
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November 20, 2021
LIFO Insights
WHY COMPANIES SHOULD ALWAYS USE DOLLAR-VALUE & NOT UNIT LIFO
For companies considering adopting the use of the LIFO method, there are many
options available to chose from in order to implement LIFO & perform the
calculation. One of the most fundamental options is the LIFO index computation
method chosen. The two options available are as follows: Dollar value method – A
shortcut cost flow method […]
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November 11, 2021
LIFO Blog, LIFO Insights
OCTOBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.8% in the last month and
increased 6.2% in the last twelve months. Commodities, les food and energy,
increased 1.2% from September 2021 and rose 8.4% since October 2020. Motor fuel
increased 3.7% in the last […]
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November 10, 2021
BLS, LIFO Blog
OCTOBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2021 Producer Price Index
(PPI) today. The all commodities index rose 2.0% in the last month and
increased 22.2% in the last twelve months. Processed foods + feeds decreased
0.6% from September 2021 and rose 14.0% since October 2020. Cereal and bakery
products rose 1.4% in the […]
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November 9, 2021
BLS, LIFO Blog
SEPTEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2021 Producer Price
Index (PPI) today. The all commodities index rose 1.1% in the last month and
increased 20.4% in the last twelve months. Processed foods + feeds increased
1.3% from August 2021 and rose 14.0% since September 2020. Meats increased 3.2%
in the last month and […]
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October 14, 2021
BLS, LIFO Blog
SEPTEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.3% in the last month and
increased 5.4% in the last twelve months. Commodities, less food and energy
commodities, increased 0.1% from August 2021 and rose 7.3% from September 2020.
Food increased 0.8% in the last […]
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October 13, 2021
BLS, LIFO Blog
AUGUST 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.2% over the last month and increased
5.3% in the last twelve months. All items, less food + energy, rose 0.1% from
July 2021 and increased by 4.0% since August 2020. Food at home increased 0.3%
[…]
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September 14, 2021
BLS, LIFO Blog
AUGUST 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2021 Producer Price Index
(PPI) today. The all commodities index rose 0.7% in the last month and increased
19.9% in the last twelve months. Farm products increased 0.6% from July 2021 and
rose 36.6% since August 2020. Processed foods and feeds rose 2.2% in the last
month […]
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September 10, 2021
BLS, LIFO Blog
JULY 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.2% in the last month and increased
19.8% in the last twelve months. Farm products decreased 3.0% from June 2021 and
increased 36.6% from July 2020. Processed foods and feeds decreased 2.2% in the
last month […]
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August 12, 2021
BLS, LIFO Blog
JULY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.5% in the last month and increased 5.4%
in the last twelve months. All items less food + energy increased 0.3% from June
2021 & rose 4.3% from July 2020. Commodities less food and energy commodities
[…]
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August 11, 2021
BLS, LIFO Blog
LIFO SCHEDULE M ADJUSTMENTS EXPLAINED
As with other Schedule M items, a LIFO schedule M adjustment represents a
difference between the financial reporting (book) & tax treatment of an item
that effects the computation of income (change in LIFO reserve affects cost of
goods sold). There are two key concepts related to LIFO Schedule M adjustments.
The first concept is […]
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July 28, 2021
LIFO Blog, LIFO Insights
LIFO BENEFIT CASE STUDY: LUMBER & STEEL
2021 has brought unprecedented inflation to many industries, with lumber & steel
commodities seeing the most profound increases out of all industries. The focus
of this blog is to highlight the potential tax savings that companies in these
industries could achieve by electing LIFO this coming year end. Quick LIFO 101
The LIFO method can […]
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July 14, 2021
LIFO Blog, LIFO Insights
JUNE 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.8% in the last month and increased
19.5% in the last twelve months. Processed foods and feeds rose 1.7% from May
2021 and increased 10.4% since June 2020. Meats, poultry and fish increased 5.8%
in the […]
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July 14, 2021
BLS, LIFO Blog
JUNE 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.8% in the last month and increased 5.0%
in the last twelve months. Food saw a 0.4% increase from May 2021 and rose 2.2%
since June 2020. Food at home increased 0.3% in the last month […]
Read more
July 13, 2021
BLS, LIFO Blog
IRS RELEASES ROADMAP FOR AUDITORS TO USE ON LIFO TAXPAYERS
The recent release of a new LIFO practice unit by the Large Business &
International (LB&I) division of the IRS suggests that IRS agents will be
increasing their focus on LIFO during exams. The “concept unit” titled LIFO
records includes a 21 page slide deck PDF file outlining a road map of sorts to
guide […]
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July 7, 2021
LIFO Blog, LIFO in the News, LIFO Insights
MAY 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2021 Producer Price Index PPI
today. The all commodities index rose 3.2% in the last month and increased 19.0%
in the last twelve months. Farm products saw a rise of 10.4% from April 2021 and
increased 41.5% since May 2020. Processed foods and feeds increased 2.4% in […]
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June 15, 2021
LIFO Blog
MAY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.8% in the last month and increased 5.0%
in the last twelve months. Food at home increased 0.3% from April 2021 and rose
by 0.7% since May 2020. Bacon, breakfast sausage and related products increased
by […]
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June 10, 2021
BLS, LIFO Blog
APRIL 2021 PPI RELEASE HIGHLIGHTS
The BLS released April 2021 PPI today. The all commodities index rose 0.6% in
the last month and increased 17.3% in the last twelve months. Processed foods
and feeds rose by 2.6% from March 2021 and saw a 7.5% rise since April 2020.
Meats, poultry and fish rose by 7.5% in the last month and […]
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May 13, 2021
BLS, LIFO Blog
APRIL 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2021 Consumer Price Indexes
today. The all items index rose by 0.8% in the last month and increased 4.2% in
the last twelve months. Commodities, less food and energy commodities, saw an
increase of 1.9% from March 2021 and rose by 4.4% since April 2020. Food
increased […]
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May 12, 2021
BLS, LIFO Blog
AICPA PROPOSAL FOR SECTION 473 RELIEF
The AICPA has requested relief from the IRS and the Treasury Department to
help LIFO taxpayers suffering increased tax liability as a result of layer
erosion LIFO income that occurred from COVID-19 related inventory liquidations.
As touched in our last blog, which can be found at DeFilipps Proposal for
Section 473 Relief » LIFOPro […]
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May 11, 2021
LIFO Blog, LIFO in the News
DEFILIPPS PROPOSAL FOR SECTION 473 RELIEF
Willard De Filipps, CPA, PC has ran his specialized accounting and consulting
firm since 1978. He’s a renowned expert in automobile dealership tax issues,
LIFO inventory valuation method issues & representation before the IRS in
diverse tax examination issues. While he offers a resource center for CPA’s
through DeFilipps University, he’s been an invaluable resource […]
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May 4, 2021
LIFO Blog, LIFO in the News
HOW AUTO DEALERS CAN MANAGE LAYER EROSION LIFO INCOME
2020 was an interesting year, to say the least, and auto dealers on LIFO are no
exception to that. Having significantly lower ending new vehicle inventories
than the year before has caused many of them to incur significant reductions in
LIFO reserves (also known as LIFO reserve recapture or repayment) that may have
caused significant […]
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April 23, 2021
LIFO Blog, LIFO Insights
MARCH 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2021 Consumer Price Indexes
(CPI) today. The all items index rose by 0.7% in the last month and increased
2.6% in the last twelve months. Food saw an increase of 0.2% since February 2021
and increased 3.5% from March 2020. Food at home increased by 0.2% in […]
Read more
April 13, 2021
BLS, LIFO Blog
MARCH 2021 PPI RELEASE HIGHLIGHTS
The BLS released March 2021 PPI today. The all commodities index rose 3.7% the
last month and 12.0% the last twelve months. Farm products rose 0.8% from
February and increased 16.1% from March 2020. Processed foods and feeds
increased 1.1% in the last month and rose 5.1% in the last twelve months.
Processed foods and […]
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April 9, 2021
BLS, LIFO Blog
LIFO LOOKOUT FOR TAX INCENTIVES, AUTOMATION OPPORTUNITIES & OPTIMIZATION
STRATEGIES
2021 LIFO Lookout Inflation is alive & kicking Federal reserve has raised its
2021 year end inflation forecast from 1.8% to 2.2% Massive amounts of government
stimulus & proposed infrastructure spending expected to create above-average
inflation in many industries Improved economic outlook & GDP growth expected to
further accelerate price increases Inflation increased substantially in […]
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March 19, 2021
LIFO Blog, LIFO Insights
FEBRUARY 2021 PPI RELEASE HIGHLIGHTS
The BLS released February 2021 PPI today. The all commodities index rose 2.1% in
the last month and increased 6.0% in the last twelve months. Farm products saw a
2.6% increase from January and increased 13.3% from February 2020. Processed
foods and feeds saw a 1.7% increase in the last month and rose 3.9% in […]
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March 12, 2021
BLS, LIFO Blog
FEBRUARY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.5% in the last month and
increased 1.7% in the last twelve months. All items less food and energy
increased 0.3% from January 2021 and saw a 1.3% increase since February 2020.
Fuel oil and other […]
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March 10, 2021
BLS, LIFO Blog
2021 LIFO LOOKOUT & TOP ELECTION CANDIDATES GUIDE
LIFOPro’s 2021 LIFO Lookout LIFO continues to be the biggest inventory-related
tax savings tool Unprecedented inflation has occurred this year, creating
widespread once in a lifetime tax saving opportunities from electing LIFO in
2021 Top LIFO candidates & 12 months ended Dec. ‘21 inflation are as follows
(includes all manufacturers, wholesalers & retailers): Processed foods […]
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March 4, 2021
LIFO Blog, LIFO Insights
JANUARY 2021 PPI RELEASE HIGHLIGHTS
The BLS released January 2021 PPI today. The all commodities index rose by 2.5%
in the last month and saw a rise of 1.8% in the last twelve months. Processed
foods and feeds decreased by 0.5% from December 2020 and increased 1.5% since
January 2020. Canned fruits and juices increased 0.9% in the last month […]
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February 17, 2021
BLS, LIFO Blog
JANUARY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.4% from December 2020 and
increased 1.4% from January 2020. Food saw a 0.3% rise in the last month and
increased 3.8% in the last twelve months. Household paper products saw an
increase of 0.5% from […]
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February 10, 2021
BLS, LIFO Blog
DECEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released December 2020 PPI today. The all commodities index increased
1.2% over the last month and rose 0.8%in the last twelve months. Processed foods
and feeds increased by 0.3% from November 2020 and saw an increase of 2.0% from
December 2019 to December 2020. Meats increased 3.2% in the last month and
increased […]
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January 15, 2021
BLS, LIFO Blog
DECEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2020 Consumer Price
Indexes (CPI) today. The all items index increased 0.1% in the last month and
increased 1.4% in the last twelve months. Food saw an increase of 0.4% in the
last month and increased 3.9% in the last twelve months. Cereals and cereal
products rose […]
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January 13, 2021
BLS, LIFO Blog
NOVEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released November PPI today. The all commodities index increased 0.3% in
the last month and decreased 1.4% in the last twelve months. Farm products saw a
3.1% increase from October 2020 and increased 4.2% since November 2019.
Processed foods and feeds rose 1.4% between October – November 2020 and
increased 1.7% November 2019 […]
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December 11, 2020
BLS, LIFO Blog
NOVEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2020 Consumer Price
Indexes (CPI) today. The all items index decreased 0.1% in the last month and
increased 1.2% in the last twelve months. Other food at home decreased 0.7%
since October 2020 and increased 2.9% since November 2019. Peanut butter saw a
0.1% increase from last […]
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December 10, 2020
BLS, LIFO Blog
WHY 2020 IS A GREAT YEAR FOR RV DEALERS TO ADOPT LIFO OR EXPAND THEIR LIFO
ELECTION SCOPE
COVID-19 has caused the following circumstances for RV dealers: Above average
sales volume Appreciating used equipment prices Depleted inventory levels LCM
reserve liquidations Increased taxable income from: Above average sales volume
LCM reserve liquidations LIFOPro identified the following planning opportunities
for RV dealers seeking to create after-tax cash savings & reduce taxable income:
RV dealers […]
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December 1, 2020
LIFO Blog, LIFO Insights
OCTOBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released October PPI today. The all commodities index has increased 0.3%
in the last month and decreased 1.4% in the last year. Processed foods & feeds
rose by 1.1% from September 2020 and saw an increase of 0.7% since October 2019.
Fruits & melons, fresh/dry vegs. & nuts increased by 9.2% from September […]
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November 13, 2020
BLS, LIFO Blog
2020 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
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November 12, 2020
BLS, LIFO Blog, LIFO Insights
OCTOBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2020 Consumer Price
Indexes (CPI) today. The all items index maintained the last month and saw a
1.2% increase in the last twelve months. Carbonated drinks increased by 1.0% in
the last month and rose by 7.9% in the last twelve months. Sugar and sugar
substitutes increased […]
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November 12, 2020
BLS, LIFO Blog
2020 TOP LIFO CANDIDATES
LIFO Tax Incentive Opportunities Abound LIFO is the most valuable
inventory-related tax incentive for companies with inflation. LIFOPro publishes
our top LIFO candidates blog annually at the end of the year to help CPA firms &
companies considering electing LIFO both identify if they’re a good LIFO
candidate and if the current inflation environment favors […]
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October 23, 2020
LIFO Blog, LIFO Insights
SEPTEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released September 2020 PPI today. The All commodities index increased
0.7% in the last month and decreased 1.5% in the last twelve months. Processed
foods and feeds decreased 0.6% from August 2020 and decreased 0.3% from
September 2019 – September 2020. Fruits & melons, fresh/dry vegetables & nuts
rose by 7.7% in the […]
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October 14, 2020
BLS, LIFO Blog
SEPTEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2020 Consumer Price
Indexes (CPI) today. The all commodities index saws an increase of 0.1% in the
last month and increased by 1.4% in the last twelve months. Food at home
decreased 0.4% since August 2020 and increased 4.1% from September 2019. Used
cars and trucks increased […]
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October 13, 2020
BLS, LIFO Blog
CONTRASTING THE FRONT & BACK END COMPONENTS OF DOLLAR-VALUE LIFO CALCULATIONS
All dollar-value LIFO calculations are composed of two separate components to
arrive at the end result (some would consider the end result to be the current
year end LIFO reserve; others may consider it to be the current year end LIFO
inventory balance). We call those two components the front & back end of a […]
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October 2, 2020
LIFO Blog
LIFOPRO SOFTWARE INTERNAL INDEX MODULE RELEASED
Automate All Aspects of LIFO Calculations in a Few Clicks of a Button The
LIFOPro team is proud to announce that the latest release of the LIFOPro
software now includes a robust Internal Index Module that completely automates
all aspects of dollar-value internal index LIFO calculations. With this new
release, users can complete both the […]
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October 1, 2020
LIFO Blog
AUGUST 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2020 Consumer Price Indexes
(CPI) today. The All commodities index saw an increase of 0.3% in the last month
and increased by 1.3% in the last 12 months. Food rose by 0.1% from July –
August ’20 and has risen 4.1% between August 2019 – August 2020. […]
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September 11, 2020
BLS, LIFO Blog
AUGUST 2020 PPI RELEASE HIGHLIGHTS
The BLS released August 2020 PPI today. The All commodities index increased 0.6%
over the last month & decreased 2.6% from August ’19 – ’20. Processed foods
decreased 0.3% from July – August ’20 and increased 0.3% between August 2019 –
August 2020. Lumber and wood products saw a rise of 5.1% in the last […]
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September 10, 2020
BLS, LIFO Blog
JULY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 1.0% over the last 12 months on a seasonally unadjusted basis.
Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between
July ’19 […]
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August 12, 2020
BLS, LIFO Blog
JULY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 1.0% over the last 12 months on a seasonally unadjusted basis.
Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between
July ’19 […]
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August 11, 2020
BLS, LIFO Blog
WHY RV DEALERSHIPS ARE GREAT LIFO CANDIDATES
How LIFO Works The LIFO inventory method matches current period revenues with
the most recent period’s costs to provide a better measure of current earnings
when there is inflation. The LIFO method transfers the inflationary portion of
the ending inventory balance from the balance sheet to the income statement via
cost of goods sold. When […]
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July 27, 2020
LIFO Blog, LIFO Insights
LIFOPRO SOFTWARE PROMOTIONAL OFFER
LIFOPro highly values the relationships we have with all of our software users.
When we begun as a software-only company, we knew there was a great desire for
automating calculations & greatly simplifying LIFO procedures. Since then, we’ve
taken great pride in having of the most reputable & successful companies as
software users. In our […]
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July 22, 2020
LIFO Blog
INTRODUCING THE LIFOPRO SOFTWARE PRIVATE CLOUD
As LIFOPro has evolved in the last three decades since our inception in 1992, we
are constantly making improvements based on our client’s needs. With the
advancement of technology, companies are expecting web-based software solution
options more than ever. LIFOPro has answered that call with our new private
cloud. As efficient as our software & […]
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July 22, 2020
LIFO Blog
JUNE 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 0.6% over the last 12 months on a seasonally unadjusted basis. All
items less food and energy increased 0.2% from May – June 2020 & rose […]
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July 14, 2020
BLS, LIFO Blog
JUNE 2020 PPI RELEASE HIGHLIGHTS
The BLS released June 2020 PPI today. The All commodities index decreased 4.6%
over the last month & increased 0.9% from June ’19 – ’20. Food Commodities
Fruits & vegetables rose 6.7% between May – June 2020 & has declined 0.9% over
the last 12 months. Chicken eggs decreased 1.6% from May 2020 to June […]
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July 10, 2020
BLS, LIFO Blog
MAY 2020 PPI RELEASE HIGHLIGHTS
The BLS released May ’20 PPI today. The All commodities index increased 1.8%
from April – May ’20 & decreased 6.1% between May ’19 – ’20. Commodities
Affected by COVID-19 & the Related Supply/Demand Volatility Food Fruits &
melons, fresh/dry vegetables & nuts saw a 5.7% decrease between April – May 2020
and a 6.1% […]
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June 11, 2020
BLS, LIFO Blog
MAY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2020 Consumer Price Indexes
(CPI) today. The All commodities index was unchanged over the last month & has
increased 0.1% over the last 12 months on a seasonally unadjusted basis. All
items less food and energy decreased 0.1% from April – May 2020 & rose 1.2%
between […]
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June 10, 2020
BLS, LIFO Blog
WHY HEAVY DUTY TRUCK DEALERSHIPS ARE GREAT LIFO CANDIDATES
Defining Good LIFO Candidates When weighing the costs & benefits of using the
LIFO method, the following factors are key in determining if a company is a good
LIFO candidate Inflation rate – When working with companies to determine if
they’re a good LIFO candidate, we look for a historical average annual inflation
greater than […]
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May 31, 2020
LIFO Blog, LIFO Insights
APRIL 2020 PPI RELEASE HIGHLIGHTS
The BLS released April 2020 PPI today. The All commodities index dropped 3.0%
from March – April 2020 & decreased 2.1% between April ’19 – April 2020.
Commodities Affected by COVID-19 & the Related Supply/Demand Volatility For the
foreseeable future, our monthly BLS PPI release blogs will highlight price
changes for commodities experiencing above average […]
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May 13, 2020
BLS, LIFO Blog
APRIL 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2020 Consumer Price Indexes
(CPI) today. The All commodities index decreased 0.7% over the last month & has
increased 0.3% over the last year on a seasonally unadjusted basis. All items
less food and energy decreased 0.5% from March – April 2020 & rose 1.4% between
April […]
Read more
May 12, 2020
BLS, LIFO Blog
MARCH 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2020 Consumer Price Indexes
(CPI) today. The All commodities index decreased 0.2% over the last month & has
increased 1.5% over the last year on a seasonally unadjusted basis. All items
less food and energy were unchanged from February – March 2020 & rose 2.1%
between March […]
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April 10, 2020
BLS, LIFO Blog
MARCH 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2020 Producer Price Indexes
(PPI) today. All commodities saw a decrease of 3.5% over the last month and a
decrease of 1.4% over the last year. Building paper & building board mill
products increased by 11.4% over the last month & rose by 10.8% over the last
[…]
Read more
April 9, 2020
BLS, LIFO Blog
FEBRUARY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2020 Producer Price
Indexes (PPI) today. All commodities saw a decrease of 1.4% over the last month
and a decrease of 1.5% over the last year. Nonferrous metal ores increased by
1.4%Â over the last month & rose by 21.5% over the last year. From January 2020
to […]
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March 12, 2020
BLS
FEBRUARY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2020 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.3% over the last
month & has increased 2.3% over the last year on a seasonally unadjusted basis.
All items less food and energy increased by 0.5% between January 2020 – February
2020 & rose […]
Read more
March 11, 2020
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2020 Producer Price
Indexes (PPI) today. All commodities saw an increase of 0.2% over the last
month and increase of 0.1% over the last year. Bolts, nuts, screws, rivets and
washers increased by 1.8%Â over the last month & rose by 6.4% over the last
year. From December […]
Read more
February 19, 2020
BLS, LIFO in the News, LIFO Insights
JANUARY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2020 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.4% over the last
month & has increased 2.5% over the last year on a seasonally unadjusted basis.
All items less food and energy increased by .04% between December ’19 – January
2020 & rose […]
Read more
February 13, 2020
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING HOW LIFO RESERVE CHANGES ARE CALCULATED
For companies on LIFO, the LIFO reserve represents the difference between their
ending inventory balance at FIFO or average cost (commonly referred to as
“current year cost) vs. LIFO cost (for dollar-value LIFO calculations, a
non-LIFO costing method must be used to track inventory costs throughout the
year in order to determine the “pre-LIFO” ending […]
Read more
February 11, 2020
LIFO Blog, LIFO Insights
UNDERSTANDING PRICE CHANGES FOR PRODUCER PRICE INDEXES, IMPORTS & EXPORTS
When providing LIFO Election Benefit Analysis results to companies looking to
determine the potential benefits of LIFO, we use Producer Price Index (PPI)
inflation tracked by the Bureau of Labor Statistics (BLS) to determine the
historical inflation the most predominant items within a businesses’ product
mix. When a company’s internal price changes are significantly different […]
Read more
February 10, 2020
LIFO Blog, LIFO Insights
THE INDUSTRIES PROVIDING THE BEST LIFO BENEFITS FOR THE 2019 YEAR END
What’s Changed Since our Top 50 List was Published in October? In October, we
released a Top 50 LIFO candidates list that used inflation rates for the 9
months ended September 2019. As of last Wednesday, December 2019 Producer Price
Indexes (PPI) were published and the books have now been closed on inflation
rates for […]
Read more
January 19, 2020
LIFO Blog, LIFO Insights
DECEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Producer Price
Indexes (PPI) today. All commodities saw an increase of 0.1% over the last
month and decrease of 0.9% over the last year. Crude petroleum (domestic
production) increased by 3.4%Â over the last month & rose by 12.7% over the
last year. Dental equipment and supplies […]
Read more
January 15, 2020
BLS, LIFO Blog
DECEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2019 Consumer Price
Indexes (CPI) today. The All commodities index decreased by 0.1% over the last
month & has increased 2.3% over the last year on a seasonally unadjusted basis.
All items less food and energy decreased by 0.1% between November – December
’19 & rose 2.3% […]
Read more
January 14, 2020
BLS, LIFO Blog
CPA FIRM LIFO OPPORTUNITIES
Imagine a company with $5 million of inventory that’s taking proposals from
several CPA firms to properly manage it. The company is not on LIFO, their
current CPA firm never performed a benefit analysis or even offered the idea of
LIFO to them and the only thing the client’s CFO recalls about LIFO is […]
Read more
January 9, 2020
BLS, LIFO Blog
NOVEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Producer Price
Indexes (PPI) today. The All commodities index increased by 0.3% over the last
month & has decreased by 1.6% over the last year on a seasonally unadjusted
basis. Dairy products increased by 1.5% over the last month & rose by 7.4% over
the last […]
Read more
December 12, 2019
BLS, LIFO Blog
NOVEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Consumer Price
Indexes (CPI) today. The All commodities index decreased by 0.1% over the last
month & has increased 2.1% over the last year on a seasonally unadjusted basis.
All items less food and energy was unchanged between October – November ’19 &
rose 2.3% between […]
Read more
December 11, 2019
BLS, LIFO Blog
WHAT COMPANIES USING IPIC LIFO NEED TO KNOW ABOUT PRELIMINARY VS. FINAL PRODUCER
PRICE INDEXES (PPI)
Companies using the IPIC LIFO method must choose between using final or
preliminary Producer Price Indexes. The most important differences between these
two options is availability & timing. The BLS releases preliminary indexes
around the 15th of the month for the previous month based on price surveys
returned from companies and then follows up with […]
Read more
December 5, 2019
BLS, LIFO Blog
WHAT YOU NEED TO KNOW ABOUT DUAL INDEXES
Most accounting systems track inventory costs using FIFO or moving average cost.
The same can be said for companies on LIFO, but adjustments are obviously
required to convert FIFO or average cost to LIFO. The most widely-used and
accepted approach to make a link-chain LIFO calculation is what one could call a
single index method. […]
Read more
November 27, 2019
LIFO Blog, LIFO Insights
OCTOBER ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2019 Producer Price
Indexes (PPI) today. The All commodities index increased by 0.2% over the last
month & has decreased by 3.0% over the last year on a seasonally unadjusted
basis. Farm products increased by 6.0% over the last month & rose by 4.1% over
the last […]
Read more
November 14, 2019
BLS, LIFO Blog
OCTOBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2019 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.2% over the last
month & has increased 1.8% over the last year on a seasonally unadjusted basis.
Candy and chewing gum increased by 3% from September to October ’19 and rose by
4.9% from […]
Read more
November 13, 2019
BLS, LIFO Blog
SEPTEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 19 Consumer Price
Indexes (CPI) today. The all items category increased 0.1% over the last month &
rose 1.7% over the last year while All items less food and energy increased 0.1%
between August – September ’19 and rose 2.4% between September ’18 – ’19.
Tobacco and […]
Read more
October 9, 2019
BLS
LIFO-PRO’S TOP 50 LIFO CANDIDATES OF 2019
LIFO-PRO releases this list of the top 50 LIFO candidates annually in October
following the Bureau of Labor Statistics (BLS) releasing September Producer
Price Indexes (PPI). This allows for the best LIFO candidates to be identified
in advance keeping in mind that considering a LIFO election typically requires
prior planning and buy in from the […]
Read more
October 9, 2019
BLS, LIFO Blog, LIFO Insights
SEPTEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2019 Producer Price
Indexes (PPI) today. The Bureau of Labor Statistics (BLS) released September
2019 Producer Price Indexes (PPI) today. The All commodities index declined by
0.6% over the last month & has decreased by 2.7% over the last year on a
seasonally unadjusted basis. Meats […]
Read more
October 8, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2019 Consumer Price Indexes
(CPI) today. The all items category was unchanged over the last month & rose by
1.7% over the last year while All items less food and energy increased 0.2% from
July – August ’19 and rose by 2.4% from August ’18 – ’19. […]
Read more
September 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2019 Producer Price Indexes
(PPI) today. The All commodities index declined by 0.8% over the last month &
has decreased by 2.0% over the last year on a seasonally unadjusted basis. Meats
increased by 2.6% from July to August 2019 and rose by 6.1% from August ’18 […]
Read more
September 10, 2019
BLS, LIFO Blog
JULY ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2019 Consumer Price Indexes
(CPI) today. The all items category rose 0.2% over the last month & rose by 1.8%
over the last year while All items less food and energy increased 0.1% from June
– July ’19 and rose by 2.2% from July ’18 – ’19. […]
Read more
August 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY THE DOUBLE-EXTENSION LIFO INDEX CALCULATION METHOD IS UNRELIABLE
The double-extension method does not reliably measure the amount of price
inflation during a year and should not be considered a permissible LIFO method.
The double-extension method has been considered by the IRS to be the preferred
method to make dollar-value method LIFO index calculations for the almost 60
years that the dollar-value LIFO method […]
Read more
August 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2019 Producer Price Indexes
(PPI) today. The All commodities index rose by 0.3% over the last month &
decreased by 1.6% over the last year on a seasonally unadjusted basis. Dairy
products increased by 1.2% from June to July ’19 and rose by 5.6% from July ’18
[…]
Read more
August 9, 2019
BLS, LIFO Blog
JUNE ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2019 Consumer Price Indexes
(CPI) today. The all items category was unchanged over the last month & rose by
1.6% over the last year while All items less food and energy increased 0.2% from
May – June 19 and rose by 2.1% from May ’18 – ’19. […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2019 Producer Price Indexes
(PPI) today. The All commodities index declined by 0.6% over the last month &
decreased by 1.9% over the last year on a seasonally unadjusted basis. Leading
the decreases was refined petroleum with a 7.3% decline from May – June 2019 and
a […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.2% over the last month & rose by
1.8% over the last year while All items less food and energy increased 0.1%
between April – May ’19 and rose by 2.0% between May ’18 – ’19. […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 19 Producer Price Indexes
(PPI) today. The All commodities index decreased 0.3% over the last month &
declined by 0.8% over the last year on a seasonally unadjusted basis. Industrial
commodities less fuels was unchanged between April – May ’19 & rose by 0.7%
between May ’18 […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING HOW LIFO WORKS
The most common resistance we get when speaking with companies regarding LIFO is
related to its complexity. “It just doesn’t make sense” is a common theme. “I
don’t know why anyone would go out of their way to make inventory accounting
more complicated” is another often-used rebuttal. But the bottom line is that
LIFO provides […]
Read more
August 1, 2019
BLS, LIFO in the News
APRIL 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.5% over the last month & rose by
2.0% over the last year while All items less food and energy increased 0.2%
between March – April ’19 and rose by 2.1% between April ’18 – ’19.
Read more
May 9, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2019 Producer Price Indexes
(PPI) today. The All commodities index increased 0.5% over the last month & rose
by 0.9% over the last year on a seasonally unadjusted basis.
Read more
May 9, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2019 Producer Price Indexes
(PPI) today. The All commodities index increased 1.2% over the last month & rose
by 0.9% over the last year on a seasonally unadjusted basis.
Read more
April 11, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.6% over the last month & rose
1.9% over the last year while All items less food and energy increased 0.3%
between February – March ’19 and rose 2.0% between March ’18 – March ’19.
Read more
April 10, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2019 Producer Price
Indexes (PPI) today. The All commodities index increased 0.1% over the last
month & decreased 0.3% over the last year on a seasonally unadjusted basis.
Read more
March 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2019 Consumer Price
Indexes (CPI) today. The all items category increased 0.4% over the last month &
rose1.5% over the last year while All items less food and energy increased 0.4%
between January – February ’19 & rose 2.1% over the last year.
Read more
March 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2019 Producer Price
Indexes (PPI) today. The All commodities index decreased 1.7% over the last
month & rose 0.4% over the last year on a seasonally unadjusted basis.
Read more
February 14, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2019 Consumer Price
Indexes (CPI) today. The all items category increased 0.2% over the last month &
by 1.6% over the last year while All items less food and energy increased 0.4%
between December ’18 – January ’19 & by 2.2% over the last year.
Read more
February 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
January 15, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER ’18 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
January 11, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2018 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
December 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
December 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER 2018 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
November 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TOP 50 LIFO CANDIDATES OF 2018
Find out the top LIFO candidates by type of business, good or industry based on
year to date & historical average inflation rates at LIFO-PRO’s blog!
Read more
November 12, 2018
LIFO Blog, LIFO Insights
OCTOBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
November 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’18 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2018 Consumer Price
Indexes (CPI) today.
Read more
October 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’18 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2018 Producer Price
Indexes (PPI) today.
Read more
October 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2018 Consumer Price Indexes
(CPI) today.
Read more
September 13, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFO-PRO has completed the annual updates to the excel file used by LIFO-PRO
clients for populating BLS PPI Table 9 category names via vlookup formulas in
their inventory detail files.
Read more
September 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2018 Producer Price Indexes
(PPI) today.
Read more
September 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2018 Consumer Price Indexes
(CPI) today.
Read more
August 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2018 PPI HIGHLIGHTS
Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index
(PPI) monthly release at LIFO-PRO’s BLS Blog!
Read more
August 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE ’18 PPI HIGHLIGHTS
Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index
(PPI) monthly release at LIFO-PRO’s BLS Blog!
Read more
July 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes
(CPI) today.
Read more
July 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2018 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Producer Price Indexes
(PPI) today.
Read more
June 13, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes
(CPI) today.
Read more
June 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AICPA RECOMMENDS CHANGES TO PROPOSED IRS LIFO REGULATIONS
The AICPA submitted a letter to the IRS on May 21st detailing change
recommendations to the proposed IRS IPIC LIFO pooling regulations.
Read more
May 25, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2018 Consumer Price Indexes
(CPI) today.
Read more
May 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2018 Producer Price Indexes
(PPI) today.
Read more
May 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2018 Consumer Price Indexes
(CPI) today. Shown below are historical inflation rates through March 2018 for
selected CPI categories.
Read more
April 11, 2018
BLS, LIFO Blog
MARCH ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2018 Producer Price Indexes
(PPI) today.
Read more
April 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2018 Producer Price
Indexes (PPI) today.
Read more
March 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2018 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through February
2018 for selected CPI categories.
Read more
March 13, 2018
BLS, LIFO Blog
JANUARY ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2018 Producer Price
Indexes (PPI) today.
Read more
February 15, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2018 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through January
2018 for selected CPI categories.
Read more
February 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 2017 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2017 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through December
2017 for selected CPI categories.
Read more
January 15, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 17 PPI HIGHLIGHTS
Get the latest updates on commodity inflation trends with PPI release updates
from LIFO-PRO’s BLS Blog Page, including historical inflation averages & top 10
monthly gainers!
Read more
January 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
IPIC LIFO METHOD ADVANTAGES
For most large supermarket chains the advantage of using CPI vs. internal
indexes has been substantial.
Read more
December 20, 2017
LIFO Blog, LIFO Insights
NOVEMBER ’17 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2017 Consumer Price
Indexes (CPI) today.
Read more
December 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER ’17 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2017 Producer Price
Indexes (PPI) today.
Read more
December 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
REASONS FOR CONGRESS TO KEEP THE LIFO INVENTORY METHOD
The last-in, first-out (LIFO) inventory method has been an acceptable accounting
method in the U.S. tax code for more than 75 years.
Read more
December 6, 2017
LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER ’17 CPI HIGHLIGHTS
Shown below are historical inflation rates through October 2017 for selected CPI
categories.
Read more
November 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER 17 PPI HIGHLIGHTS
On a seasonally unadjusted basis, the PPI for all commodities increased by 0.2%.
Prices for final demand goods moved up 0.3 percent in October, the third
straight increase.
Read more
November 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SENATE FINANCE COMMITTEE DRAFTING TAX REFORM BILL
Based on recent reports, sources indicate that at least two Senate Finance
Committee members have stated that they favor LIFO repeal.
Read more
November 6, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TAX CUTS AND JOBS ACT: HOUSE TAX REFORM BILL DETAILS RELEASED
The House Ways & Means Committee released the details of their tax reform bill,
called the Tax Cuts and Jobs Act. See a summary & the full bill here!
Read more
November 2, 2017
LIFO Blog, LIFO in the News
LIFO INFOGRAPHIC
Click to view The LIFO Coalition, last-in, first-out inventory accounting
method.
Read more
October 30, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY TRADING LIFO REPEAL FOR REDUCED CORPORATE RATES IS UNSOUND TAX POLICY
Comparatively speaking, LIFO was enacted during a time of relatively low
corporate tax rates. Learn why LIFO repeal is unsound tax policy at this Blog!
Read more
September 29, 2017
LIFO Blog, LIFO in the News, LIFO Insights
THE ECONOMIC & BUDGETARY IMPACT OF LIFO REPEAL
According to the Tax Foundation LIFO repeal would reduce GDP by $11.6 billion
per year & end up reducing federal revenue by $518 million annually. Read more
Read more
September 19, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FACTS & FIGURES FAVORING THE ACCEPTABILITY, PREFERABILITY & PRESERVATION OF LIFO
Summary of the defining principles of the LIFO method & authoritative references
that played pivotal roles in its inception.
Read more
August 23, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SENATORS CASSIDY, ISAKSON & THUNE SEEKING LIFO REPEAL
Key Senate Finance Committee Members Speak Out In Favor of LIFO Repeal
Read more
August 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2017 CPI HIGHLIGHTS
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in
July on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics
reported today.
Read more
August 11, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2017 PPI HIGHLIGHTS
The Producer Price Index for final demand declined 0.1 percent in July,
seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.
Read more
August 10, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
COMPANIES URGED TO CONTACT CONGRESS IN SUPPORT OF LIFO
It is extremely important for LIFO tax-paying businesses & CPA firms to voice
their support for LIFO to their respective members of Congress.
Read more
July 28, 2017
LIFO Blog, LIFO in the News, LIFO Insights
LIFO COALITION MEETING HIGHLIGHTS
LIFO-PRO brings you highlights of recent LIFO Coalition meetings and tax reform
developments that pertain to LIFO all from our LIFO Coalition Blog Page!
Read more
June 18, 2017
LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
May 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
May 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
April 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
April 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING THE ACCEPTABILITY OF DIFFERING BOOK & TAX LIFO METHODS
Many accountants have misinterpreted the LIFO conformity rules; this has led
them into thinking that uniform use of Book & Tax LIFO methods are required.
Read more
March 29, 2017
LIFO Blog, LIFO Insights
FEBRUARY ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
March 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
March 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
February 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY TO NOT USE MANUAL SPREADSHEET FORMULAS TO CALCULATE LIFO
Learn why using manual spreadsheet to calculate LIFO fails to provide sufficient
LIFO internal controls at LIFO-PRO’s LIFO Insights Blog.
Read more
February 14, 2017
LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
February 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2017 FASB ASU EXPOSURE DRAFT PROPOSES NEW LIFO DISCLOSURE REQUIREMENTS
The two amendments would require the following additional LIFO-related
disclosures
Read more
January 27, 2017
LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER CPI TOP FIVE GAINERS
Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page;
find out the December CPI Top 5 gainers by BLS categories here!
Read more
January 18, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER ’16 PPI TOP 10 GAINERS
Visit LIFO-PRO’s BLS PPI Blog for the top 10 PPI gainers of the month and read
the BLS PPI Economic News Release.
Read more
January 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
C CORPORATION IRS TAX RETURN DUE DATE CHANGED TO APRIL 15TH FOR 2016 TAX YEAR
C Corporation IRS Tax Return Due Date Changed to April 15th for 2016 Tax Year.
Read more
December 22, 2016
LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER CPI TOP FIVE GAINERS
Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page;
find out the November CPI Top 5 gainers by BLS categories here!
Read more
December 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER PPI TOP 10 GAINERS
Visit LIFO-PRO’s October PPI Blog to see the November PPI top 10 gainer PPI
Categories were and read the BLS PPI Economic News Release.
Read more
December 14, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PROPOSED IPIC POOLING METHOD LIFO REGULATIONS RELEASED BY TREASURY DEPARTMENT,
IRS
Proposed IPIC Pooling Method LIFO Regulations Released by Treasury Department,
IRS read more on the impact to LIFO taxpayers at LIFO-PRO’s Blog page.
Read more
November 28, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER CPI TOP 5 GAINERS
October 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
November 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released October 2016 PPI today. Listed
below are the top 10 gainers:
Read more
November 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 CPI TOP 5 GAINERS
September 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top gainers are shown in the table below:
Read more
October 18, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed
below are the top 10 gainers:
Read more
October 14, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed
below are the top 10 gainers:
Read more
October 14, 2016
BLS
AUGUST PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released August 2016 PPI today. The top 10
gainers are listed below:
Read more
September 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY CPI TOP 5 GAINERS
July 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
August 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY PPI TOP 10 GAINERS
July 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The
top 10 gainers are shown in the table below:
Read more
August 12, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE 16 CPI TOP 5 GAINERS
June 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
July 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE PPI TOP 10 GAINERS
June 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The
top 10 gainers are shown in the table below:
Read more
July 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
HOUSE GOP TAX PROPOSAL CALLS FOR LIFO PRESERVATION
A recent message from the LIFO Coalition highlighted a development regarding a
policy agenda involving LIFO that has been drafted by Republican Party members
within the House of Representatives.
Read more
June 24, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2016 CPI TOP GAINERS
May 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today.
The top 5 gainers are shown in the table below:
Read more
June 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2016 PPI TOP 10 GAINERS
May 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The top
10 gainers are shown in the table below:
Read more
June 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PPI TOP 10 APRIL GAINERS BY BLS COMMODITY GROUPS
The Bureau of Labor Statistics (BLS) released April 2016 PPI today.
Read more
May 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’16 CPI ECONOMIC NEWS RELEASE
The Bureau of Labor Statistics (BLS) released March 2016 CPI today.
Read more
April 18, 2016
BLS, LIFO Blog, LIFO in the News
BEWARE OF SPECIFIC GOODS OR UNIT LIFO
CPAs should be aware of situations for which their clients are using Specific
Goods LIFO. Read the full blog article to see why
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’16 PPI ECONOMIC NEWS RELEASE
The Bureau of Labor Statistics (BLS) released March 2016 PPI today.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY INTERNAL INDEX LIFO INFLATION IS OFTEN MORE VOLATILE THAN PPI INFLATION FOR
MANUFACTURERS
Learn why internal index calculations have historically lower LIFO Tax benefits
when compared to other inflation measure sources.
Read more
April 17, 2016
LIFO Blog, LIFO in the News, LIFO Insights
KEEPING UP WITH THE FREQUENT CHANGES IN THE PRODUCER PRICE INDEX COMMODITY CODES
USED FOR LIFO INVENTORY CALCULATIONS
LIFO-PRO’s software will automatically make the reassignments of Producer Price
Index codes necessary of discontinued codes.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TAX FOUNDATION STUDY: ECONOMIC & BUDGETARY IMPACT OF LIFO REPEAL
The Tax Foundation, the nation’s leading independent tax policy research
organization, conducted a survey that collected information regarding the
economic and budgetary impact of LIFO Repeal in the United States.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
COMMITTEE HEARING EXCHANGE WITH TREASURY SECRETARY JACK LEW
Congressman Mike Thompson (D-CA), a leading Congressional LIFO advocate, had an
exchange with Obama Treasury Secretary Jack Lew this week during a House Ways &
Means Committee hearing. The unofficial transcript is posted below:
Read more
February 12, 2016
LIFO Blog, LIFO in the News
LIFO REPEAL ONCE AGAIN MISREPRESENTED IN WHITE HOUSE BUDGET PROPOSAL
The LIFO Coalition posted an update on their website today that discussed the
recent release of President Obama’s 2016 budget proposal.
Read more
February 12, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
“CONGRESS MUST NOT HURT SMALL BUSINESSES BY REPEALING ACCOUNTING PROCEDURE”
A Florida House of Representatives member wrote an article regarding LIFO that
appeared in the Column of online news network Context Florida on January 25th,
2016. Read the full article below.
Read more
February 1, 2016
LIFO Blog, LIFO in the News, LIFO Insights
LIFO UPDATES: DISCUSSION FROM LIFO COALITION’S EXECUTIVE SECRETARIAT
LIFO-PRO partners with the LIFO Coalition in any efforts geared towards
preventing LIFO Repeal.
Read more
October 29, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY CLIENTS CHOOSE US- LIFO-PRO TESTIMONIALS
In over twenty years of providing LIFO Software & Calculation Services, LIFO-PRO
has earned the trust and loyalty needed to maintain a strong client-base.
LIFO-PRO continues to be a cost leader in LIFO Calculation Services; the
LIFO-PRO Software is priced at affordable rates for companies both large and
small. LIFO-PRO’s commitment to our clients does not […]
Read more
September 17, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
BUSINESS JOURNAL ARTICLE SUPPORTS LIFO PRESERVATION
On August 14th, 2015, the Central Penn Business Journal published an article
written by Cathy Kolakowski. She is the Owner of CK Bookkeeping Services based
in Lower Paxton Township, PA.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
REP. WILLIAMS RESOLVES TO PROTECT AMERICAN BUSINESS, LIFO METHOD
Rep. Roger Williams (R-TX) submitted the following concurrent resolution,
H.CON.RES.69, to protect the use of LIFO for American businesses.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
TOPEKA INDEPENDENT BUSINESS ASSOCIATION FOUNDERS LIFO ARTICLE
Ken Daniels, Founder of the Topeka Independent Business Association, spoke on
the subject of tax reform and the LIFO Method in a August 12th article.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
VOLATILITY OF PPI TABLE 9 CODE 0638-0202RX- ANALGESICS, PRESCRIPTION
There was a 28% 1 month increase in February ’14, and a 26% increase in March
’14. In May ’14, RX analgesics PPI Table 9 reported a 21% 1 month decrease.
Read more
July 24, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NEW, RECODED & DELETED NAICS & PPI CODES MADE, EFFECTIVE JULY 15, 2015
The BLS released information regarding NAICS & PPI codes. See the tables for a
summary of the different changes.
Read more
July 17, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PROBLEMS THAT CAN ARISE WHEN USING INTERNAL INDEX LIFO TO CALCULATE INFLATION
The IRS Regs. allow two LIFO inflation measurement sources. LIFO taxpayers can
either use: External indexes – The IRS Regs. were amended in 1982 to permit the
use of the Inventory Price Index Computation (IPIC) method for which Producer
Price Indexes (PPI) or Consumer Price Indexes (CPI) are used. Internal indexes –
This is a […]
Read more
May 27, 2015
LIFO Blog, LIFO Insights
USE OF PPI INDEXES BY SUPERMARKETS TO INCREASE TAX DEFERRAL
The use of PPI LIFO inflation for inflation measurement is a tax planning idea
that can significantly increase the amount of LIFO benefits for supermarkets.
Read more
June 16, 2014
LIFO Blog, LIFO in the News, LIFO Insights
MAY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products fell 0.1% in the last month and decreased 9.0% in the last twelve
months Processed foods + feeds rose 0.3% from April and increased 0.8% since May
2023 Textile […]
Read more
June 13, 2024
BLS, LIFO Blog
MAY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and increased 3.3%
in the last twelve months Food at home saw no change from April and increased
1.0% since May […]
Read more
June 12, 2024
BLS, LIFO Blog
APRIL 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and increased 3.4%
in the last twelve months Food at home rose 0.2% from March and increased 2.2%
since April 2023 […]
Read more
May 15, 2024
BLS, LIFO Blog
APRIL 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products rose 0.3% in the last month and decreased 8.7% in the last twelve
months Processed foods + feeds saw no change from March and increased 1.5% since
April 2023 […]
Read more
May 14, 2024
BLS, LIFO Blog
MARCH 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products rose 2.4% in the last month and decreased 7.5% in the last twelve
months Processed foods + feeds rose 1.4% from February and increased 0.8% since
March 2023 Textile […]
Read more
April 11, 2024
BLS, LIFO Blog
MARCH 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.6% in the last month and increased 3.5%
in the last twelve months Food at home saw no change from February and rose 1.2%
since March […]
Read more
April 10, 2024
BLS, LIFO Blog
FEBRUARY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 3.4% in the last month and decreased 9.9% in the last
twelve months Processed foods + feeds rose 1.2% from January and increased 0.1%
since February 2023 Textile […]
Read more
March 14, 2024
BLS, LIFO Blog
FEBRUARY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.6% in the last month and increased 3.2%
in the last twelve months Food at home increased 0.1% from January and rose 1.0%
since February 2023 […]
Read more
March 12, 2024
BLS, LIFO Blog
JANUARY 2024 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 1.4% in the last month and decreased 15.0% in the
last twelve months Processed foods + feeds decreased 0.2% from December and fell
2.2% since January 2023 Textile […]
Read more
February 16, 2024
BLS, LIFO Blog
JANUARY 2024 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2024 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.5% in the last month and increased 3.1%
in the last twelve months Food at home increased 0.7% from December and rose
1.2% since January 2023 […]
Read more
February 13, 2024
BLS, LIFO Blog
DECEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 1.5% in the last month and decreased 17.5% in the
last twelve months Processed foods + feeds decreased 0.6% from November and fell
1.0% since December 2022 Textile […]
Read more
January 12, 2024
BLS, LIFO Blog
DECEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased 0.1% in the last month and increased 3.4%
in the last twelve months Food at home fell 0.1% from November and increased
1.3% since December 2022 […]
Read more
January 11, 2024
BLS, LIFO Blog
TOP 2023 LIFO ELECTION LOCKS
Learn about the best opportunities to obtain meaningful tax benefits from
electing LIFO for the 2023 year end!
Read more
December 27, 2023
LIFO Blog, LIFO in the News
NOVEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 2.9% in the last month and decreased 17.4% in the
last twelve months Processed foods + feeds decreased 0.9% from October and fell
1.4% since November 2022 Textile […]
Read more
December 13, 2023
BLS, LIFO Blog
NOVEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased 0.2% in the last month and increased 3.1%
in the last twelve months Food at home fell 0.5% from October and increased 1.7%
since November 2022 […]
Read more
December 12, 2023
BLS, LIFO Blog
2023 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the Excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
November 16, 2023
LIFO Blog
OCTOBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products fell 3.7% in the last month and decreased 14.3% in the
last twelve months Processed foods + feeds decreased 0.6% from September and
rose 0.9% since October 2022 Textile […]
Read more
November 15, 2023
BLS, LIFO Blog
OCTOBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items saw no change in the last month and increased 3.2%
in the last twelve months Food at home increased 0.3% from September and
increased 2.1% since October […]
Read more
November 14, 2023
BLS, LIFO Blog
LIFO FINANCIAL REPORTING DISCLOSURE REQUIREMENTS & ALTERNATIVES
What Rules Exist Regarding LIFO Disclosures for Financial Reporting Purposes?
The IRS tax law commonly referred to as the “LIFO conformity rule” is the
authoritative guidance that prescribes the financial report and statement
requirements for companies that use the LIFO method (assuming financial reports
or statements are issued to external parties; these rules are not […]
Read more
October 23, 2023
LIFO Blog, LIFO Insights
EXPLORING INTERIM LIFO ESTIMATE APPROACHES
Why do companies perform interim LIFO estimates? The dollar-value LIFO method is
a calculation designed to be performed annually or one time each reporting
period (this is the method used by the vast majority of companies using LIFO).
Furthermore, IRS Regs. prescribes for LIFO to be applied annually & never
mentions performing interim LIFO estimates […]
Read more
October 20, 2023
LIFO Blog
WHY COMPANIES USE DIFFERENT BOOK & TAX LIFO METHODS
What is the LIFO Conformity Rule? IRS Reg. §1.472-2(e)(1) requires for taxpayers
using the LIFO method to also do so for financial reporting purposes beginning
in the year that LIFO is adopted for tax purposes (LIFO can be adopted for
financial reporting purposes prior to the adoption for tax purposes, but not
vice versa). What […]
Read more
October 14, 2023
LIFO Insights
HOW THE IPIC METHOD COULD MAXIMIZE YOUR LIFO RESERVE
What is the IPIC Method? Dollar-value LIFO method users are allowed to use an
internal or external inflation measurement source to calculate inflation. Here’s
an overview of these two methods: Internal indexes Current period’s quantities
are double extended against current & prior period unit costs (prior period unit
costs are used if the link-chain method […]
Read more
October 14, 2023
LIFO Insights
SEPTEMBER 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2023 Consumer Price
Index (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and rose 3.7% in
the last twelve months Food at home increased 0.1% from August and increased
2.4% since September 2022 […]
Read more
October 12, 2023
BLS, LIFO Blog
THE LIFOPRO DIFFERENCE
Our Clients Stay on LIFO Far Longer than Non-clients An internally developed
study of publicly traded companies found that LIFOPro clients are far more
likely to remain on LIFO than non-clients. More specifically, as of the 2011
year-end, there were 318 publicly traded companies on LIFO. Of the 318 companies
were on LIFO as of […]
Read more
October 11, 2023
LIFO Blog
SEPTEMBER 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 0.3% in the last month and decreased 10.8% in the
last twelve months Processed foods + feeds increased 0.9% from August and rose
0.6% since September 2022 Textile […]
Read more
October 11, 2023
BLS, LIFO Blog
RECORD NUMBER OF COMPANIES ELECTING LIFO
What has Caused the Surge in First-time LIFO Elections? LIFOPro has seen a
nearly 40% increase in first-time LIFO elections amongst new clients between
2021 – 2022. The primary cause of this record number of companies electing LIFO
has been the highest inflation seen in 40 years over the last two years, which
translated into […]
Read more
October 10, 2023
LIFO Insights
AUGUST 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 4.3% in the last month and decreased 11.8% in
the last twelve months Processed foods + feeds increased 0.2% from July and fell
0.8% since August 2022 Textile […]
Read more
September 14, 2023
BLS, LIFO Blog
AUGUST 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and rose 3.7% in
the last twelve months Food at home increased 0.2% from July and increased 4.3%
since August 2022 […]
Read more
September 13, 2023
BLS, LIFO Blog
JULY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products decreased 2.9% in the last month and decreased 10.4% in the last
twelve months Processed foods + feeds increased 0.3% from June and fell 0.2%
since July 2022 Textile […]
Read more
August 11, 2023
BLS, LIFO Blog
JULY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 1.0% in the last month and rose 2.8% in
the last twelve months Food at home increased 0.4% from June and increased 3.6%
since July 2022 […]
Read more
August 10, 2023
BLS, LIFO Blog
JUNE 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products decreased 4.4% in the last month and decreased 10.2% in the last
twelve months Processed foods + feeds decreased 1.1 % from May and fell 0.9%
since June 2022 […]
Read more
July 13, 2023
BLS, LIFO Blog
JUNE 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 2.0% in
the last twelve months Food at home decreased 0.1% from May and increased 10.1%
since June 2022 […]
Read more
July 12, 2023
BLS, LIFO Blog
MAY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products increased 0.2% in the last month and decreased 7.0% in the last
twelve months Processed foods + feeds rose 1.0% from April and increased 1.4%
since May 2022 Textile […]
Read more
June 14, 2023
BLS, LIFO Blog
MAY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2023 Consumer Price Index
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 4.1% in
the last twelve months Food at home rose 0.1% from April and increased 5.8%
since May 2022 […]
Read more
June 13, 2023
BLS, LIFO Blog
APRIL 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April Producer Price Indexes (PPI)
today. Highlights are as follows (all indexes on a seasonally unadjusted basis):
Farm products increased 1.5 % in the last month and decreased 5.1% in the last
twelve months Processed foods + feeds rose 0.7% from March and increased 4.5%
since April 2022 […]
Read more
May 11, 2023
BLS, LIFO Blog
APRIL 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2023 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.4% in the last month and rose 4.9 in
the last twelve months Food at home rose 0.1% from March and increased 7.1%
since April 2022 […]
Read more
May 10, 2023
BLS, LIFO Blog
WHEN THE USE OF A LIFO SPECIALIST MAY BE THE BEST CHOICE FOR YOUR CLIENT
When I worked at Touche Ross many years ago, the idea that another CPA or
professional would be a better choice to provide specialized accounting services
for one of our clients would have been just about unthinkable. Things have
changed a lot over the years and the use of outside service providers for
accounting services […]
Read more
May 8, 2023
LIFO Blog, LIFO Insights
MARCH 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2023 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 0.3% in the last month and decreased 2.0% in the
last twelve months Processed foods + feeds rose 0.7% from February and increased
4.5% since March 2022 […]
Read more
April 13, 2023
BLS, LIFO Blog
MARCH 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2023 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.1% in the last month and rose 4.9% in
the last twelve months Food at home decreased 0.2% from February and rose 8.4%
since March 2022 […]
Read more
April 12, 2023
BLS, LIFO Blog
LIFO ELECTION ESSENTIALS
LIFOPro’s LIFO Election Essentials What are the advantages of LIFO? It will
reduce taxable income whenever there’s inflation (unless material inventory
liquidation occurs) Most companies remain on LIFO once they elect because the
benefits will continue to accrue & there’s no limit on how long you stay on LIFO
or cap on the size of […]
Read more
April 3, 2023
LIFO Blog, LIFO Insights
FEBRUARY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2023 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 2.3% in the last month and increased
6.7% in the last twelve months Processed foods + feeds decreased 1.1% from
January and rose 5.8% from February 2022 […]
Read more
March 15, 2023
BLS, LIFO Blog
FEBRUARY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2023 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items saw no change in the last month and rose 6.4% in
the last twelve months Food at home increased 0.6% from January and rose 13.0%
from February […]
Read more
March 14, 2023
BLS, LIFO Blog
UNDERSTANDING LIFO ACCOUNTING FOR THE FOOD AND BEVERAGE INDUSTRY PODCAST
Recently, our Vice President Bob Richardson joined EisnerAmper’s podcast to
discuss LIFO. Along with Richard Colloca (Audit Partner + National Food and
Beverage Practice Leader, member of the firm’s Manufacturing and Distribution
Group as well as a member of the firm’s Profession Practice Group providing
audit, accounting, tax and business consulting services to clients) and […]
Read more
March 7, 2023
LIFO Blog, LIFO in the News
JANUARY 2023 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2023 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 1.5% in the last month and increased
23.2% in the last twelve months Processed foods + feeds decreased 1.0% from
December 2022 and rose 9.7% since January […]
Read more
February 16, 2023
BLS, LIFO Blog
JANUARY 2023 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2023 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items decreased by 0.1% in the last month and rose 6.4%
in the last twelve months All items, less energy, increased 0.3% from December
2022 and rose 6.4% […]
Read more
February 14, 2023
BLS, LIFO Blog
LIFO CONFORMITY FOR FOREIGN-CONTROLLED CONSOLIDATED GROUPS WITH U.S.
SUBSIDIARIES
IRS Revenue Ruling 78-246 provides an exception to the LIFO conformity rule for
foreign-controlled consolidated groups. The use of a non-LIFO method of
calculating income, profit and loss in the consolidated statements of a
foreign-controlled consolidated group even when one or more of the subsidiaries
uses LIFO for U.S. income tax reporting is not in […]
Read more
February 10, 2023
LIFO Blog, LIFO Insights
TOP 10 LIFO ELECTION LOCKS OF 2022
Exploring electing LIFO in 2022 is essential in certain industries because it’d
be irresponsible to fail to do so. The inflation experienced in many industries
this year will may never occur again in our lifetimes. In many cases, the
benefits from electing LIFO in 2022 will create tax benefits that would normally
take many years […]
Read more
January 18, 2023
LIFO Blog, LIFO Insights
DECEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 1.5% in the last month and rose 23.2%
in the last twelve months Processed foods + feeds decreased 1.0% from November
2022 and increased 9.7% since December […]
Read more
January 18, 2023
BLS, LIFO Blog
DECEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose .2% in the last month and increased 8.2% in
the last twelve months Food at home rose 0.6% from November and increased by
13.0% since December […]
Read more
January 12, 2023
BLS, LIFO Blog
TOP LIFO TIPS & TAX SAVINGS STRATEGIES FOR 2022
This blog explores the top ten LIFO tips & tax savings strategies for 2022,
broken down by opportunities for companies + CPA firms. Feel free to schedule a
free call or online meeting with us to take a deeper dive as to how these can
benefit you + receive a complimentary analysis from the LIFO […]
Read more
December 29, 2022
LIFO Blog
TAX RELIEF IN SIGHT FOR DEALERSHIPS SUFFERING LIFO RECAPTURE IN 2020 – 2021
What is the Supply Chain Disruptions Relief Act? This bill was drafted to
provide tax relief to new motor vehicle dealerships using the LIFO method who
had qualified inventory liquidations solely attributable to supply chain
disruptions that occurred between 2020 – 2021, which in turn caused LIFO
recapture & increased tax liabilities to be recognized […]
Read more
December 24, 2022
LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose 0.2% in the last month and increased 8.2% in
the last twelve months Food at home increased 0.6% from October 2022 and rose
13.0% since November […]
Read more
December 16, 2022
BLS, LIFO Blog
HOW LIFO WORKS: A BEGINNER’S GUIDE TO LIFO
Download PDF Guide Why Use LIFO? Tax Benefits LIFO often creates material
long-term tax deferral/savings: Not just a one-time tax benefit or timing
difference between book & tax such as straight-line vs. accelerated depreciation
During periods of rising costs, LIFO: Provides more after-tax free cash flow
than non-LIFO methods when there’s inflation Ensures taxes aren’t […]
Read more
December 12, 2022
LIFO Blog, LIFO Insights
2022 AUTO DEALER IPIC LIFO CASE STUDY
Download PDF Guide Auto Dealer LIFO Submethods Comparisons Alternative LIFO
method (ALM): Measures inflation based on comparing current & prior period’s
invoice costs; Item definition is specific to each vehicle/VIN, meaning
inflation must be calculated for each vehicle, not just by make or type (car,
truck, SUV) Pros Historically created more inflation & tax deferral […]
Read more
December 12, 2022
LIFO Blog, LIFO Insights
NOVEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products increased 6.8% in the last month and rose 29.6%
in the last twelve months Processed foods + feeds rose 1.3% from October 2022
and increased 11.0% since November […]
Read more
December 9, 2022
BLS, LIFO Blog
OCTOBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products increased 0.1% in the last month and rose by
26.7% in the last twelve months Processed foods + feeds decreased 0.8% since
September 2022 and increased 9.5% from […]
Read more
November 15, 2022
BLS, LIFO Blog
OCTOBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 0.2% in the last month and rose by 8.2%
in the last twelve months Food at home rose 0.6% from September 2022 and
increased 13.0% since […]
Read more
November 10, 2022
BLS, LIFO Blog
2022 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the Excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
October 28, 2022
BLS, LIFO Blog
ELECTION REQUIREMENTS & METHOD ALTERNATIVES
Although LIFO is the biggest inventory-related tax savings tool for companies
with inflation, it’s important to understand the requirements & sub methodology
options available related to LIFO elections. This blog outlines the most
important LIFO election requirements, provides a comprehensive list of LIFO
method alternatives & breaks down the pros & cons of each alternative. […]
Read more
October 15, 2022
BLS, LIFO Insights
SEPTEMBER 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2022 Consumer Price
Indexes (CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items rose 0.2% in the last month & increased 8.2% in the
last twelve months Food at home increased by 0.6% from August 2022 and rose
13.0% since […]
Read more
October 13, 2022
BLS, LIFO Blog
SEPTEMBER 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2022 Producer Price
Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally
unadjusted basis): Farm products decreased 0.7% in the last month and increased
25.6% in the last twelve months Processed foods + feeds decreased by 0.5% from
August 2022 and rose 9.7% since […]
Read more
October 12, 2022
BLS, LIFO Blog
AUGUST 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 2.9% over the last month and increased 22.7%
over the last twelve months Processed foods + feeds rose 0.7% from July 2022 and
increased 11.7% since August […]
Read more
September 14, 2022
BLS, LIFO Blog
AUGUST 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items were unchanged in the last month and increased 8.3%
in the last twelve months All items, less food + energy, rise 0.5% from July
2022 and rose […]
Read more
September 13, 2022
BLS, LIFO Blog
JULY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 2.6% in the last month and increased 27.1% in
the last twelve months Processed foods + feeds decreased 0.4% from June 2022 and
increased 13.4% since July […]
Read more
August 11, 2022
BLS, LIFO Blog
JULY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The All items category was unchanged month over month and
increased 8.5% in the last twelve months All items, less food & energy, rose
0.3% from June 2022 and […]
Read more
August 10, 2022
BLS, LIFO Blog
SUPERIOR LIFO SOLUTIONS AT A FRACTION OF COMPETITOR’S COSTS
LIFOPro is the most trusted provider for turnkey outsourcing solutions & LIFO
software. We offer the most comprehensive documentation & reporting packages,
and also provide a full range of LIFO services for both financial reporting and
tax. Numerous clients outsource both their book & tax LIFO calculations in order
to simplify & streamline the reporting […]
Read more
July 21, 2022
LIFO Blog
COMPARING THE PROS & CONS OF INTERNAL & EXTERNAL INDEXES
The vast majority of companies on LIFO use a method called dollar-value LIFO.
Under this method, the calculation of the LIFO reserve occurs as a
side-calculation that occurs in two distinct steps, the first being the current
year inflation calculation (front end) & the LIFO reserve calculation (back
end). The front end of the LIFO […]
Read more
July 20, 2022
LIFO Blog, LIFO Insights
IRS AUDITING MORE LIFO CALCULATIONS THAN BEFORE
History of IRS LIFO Resources & Audits 1990s – 2000s The frequency & level of
scrutiny being given to LIFO by the IRS has varied widely over the past 30 years
that LIFOPro has been in business. When LIFOPro begun in 1992, the IRS Chief
Counsel’s office employed multiple LIFO experts, and also employed many […]
Read more
July 20, 2022
LIFO in the News, LIFO Insights
JUNE 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products decreased 1.0% in the last month and increased 26.5% in
the last twelve months Processed foods + feeds rose 1.2% from May 2022 and
increased 11.3% since June […]
Read more
July 14, 2022
BLS, LIFO Blog
JUNE 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): All items increased 1.4% over the last month and rose 9.1%
over the last twelve months Commodities, less food + energy commodities,
increased 0.8% from May 2022 and rose […]
Read more
July 13, 2022
BLS, LIFO Blog
LIFO COALITION RESPONDS TO TAX POLICY CENTER’S REPEAL BLOG
The LIFOPro team would like to acknowledge an article recently published by The
Tax Policy Center (you can read the article for yourself here) suggesting LIFO
repeal for the gas + oil industry. The LIFO Coalition, whose mission is working
on behalf of its members to protect the ability of businesses to use the LIFO
[…]
Read more
June 16, 2022
LIFO Blog, LIFO in the News
MAY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted
basis): Farm products rose 2.3% in the last month and increased 26.4% in the
last twelve months Processed foods + feeds increased 0.8% from April 2022 and
rose 11.8% since May […]
Read more
June 14, 2022
BLS, LIFO Blog
MAY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The all items index rose 1.1% over the last month and
increased 8.6% over the last twelve months Commodities, less food + energy
commodities, rose 0.4% from April 2022 […]
Read more
June 10, 2022
BLS, LIFO Blog
APRIL 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2022 Producer Price Indexes
(PPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): Farm products rose 4.9% in the last month and increased 35.6%
in the last twelve months Processed foods + feeds increased 2.5% from March 2022
and rose by 13.6% […]
Read more
May 12, 2022
BLS, LIFO Blog
APRIL 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2022 Consumer Price Indexes
(CPI) today. Highlights are as follows (all indexes are on a seasonally
unadjusted basis): The all items index rose 0.6% in the last month and increased
8.3% in the last twelve months Commodities, less food + energy commodities,
remained flat from March to […]
Read more
May 11, 2022
BLS, LIFO Blog
MARCH 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2022 Producer Price Index
(PPI) today. Farm products rose 8.6% in the last month and increased 35.6% in
the last twelve months. Processed foods + feeds rose 2.0% from February 2022 and
increased 13.7% since March 2021. Textile products + apparel increased 0.5% in
the last month […]
Read more
April 13, 2022
BLS, LIFO Blog
MARCH 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2022 Consumer Price Index
(CPI) today. The all items index rose 1.3% in the last month and increased 8.5%
in the last twelve months. Energy rose 11.4% from February 2022 and increased by
32.0% from March 2021. Commodities, less food + energy commodities, decreased
0.1% in the […]
Read more
April 12, 2022
BLS, LIFO Blog
FEBRUARY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2022 Producer Price Index
(PPI) today. Farm products rose 5.6% in the last month and increased 25.9% in
the last twelve months. Processed foods + feeds rose by 1.9% from January 2022
and increased 12.8% from February 2021. Textile products + apparel increased
1.5% in the last […]
Read more
March 15, 2022
BLS, LIFO Blog
FEBRUARY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2022 Consumer Price Index
(CPI) today. The all items index rose 0.9% in the last month and increased 7.9%
in the last twelve months. Used cars + trucks increased 0.8% from January 2022
and rose 41.2% since February 2021. Gasoline (all types) increased 5.4% in the
last […]
Read more
March 10, 2022
LIFO Blog
JANUARY 2022 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2022 Producer Price Index
(PPI) today. Farm products rose 2.2% in the last month and increased 22.2% in
the last twelve months. Processed foods + feeds rose by 1.6% from December 2021
and increased 12.6% from January 2021. Textile products + apparel rose 0.7% in
the last […]
Read more
February 15, 2022
BLS, LIFO Blog
JANUARY 2022 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2022 Consumer Price
Indexes (CPI) today. The all items index rose 0.8% in the last month and
increased 7.5% in the last twelve months. All items, less food + energy,
increased 0.7% between December 2021 and January 2022 and rose 6.0% from January
2021 to January 2022. […]
Read more
February 10, 2022
BLS, LIFO Blog
BLS BEGINS MONTHLY REVISIONS OF PRELIMINARY PRODUCER PRICE INDEXES
For many years prior to October 2021, the Bureau of Labor Statistics (BLS)
published preliminary Producer Price Indexes (PPI) in the middle of the month
proceeding each index release. For example, the BLS released January ’23 PPI on
February 16th of this year. (final January indexes will be released four months
from now or in […]
Read more
February 7, 2022
LIFO Blog
DECEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2021 Producer Price Index
(PPI) today. The industrial commodities index decreased 1.2% in the last month
and increased 21.4% in the last twelve months. Processed foods + feeds rose 0.2%
from November 2021 & increased 10.4% since December 2020. Textile products +
apparel increased 0.8% in the […]
Read more
January 13, 2022
BLS, LIFO Blog
DECEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.3% in the last month and
increased a notable 7.0% in the last twelve months. Commodities, less food +
energy, rose by 0.9% from November 2021 and increased 10.7% from December 2020.
Cereals + cereal products […]
Read more
January 12, 2022
BLS, LIFO Blog
2022 LIFO LOOKOUT & OPPORTUNITIES GUIDE
Download PDF Guide Recent LIFO Developments LIFO Related Congressional Updates
No current general threats to LIFO on Capitol Hill H.R. 7832/S. 4105 – Supply
Chain Disruptions Relief Act This bill was drafted to provide tax relief to new
motor vehicle dealerships using the LIFO method who had qualified inventory
liquidations solely attributable to supply chain […]
Read more
January 2, 2022
LIFO Blog, LIFO Insights
2021 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
December 15, 2021
LIFO Blog
NOVEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.4% in the last month and increased
22.8% in the last twelve months. Farm products rose 4.4% from October 2021 and
increased 20.0% since November 2020. Processed foods + feeds maintained the last
month and increased […]
Read more
December 14, 2021
BLS, LIFO Blog
NOVEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.5% in the last month and
increased 6.8% in the last twelve months. Commodities, less food + energy
commodities, increased 0.6% from October 2021 and rose 57.5% since November
2020. Energy commodities increased 2.8% in the […]
Read more
December 10, 2021
BLS, LIFO Blog
LIFO TAX SAVINGS CALCULATOR
Instructions: Identify the year to date & 20 year average annual historical
inflation rates for your company using the tables shown below the calculator
Enter the following values into the blue-colored cells: Prior year end inventory
balance at cost Current year inflation rate 20 year average annual inflation
rate: used to calculate the 20 year […]
Read more
November 29, 2021
LIFO Blog, LIFO Insights
MACHINERY & EQUIPMENT DEALER LIFO CASE STUDY
Machinery & Equipment Dealer LIFO Overview Many machinery & equipment dealers
use LIFO because of the consistent long-term historical inflation Majority of
machinery & equipment dealers on LIFO have use external indexes & Bureau of
Labor Statistics Producer Price Indexes (BLS PPI), which is also known as the
IPIC method IPIC method most predominantly used […]
Read more
November 22, 2021
LIFO Blog, LIFO Insights
HOW TO EASILY IMPLEMENT LIFO
LIFOPro offers turnkey outsourcing solutions to allow companies to outsource all
LIFO-related work to us! Listed below are the key steps to streamlining the
analysis, calculation & implementation steps required to elect LIFO in the year
of adoption. With our outsourcing model, companies can obtain material tax
benefits from electing LIFO in the following four […]
Read more
November 22, 2021
LIFO Blog, LIFO Insights
HOW TO IDENTIFY THE BEST LIFO CANDIDATES
How can CPA firms easily identify clients that could be good LIFO candidates?
Top LIFO Candidates List Excel File Two separate Excel sheets containing a list
of the best industries, commodities & items to recommend LIFO elections for your
clients Top LIFO candidates by Industry – List of 34 Industry-based candidates.
Includes year to date […]
Read more
November 22, 2021
LIFO Blog, LIFO Insights
LIFO Q & A: FIRST-TIME LIFO ELECTIONS
Why Should Companies Elect LIFO in 2021? LIFO remains to be the most valuable
inventory-related tax savings tool In 2021, unprecedented inflation has created
once in a lifetime LIFO tax savings opportunities in a wide range of industries
There has been extreme inflation measured across the board so far this year. In
metals and metal […]
Read more
November 20, 2021
LIFO Insights
WHY COMPANIES SHOULD ALWAYS USE DOLLAR-VALUE & NOT UNIT LIFO
For companies considering adopting the use of the LIFO method, there are many
options available to chose from in order to implement LIFO & perform the
calculation. One of the most fundamental options is the LIFO index computation
method chosen. The two options available are as follows: Dollar value method – A
shortcut cost flow method […]
Read more
November 11, 2021
LIFO Blog, LIFO Insights
OCTOBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.8% in the last month and
increased 6.2% in the last twelve months. Commodities, les food and energy,
increased 1.2% from September 2021 and rose 8.4% since October 2020. Motor fuel
increased 3.7% in the last […]
Read more
November 10, 2021
BLS, LIFO Blog
OCTOBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2021 Producer Price Index
(PPI) today. The all commodities index rose 2.0% in the last month and
increased 22.2% in the last twelve months. Processed foods + feeds decreased
0.6% from September 2021 and rose 14.0% since October 2020. Cereal and bakery
products rose 1.4% in the […]
Read more
November 9, 2021
BLS, LIFO Blog
SEPTEMBER 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2021 Producer Price
Index (PPI) today. The all commodities index rose 1.1% in the last month and
increased 20.4% in the last twelve months. Processed foods + feeds increased
1.3% from August 2021 and rose 14.0% since September 2020. Meats increased 3.2%
in the last month and […]
Read more
October 14, 2021
BLS, LIFO Blog
SEPTEMBER 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.3% in the last month and
increased 5.4% in the last twelve months. Commodities, less food and energy
commodities, increased 0.1% from August 2021 and rose 7.3% from September 2020.
Food increased 0.8% in the last […]
Read more
October 13, 2021
BLS, LIFO Blog
AUGUST 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.2% over the last month and increased
5.3% in the last twelve months. All items, less food + energy, rose 0.1% from
July 2021 and increased by 4.0% since August 2020. Food at home increased 0.3%
[…]
Read more
September 14, 2021
BLS, LIFO Blog
AUGUST 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2021 Producer Price Index
(PPI) today. The all commodities index rose 0.7% in the last month and increased
19.9% in the last twelve months. Farm products increased 0.6% from July 2021 and
rose 36.6% since August 2020. Processed foods and feeds rose 2.2% in the last
month […]
Read more
September 10, 2021
BLS, LIFO Blog
JULY 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.2% in the last month and increased
19.8% in the last twelve months. Farm products decreased 3.0% from June 2021 and
increased 36.6% from July 2020. Processed foods and feeds decreased 2.2% in the
last month […]
Read more
August 12, 2021
BLS, LIFO Blog
JULY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.5% in the last month and increased 5.4%
in the last twelve months. All items less food + energy increased 0.3% from June
2021 & rose 4.3% from July 2020. Commodities less food and energy commodities
[…]
Read more
August 11, 2021
BLS, LIFO Blog
LIFO SCHEDULE M ADJUSTMENTS EXPLAINED
As with other Schedule M items, a LIFO schedule M adjustment represents a
difference between the financial reporting (book) & tax treatment of an item
that effects the computation of income (change in LIFO reserve affects cost of
goods sold). There are two key concepts related to LIFO Schedule M adjustments.
The first concept is […]
Read more
July 28, 2021
LIFO Blog, LIFO Insights
LIFO BENEFIT CASE STUDY: LUMBER & STEEL
2021 has brought unprecedented inflation to many industries, with lumber & steel
commodities seeing the most profound increases out of all industries. The focus
of this blog is to highlight the potential tax savings that companies in these
industries could achieve by electing LIFO this coming year end. Quick LIFO 101
The LIFO method can […]
Read more
July 14, 2021
LIFO Blog, LIFO Insights
JUNE 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2021 Producer Price Index
(PPI) today. The all commodities index rose 1.8% in the last month and increased
19.5% in the last twelve months. Processed foods and feeds rose 1.7% from May
2021 and increased 10.4% since June 2020. Meats, poultry and fish increased 5.8%
in the […]
Read more
July 14, 2021
BLS, LIFO Blog
JUNE 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.8% in the last month and increased 5.0%
in the last twelve months. Food saw a 0.4% increase from May 2021 and rose 2.2%
since June 2020. Food at home increased 0.3% in the last month […]
Read more
July 13, 2021
BLS, LIFO Blog
IRS RELEASES ROADMAP FOR AUDITORS TO USE ON LIFO TAXPAYERS
The recent release of a new LIFO practice unit by the Large Business &
International (LB&I) division of the IRS suggests that IRS agents will be
increasing their focus on LIFO during exams. The “concept unit” titled LIFO
records includes a 21 page slide deck PDF file outlining a road map of sorts to
guide […]
Read more
July 7, 2021
LIFO Blog, LIFO in the News, LIFO Insights
MAY 2021 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2021 Producer Price Index PPI
today. The all commodities index rose 3.2% in the last month and increased 19.0%
in the last twelve months. Farm products saw a rise of 10.4% from April 2021 and
increased 41.5% since May 2020. Processed foods and feeds increased 2.4% in […]
Read more
June 15, 2021
LIFO Blog
MAY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2021 Consumer Price Indexes
(CPI) today. The all items index rose 0.8% in the last month and increased 5.0%
in the last twelve months. Food at home increased 0.3% from April 2021 and rose
by 0.7% since May 2020. Bacon, breakfast sausage and related products increased
by […]
Read more
June 10, 2021
BLS, LIFO Blog
APRIL 2021 PPI RELEASE HIGHLIGHTS
The BLS released April 2021 PPI today. The all commodities index rose 0.6% in
the last month and increased 17.3% in the last twelve months. Processed foods
and feeds rose by 2.6% from March 2021 and saw a 7.5% rise since April 2020.
Meats, poultry and fish rose by 7.5% in the last month and […]
Read more
May 13, 2021
BLS, LIFO Blog
APRIL 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2021 Consumer Price Indexes
today. The all items index rose by 0.8% in the last month and increased 4.2% in
the last twelve months. Commodities, less food and energy commodities, saw an
increase of 1.9% from March 2021 and rose by 4.4% since April 2020. Food
increased […]
Read more
May 12, 2021
BLS, LIFO Blog
AICPA PROPOSAL FOR SECTION 473 RELIEF
The AICPA has requested relief from the IRS and the Treasury Department to
help LIFO taxpayers suffering increased tax liability as a result of layer
erosion LIFO income that occurred from COVID-19 related inventory liquidations.
As touched in our last blog, which can be found at DeFilipps Proposal for
Section 473 Relief » LIFOPro […]
Read more
May 11, 2021
LIFO Blog, LIFO in the News
DEFILIPPS PROPOSAL FOR SECTION 473 RELIEF
Willard De Filipps, CPA, PC has ran his specialized accounting and consulting
firm since 1978. He’s a renowned expert in automobile dealership tax issues,
LIFO inventory valuation method issues & representation before the IRS in
diverse tax examination issues. While he offers a resource center for CPA’s
through DeFilipps University, he’s been an invaluable resource […]
Read more
May 4, 2021
LIFO Blog, LIFO in the News
HOW AUTO DEALERS CAN MANAGE LAYER EROSION LIFO INCOME
2020 was an interesting year, to say the least, and auto dealers on LIFO are no
exception to that. Having significantly lower ending new vehicle inventories
than the year before has caused many of them to incur significant reductions in
LIFO reserves (also known as LIFO reserve recapture or repayment) that may have
caused significant […]
Read more
April 23, 2021
LIFO Blog, LIFO Insights
MARCH 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2021 Consumer Price Indexes
(CPI) today. The all items index rose by 0.7% in the last month and increased
2.6% in the last twelve months. Food saw an increase of 0.2% since February 2021
and increased 3.5% from March 2020. Food at home increased by 0.2% in […]
Read more
April 13, 2021
BLS, LIFO Blog
MARCH 2021 PPI RELEASE HIGHLIGHTS
The BLS released March 2021 PPI today. The all commodities index rose 3.7% the
last month and 12.0% the last twelve months. Farm products rose 0.8% from
February and increased 16.1% from March 2020. Processed foods and feeds
increased 1.1% in the last month and rose 5.1% in the last twelve months.
Processed foods and […]
Read more
April 9, 2021
BLS, LIFO Blog
LIFO LOOKOUT FOR TAX INCENTIVES, AUTOMATION OPPORTUNITIES & OPTIMIZATION
STRATEGIES
2021 LIFO Lookout Inflation is alive & kicking Federal reserve has raised its
2021 year end inflation forecast from 1.8% to 2.2% Massive amounts of government
stimulus & proposed infrastructure spending expected to create above-average
inflation in many industries Improved economic outlook & GDP growth expected to
further accelerate price increases Inflation increased substantially in […]
Read more
March 19, 2021
LIFO Blog, LIFO Insights
FEBRUARY 2021 PPI RELEASE HIGHLIGHTS
The BLS released February 2021 PPI today. The all commodities index rose 2.1% in
the last month and increased 6.0% in the last twelve months. Farm products saw a
2.6% increase from January and increased 13.3% from February 2020. Processed
foods and feeds saw a 1.7% increase in the last month and rose 3.9% in […]
Read more
March 12, 2021
BLS, LIFO Blog
FEBRUARY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.5% in the last month and
increased 1.7% in the last twelve months. All items less food and energy
increased 0.3% from January 2021 and saw a 1.3% increase since February 2020.
Fuel oil and other […]
Read more
March 10, 2021
BLS, LIFO Blog
2021 LIFO LOOKOUT & TOP ELECTION CANDIDATES GUIDE
LIFOPro’s 2021 LIFO Lookout LIFO continues to be the biggest inventory-related
tax savings tool Unprecedented inflation has occurred this year, creating
widespread once in a lifetime tax saving opportunities from electing LIFO in
2021 Top LIFO candidates & 12 months ended Dec. ‘21 inflation are as follows
(includes all manufacturers, wholesalers & retailers): Processed foods […]
Read more
March 4, 2021
LIFO Blog, LIFO Insights
JANUARY 2021 PPI RELEASE HIGHLIGHTS
The BLS released January 2021 PPI today. The all commodities index rose by 2.5%
in the last month and saw a rise of 1.8% in the last twelve months. Processed
foods and feeds decreased by 0.5% from December 2020 and increased 1.5% since
January 2020. Canned fruits and juices increased 0.9% in the last month […]
Read more
February 17, 2021
BLS, LIFO Blog
JANUARY 2021 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2021 Consumer Price
Indexes (CPI) today. The all items index rose 0.4% from December 2020 and
increased 1.4% from January 2020. Food saw a 0.3% rise in the last month and
increased 3.8% in the last twelve months. Household paper products saw an
increase of 0.5% from […]
Read more
February 10, 2021
BLS, LIFO Blog
DECEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released December 2020 PPI today. The all commodities index increased
1.2% over the last month and rose 0.8%in the last twelve months. Processed foods
and feeds increased by 0.3% from November 2020 and saw an increase of 2.0% from
December 2019 to December 2020. Meats increased 3.2% in the last month and
increased […]
Read more
January 15, 2021
BLS, LIFO Blog
DECEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2020 Consumer Price
Indexes (CPI) today. The all items index increased 0.1% in the last month and
increased 1.4% in the last twelve months. Food saw an increase of 0.4% in the
last month and increased 3.9% in the last twelve months. Cereals and cereal
products rose […]
Read more
January 13, 2021
BLS, LIFO Blog
NOVEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released November PPI today. The all commodities index increased 0.3% in
the last month and decreased 1.4% in the last twelve months. Farm products saw a
3.1% increase from October 2020 and increased 4.2% since November 2019.
Processed foods and feeds rose 1.4% between October – November 2020 and
increased 1.7% November 2019 […]
Read more
December 11, 2020
BLS, LIFO Blog
NOVEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2020 Consumer Price
Indexes (CPI) today. The all items index decreased 0.1% in the last month and
increased 1.2% in the last twelve months. Other food at home decreased 0.7%
since October 2020 and increased 2.9% since November 2019. Peanut butter saw a
0.1% increase from last […]
Read more
December 10, 2020
BLS, LIFO Blog
WHY 2020 IS A GREAT YEAR FOR RV DEALERS TO ADOPT LIFO OR EXPAND THEIR LIFO
ELECTION SCOPE
COVID-19 has caused the following circumstances for RV dealers: Above average
sales volume Appreciating used equipment prices Depleted inventory levels LCM
reserve liquidations Increased taxable income from: Above average sales volume
LCM reserve liquidations LIFOPro identified the following planning opportunities
for RV dealers seeking to create after-tax cash savings & reduce taxable income:
RV dealers […]
Read more
December 1, 2020
LIFO Blog, LIFO Insights
OCTOBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released October PPI today. The all commodities index has increased 0.3%
in the last month and decreased 1.4% in the last year. Processed foods & feeds
rose by 1.1% from September 2020 and saw an increase of 0.7% since October 2019.
Fruits & melons, fresh/dry vegs. & nuts increased by 9.2% from September […]
Read more
November 13, 2020
BLS, LIFO Blog
2020 UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFOPro has completed the annual updates to the excel file used by LIFOPro
clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in
their inventory detail files. LIFOPro clients should use the email received
containing the Complete Table 9 PPI Category Name file download link to obtain
the updated file (feel free […]
Read more
November 12, 2020
BLS, LIFO Blog, LIFO Insights
OCTOBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2020 Consumer Price
Indexes (CPI) today. The all items index maintained the last month and saw a
1.2% increase in the last twelve months. Carbonated drinks increased by 1.0% in
the last month and rose by 7.9% in the last twelve months. Sugar and sugar
substitutes increased […]
Read more
November 12, 2020
BLS, LIFO Blog
2020 TOP LIFO CANDIDATES
LIFO Tax Incentive Opportunities Abound LIFO is the most valuable
inventory-related tax incentive for companies with inflation. LIFOPro publishes
our top LIFO candidates blog annually at the end of the year to help CPA firms &
companies considering electing LIFO both identify if they’re a good LIFO
candidate and if the current inflation environment favors […]
Read more
October 23, 2020
LIFO Blog, LIFO Insights
SEPTEMBER 2020 PPI RELEASE HIGHLIGHTS
The BLS released September 2020 PPI today. The All commodities index increased
0.7% in the last month and decreased 1.5% in the last twelve months. Processed
foods and feeds decreased 0.6% from August 2020 and decreased 0.3% from
September 2019 – September 2020. Fruits & melons, fresh/dry vegetables & nuts
rose by 7.7% in the […]
Read more
October 14, 2020
BLS, LIFO Blog
SEPTEMBER 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2020 Consumer Price
Indexes (CPI) today. The all commodities index saws an increase of 0.1% in the
last month and increased by 1.4% in the last twelve months. Food at home
decreased 0.4% since August 2020 and increased 4.1% from September 2019. Used
cars and trucks increased […]
Read more
October 13, 2020
BLS, LIFO Blog
CONTRASTING THE FRONT & BACK END COMPONENTS OF DOLLAR-VALUE LIFO CALCULATIONS
All dollar-value LIFO calculations are composed of two separate components to
arrive at the end result (some would consider the end result to be the current
year end LIFO reserve; others may consider it to be the current year end LIFO
inventory balance). We call those two components the front & back end of a […]
Read more
October 2, 2020
LIFO Blog
LIFOPRO SOFTWARE INTERNAL INDEX MODULE RELEASED
Automate All Aspects of LIFO Calculations in a Few Clicks of a Button The
LIFOPro team is proud to announce that the latest release of the LIFOPro
software now includes a robust Internal Index Module that completely automates
all aspects of dollar-value internal index LIFO calculations. With this new
release, users can complete both the […]
Read more
October 1, 2020
LIFO Blog
AUGUST 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2020 Consumer Price Indexes
(CPI) today. The All commodities index saw an increase of 0.3% in the last month
and increased by 1.3% in the last 12 months. Food rose by 0.1% from July –
August ’20 and has risen 4.1% between August 2019 – August 2020. […]
Read more
September 11, 2020
BLS, LIFO Blog
AUGUST 2020 PPI RELEASE HIGHLIGHTS
The BLS released August 2020 PPI today. The All commodities index increased 0.6%
over the last month & decreased 2.6% from August ’19 – ’20. Processed foods
decreased 0.3% from July – August ’20 and increased 0.3% between August 2019 –
August 2020. Lumber and wood products saw a rise of 5.1% in the last […]
Read more
September 10, 2020
BLS, LIFO Blog
JULY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 1.0% over the last 12 months on a seasonally unadjusted basis.
Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between
July ’19 […]
Read more
August 12, 2020
BLS, LIFO Blog
JULY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 1.0% over the last 12 months on a seasonally unadjusted basis.
Housekeeping supplies increased 1.8% from June – July 2020 & rose 5.2% between
July ’19 […]
Read more
August 11, 2020
BLS, LIFO Blog
WHY RV DEALERSHIPS ARE GREAT LIFO CANDIDATES
How LIFO Works The LIFO inventory method matches current period revenues with
the most recent period’s costs to provide a better measure of current earnings
when there is inflation. The LIFO method transfers the inflationary portion of
the ending inventory balance from the balance sheet to the income statement via
cost of goods sold. When […]
Read more
July 27, 2020
LIFO Blog, LIFO Insights
LIFOPRO SOFTWARE PROMOTIONAL OFFER
LIFOPro highly values the relationships we have with all of our software users.
When we begun as a software-only company, we knew there was a great desire for
automating calculations & greatly simplifying LIFO procedures. Since then, we’ve
taken great pride in having of the most reputable & successful companies as
software users. In our […]
Read more
July 22, 2020
LIFO Blog
INTRODUCING THE LIFOPRO SOFTWARE PRIVATE CLOUD
As LIFOPro has evolved in the last three decades since our inception in 1992, we
are constantly making improvements based on our client’s needs. With the
advancement of technology, companies are expecting web-based software solution
options more than ever. LIFOPro has answered that call with our new private
cloud. As efficient as our software & […]
Read more
July 22, 2020
LIFO Blog
JUNE 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2020 Consumer Price Indexes
(CPI) today. The All Commodities index saw a 0.5% increase over the last month &
has increased 0.6% over the last 12 months on a seasonally unadjusted basis. All
items less food and energy increased 0.2% from May – June 2020 & rose […]
Read more
July 14, 2020
BLS, LIFO Blog
JUNE 2020 PPI RELEASE HIGHLIGHTS
The BLS released June 2020 PPI today. The All commodities index decreased 4.6%
over the last month & increased 0.9% from June ’19 – ’20. Food Commodities
Fruits & vegetables rose 6.7% between May – June 2020 & has declined 0.9% over
the last 12 months. Chicken eggs decreased 1.6% from May 2020 to June […]
Read more
July 10, 2020
BLS, LIFO Blog
MAY 2020 PPI RELEASE HIGHLIGHTS
The BLS released May ’20 PPI today. The All commodities index increased 1.8%
from April – May ’20 & decreased 6.1% between May ’19 – ’20. Commodities
Affected by COVID-19 & the Related Supply/Demand Volatility Food Fruits &
melons, fresh/dry vegetables & nuts saw a 5.7% decrease between April – May 2020
and a 6.1% […]
Read more
June 11, 2020
BLS, LIFO Blog
MAY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2020 Consumer Price Indexes
(CPI) today. The All commodities index was unchanged over the last month & has
increased 0.1% over the last 12 months on a seasonally unadjusted basis. All
items less food and energy decreased 0.1% from April – May 2020 & rose 1.2%
between […]
Read more
June 10, 2020
BLS, LIFO Blog
WHY HEAVY DUTY TRUCK DEALERSHIPS ARE GREAT LIFO CANDIDATES
Defining Good LIFO Candidates When weighing the costs & benefits of using the
LIFO method, the following factors are key in determining if a company is a good
LIFO candidate Inflation rate – When working with companies to determine if
they’re a good LIFO candidate, we look for a historical average annual inflation
greater than […]
Read more
May 31, 2020
LIFO Blog, LIFO Insights
APRIL 2020 PPI RELEASE HIGHLIGHTS
The BLS released April 2020 PPI today. The All commodities index dropped 3.0%
from March – April 2020 & decreased 2.1% between April ’19 – April 2020.
Commodities Affected by COVID-19 & the Related Supply/Demand Volatility For the
foreseeable future, our monthly BLS PPI release blogs will highlight price
changes for commodities experiencing above average […]
Read more
May 13, 2020
BLS, LIFO Blog
APRIL 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2020 Consumer Price Indexes
(CPI) today. The All commodities index decreased 0.7% over the last month & has
increased 0.3% over the last year on a seasonally unadjusted basis. All items
less food and energy decreased 0.5% from March – April 2020 & rose 1.4% between
April […]
Read more
May 12, 2020
BLS, LIFO Blog
MARCH 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2020 Consumer Price Indexes
(CPI) today. The All commodities index decreased 0.2% over the last month & has
increased 1.5% over the last year on a seasonally unadjusted basis. All items
less food and energy were unchanged from February – March 2020 & rose 2.1%
between March […]
Read more
April 10, 2020
BLS, LIFO Blog
MARCH 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2020 Producer Price Indexes
(PPI) today. All commodities saw a decrease of 3.5% over the last month and a
decrease of 1.4% over the last year. Building paper & building board mill
products increased by 11.4% over the last month & rose by 10.8% over the last
[…]
Read more
April 9, 2020
BLS, LIFO Blog
FEBRUARY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2020 Producer Price
Indexes (PPI) today. All commodities saw a decrease of 1.4% over the last month
and a decrease of 1.5% over the last year. Nonferrous metal ores increased by
1.4%Â over the last month & rose by 21.5% over the last year. From January 2020
to […]
Read more
March 12, 2020
BLS
FEBRUARY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2020 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.3% over the last
month & has increased 2.3% over the last year on a seasonally unadjusted basis.
All items less food and energy increased by 0.5% between January 2020 – February
2020 & rose […]
Read more
March 11, 2020
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2020 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2020 Producer Price
Indexes (PPI) today. All commodities saw an increase of 0.2% over the last
month and increase of 0.1% over the last year. Bolts, nuts, screws, rivets and
washers increased by 1.8%Â over the last month & rose by 6.4% over the last
year. From December […]
Read more
February 19, 2020
BLS, LIFO in the News, LIFO Insights
JANUARY 2020 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2020 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.4% over the last
month & has increased 2.5% over the last year on a seasonally unadjusted basis.
All items less food and energy increased by .04% between December ’19 – January
2020 & rose […]
Read more
February 13, 2020
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING HOW LIFO RESERVE CHANGES ARE CALCULATED
For companies on LIFO, the LIFO reserve represents the difference between their
ending inventory balance at FIFO or average cost (commonly referred to as
“current year cost) vs. LIFO cost (for dollar-value LIFO calculations, a
non-LIFO costing method must be used to track inventory costs throughout the
year in order to determine the “pre-LIFO” ending […]
Read more
February 11, 2020
LIFO Blog, LIFO Insights
UNDERSTANDING PRICE CHANGES FOR PRODUCER PRICE INDEXES, IMPORTS & EXPORTS
When providing LIFO Election Benefit Analysis results to companies looking to
determine the potential benefits of LIFO, we use Producer Price Index (PPI)
inflation tracked by the Bureau of Labor Statistics (BLS) to determine the
historical inflation the most predominant items within a businesses’ product
mix. When a company’s internal price changes are significantly different […]
Read more
February 10, 2020
LIFO Blog, LIFO Insights
THE INDUSTRIES PROVIDING THE BEST LIFO BENEFITS FOR THE 2019 YEAR END
What’s Changed Since our Top 50 List was Published in October? In October, we
released a Top 50 LIFO candidates list that used inflation rates for the 9
months ended September 2019. As of last Wednesday, December 2019 Producer Price
Indexes (PPI) were published and the books have now been closed on inflation
rates for […]
Read more
January 19, 2020
LIFO Blog, LIFO Insights
DECEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Producer Price
Indexes (PPI) today. All commodities saw an increase of 0.1% over the last
month and decrease of 0.9% over the last year. Crude petroleum (domestic
production) increased by 3.4%Â over the last month & rose by 12.7% over the
last year. Dental equipment and supplies […]
Read more
January 15, 2020
BLS, LIFO Blog
DECEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2019 Consumer Price
Indexes (CPI) today. The All commodities index decreased by 0.1% over the last
month & has increased 2.3% over the last year on a seasonally unadjusted basis.
All items less food and energy decreased by 0.1% between November – December
’19 & rose 2.3% […]
Read more
January 14, 2020
BLS, LIFO Blog
CPA FIRM LIFO OPPORTUNITIES
Imagine a company with $5 million of inventory that’s taking proposals from
several CPA firms to properly manage it. The company is not on LIFO, their
current CPA firm never performed a benefit analysis or even offered the idea of
LIFO to them and the only thing the client’s CFO recalls about LIFO is […]
Read more
January 9, 2020
BLS, LIFO Blog
NOVEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Producer Price
Indexes (PPI) today. The All commodities index increased by 0.3% over the last
month & has decreased by 1.6% over the last year on a seasonally unadjusted
basis. Dairy products increased by 1.5% over the last month & rose by 7.4% over
the last […]
Read more
December 12, 2019
BLS, LIFO Blog
NOVEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2019 Consumer Price
Indexes (CPI) today. The All commodities index decreased by 0.1% over the last
month & has increased 2.1% over the last year on a seasonally unadjusted basis.
All items less food and energy was unchanged between October – November ’19 &
rose 2.3% between […]
Read more
December 11, 2019
BLS, LIFO Blog
WHAT COMPANIES USING IPIC LIFO NEED TO KNOW ABOUT PRELIMINARY VS. FINAL PRODUCER
PRICE INDEXES (PPI)
Companies using the IPIC LIFO method must choose between using final or
preliminary Producer Price Indexes. The most important differences between these
two options is availability & timing. The BLS releases preliminary indexes
around the 15th of the month for the previous month based on price surveys
returned from companies and then follows up with […]
Read more
December 5, 2019
BLS, LIFO Blog
WHAT YOU NEED TO KNOW ABOUT DUAL INDEXES
Most accounting systems track inventory costs using FIFO or moving average cost.
The same can be said for companies on LIFO, but adjustments are obviously
required to convert FIFO or average cost to LIFO. The most widely-used and
accepted approach to make a link-chain LIFO calculation is what one could call a
single index method. […]
Read more
November 27, 2019
LIFO Blog, LIFO Insights
OCTOBER ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2019 Producer Price
Indexes (PPI) today. The All commodities index increased by 0.2% over the last
month & has decreased by 3.0% over the last year on a seasonally unadjusted
basis. Farm products increased by 6.0% over the last month & rose by 4.1% over
the last […]
Read more
November 14, 2019
BLS, LIFO Blog
OCTOBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released October 2019 Consumer Price
Indexes (CPI) today. The All commodities index increased by 0.2% over the last
month & has increased 1.8% over the last year on a seasonally unadjusted basis.
Candy and chewing gum increased by 3% from September to October ’19 and rose by
4.9% from […]
Read more
November 13, 2019
BLS, LIFO Blog
SEPTEMBER ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 19 Consumer Price
Indexes (CPI) today. The all items category increased 0.1% over the last month &
rose 1.7% over the last year while All items less food and energy increased 0.1%
between August – September ’19 and rose 2.4% between September ’18 – ’19.
Tobacco and […]
Read more
October 9, 2019
BLS
LIFO-PRO’S TOP 50 LIFO CANDIDATES OF 2019
LIFO-PRO releases this list of the top 50 LIFO candidates annually in October
following the Bureau of Labor Statistics (BLS) releasing September Producer
Price Indexes (PPI). This allows for the best LIFO candidates to be identified
in advance keeping in mind that considering a LIFO election typically requires
prior planning and buy in from the […]
Read more
October 9, 2019
BLS, LIFO Blog, LIFO Insights
SEPTEMBER 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2019 Producer Price
Indexes (PPI) today. The Bureau of Labor Statistics (BLS) released September
2019 Producer Price Indexes (PPI) today. The All commodities index declined by
0.6% over the last month & has decreased by 2.7% over the last year on a
seasonally unadjusted basis. Meats […]
Read more
October 8, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2019 Consumer Price Indexes
(CPI) today. The all items category was unchanged over the last month & rose by
1.7% over the last year while All items less food and energy increased 0.2% from
July – August ’19 and rose by 2.4% from August ’18 – ’19. […]
Read more
September 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2019 Producer Price Indexes
(PPI) today. The All commodities index declined by 0.8% over the last month &
has decreased by 2.0% over the last year on a seasonally unadjusted basis. Meats
increased by 2.6% from July to August 2019 and rose by 6.1% from August ’18 […]
Read more
September 10, 2019
BLS, LIFO Blog
JULY ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2019 Consumer Price Indexes
(CPI) today. The all items category rose 0.2% over the last month & rose by 1.8%
over the last year while All items less food and energy increased 0.1% from June
– July ’19 and rose by 2.2% from July ’18 – ’19. […]
Read more
August 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY THE DOUBLE-EXTENSION LIFO INDEX CALCULATION METHOD IS UNRELIABLE
The double-extension method does not reliably measure the amount of price
inflation during a year and should not be considered a permissible LIFO method.
The double-extension method has been considered by the IRS to be the preferred
method to make dollar-value method LIFO index calculations for the almost 60
years that the dollar-value LIFO method […]
Read more
August 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2019 Producer Price Indexes
(PPI) today. The All commodities index rose by 0.3% over the last month &
decreased by 1.6% over the last year on a seasonally unadjusted basis. Dairy
products increased by 1.2% from June to July ’19 and rose by 5.6% from July ’18
[…]
Read more
August 9, 2019
BLS, LIFO Blog
JUNE ’19 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2019 Consumer Price Indexes
(CPI) today. The all items category was unchanged over the last month & rose by
1.6% over the last year while All items less food and energy increased 0.2% from
May – June 19 and rose by 2.1% from May ’18 – ’19. […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released June 2019 Producer Price Indexes
(PPI) today. The All commodities index declined by 0.6% over the last month &
decreased by 1.9% over the last year on a seasonally unadjusted basis. Leading
the decreases was refined petroleum with a 7.3% decline from May – June 2019 and
a […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.2% over the last month & rose by
1.8% over the last year while All items less food and energy increased 0.1%
between April – May ’19 and rose by 2.0% between May ’18 – ’19. […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 19 Producer Price Indexes
(PPI) today. The All commodities index decreased 0.3% over the last month &
declined by 0.8% over the last year on a seasonally unadjusted basis. Industrial
commodities less fuels was unchanged between April – May ’19 & rose by 0.7%
between May ’18 […]
Read more
August 1, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING HOW LIFO WORKS
The most common resistance we get when speaking with companies regarding LIFO is
related to its complexity. “It just doesn’t make sense” is a common theme. “I
don’t know why anyone would go out of their way to make inventory accounting
more complicated” is another often-used rebuttal. But the bottom line is that
LIFO provides […]
Read more
August 1, 2019
BLS, LIFO in the News
APRIL 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.5% over the last month & rose by
2.0% over the last year while All items less food and energy increased 0.2%
between March – April ’19 and rose by 2.1% between April ’18 – ’19.
Read more
May 9, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2019 Producer Price Indexes
(PPI) today. The All commodities index increased 0.5% over the last month & rose
by 0.9% over the last year on a seasonally unadjusted basis.
Read more
May 9, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2019 Producer Price Indexes
(PPI) today. The All commodities index increased 1.2% over the last month & rose
by 0.9% over the last year on a seasonally unadjusted basis.
Read more
April 11, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2019 Consumer Price Indexes
(CPI) today. The all items category increased 0.6% over the last month & rose
1.9% over the last year while All items less food and energy increased 0.3%
between February – March ’19 and rose 2.0% between March ’18 – March ’19.
Read more
April 10, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY 2019 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2019 Producer Price
Indexes (PPI) today. The All commodities index increased 0.1% over the last
month & decreased 0.3% over the last year on a seasonally unadjusted basis.
Read more
March 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2019 Consumer Price
Indexes (CPI) today. The all items category increased 0.4% over the last month &
rose1.5% over the last year while All items less food and energy increased 0.4%
between January – February ’19 & rose 2.1% over the last year.
Read more
March 12, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’19 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2019 Producer Price
Indexes (PPI) today. The All commodities index decreased 1.7% over the last
month & rose 0.4% over the last year on a seasonally unadjusted basis.
Read more
February 14, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2019 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2019 Consumer Price
Indexes (CPI) today. The all items category increased 0.2% over the last month &
by 1.6% over the last year while All items less food and energy increased 0.4%
between December ’18 – January ’19 & by 2.2% over the last year.
Read more
February 13, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
January 15, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER ’18 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
January 11, 2019
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2018 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
December 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
December 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER 2018 CPI RELEASE HIGHLIGHTS
Get the highlights of the monthly Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) releases at LIFO-PRO’s BLS Blog!
Read more
November 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TOP 50 LIFO CANDIDATES OF 2018
Find out the top LIFO candidates by type of business, good or industry based on
year to date & historical average inflation rates at LIFO-PRO’s blog!
Read more
November 12, 2018
LIFO Blog, LIFO Insights
OCTOBER 2018 PPI RELEASE HIGHLIGHTS
Get monthly Bureau of Labor Statistics (BLS) Producer Price Index (PPI) release
highlights & historical average inflation rates at LIFO-PRO’s BLS Blog!
Read more
November 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’18 CPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2018 Consumer Price
Indexes (CPI) today.
Read more
October 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’18 PPI RELEASE HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released September 2018 Producer Price
Indexes (PPI) today.
Read more
October 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2018 Consumer Price Indexes
(CPI) today.
Read more
September 13, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
UPDATED PPI TABLE 9 CATEGORY NAME FILE RELEASED
LIFO-PRO has completed the annual updates to the excel file used by LIFO-PRO
clients for populating BLS PPI Table 9 category names via vlookup formulas in
their inventory detail files.
Read more
September 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AUGUST ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released August 2018 Producer Price Indexes
(PPI) today.
Read more
September 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released July 2018 Consumer Price Indexes
(CPI) today.
Read more
August 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2018 PPI HIGHLIGHTS
Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index
(PPI) monthly release at LIFO-PRO’s BLS Blog!
Read more
August 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE ’18 PPI HIGHLIGHTS
Get the highlights of the Bureau of Labor Statistics (BLS) Producer Price Index
(PPI) monthly release at LIFO-PRO’s BLS Blog!
Read more
July 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes
(CPI) today.
Read more
July 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2018 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Producer Price Indexes
(PPI) today.
Read more
June 13, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released May 2018 Consumer Price Indexes
(CPI) today.
Read more
June 12, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
AICPA RECOMMENDS CHANGES TO PROPOSED IRS LIFO REGULATIONS
The AICPA submitted a letter to the IRS on May 21st detailing change
recommendations to the proposed IRS IPIC LIFO pooling regulations.
Read more
May 25, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL 2018 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2018 Consumer Price Indexes
(CPI) today.
Read more
May 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released April 2018 Producer Price Indexes
(PPI) today.
Read more
May 9, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2018 Consumer Price Indexes
(CPI) today. Shown below are historical inflation rates through March 2018 for
selected CPI categories.
Read more
April 11, 2018
BLS, LIFO Blog
MARCH ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released March 2018 Producer Price Indexes
(PPI) today.
Read more
April 10, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2018 Producer Price
Indexes (PPI) today.
Read more
March 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released February 2018 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through February
2018 for selected CPI categories.
Read more
March 13, 2018
BLS, LIFO Blog
JANUARY ’18 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2018 Producer Price
Indexes (PPI) today.
Read more
February 15, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’18 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released January 2018 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through January
2018 for selected CPI categories.
Read more
February 14, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 2017 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released December 2017 Consumer Price
Indexes (CPI) today. Shown below are historical inflation rates through December
2017 for selected CPI categories.
Read more
January 15, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER 17 PPI HIGHLIGHTS
Get the latest updates on commodity inflation trends with PPI release updates
from LIFO-PRO’s BLS Blog Page, including historical inflation averages & top 10
monthly gainers!
Read more
January 11, 2018
BLS, LIFO Blog, LIFO in the News, LIFO Insights
IPIC LIFO METHOD ADVANTAGES
For most large supermarket chains the advantage of using CPI vs. internal
indexes has been substantial.
Read more
December 20, 2017
LIFO Blog, LIFO Insights
NOVEMBER ’17 CPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2017 Consumer Price
Indexes (CPI) today.
Read more
December 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER ’17 PPI HIGHLIGHTS
The Bureau of Labor Statistics (BLS) released November 2017 Producer Price
Indexes (PPI) today.
Read more
December 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
REASONS FOR CONGRESS TO KEEP THE LIFO INVENTORY METHOD
The last-in, first-out (LIFO) inventory method has been an acceptable accounting
method in the U.S. tax code for more than 75 years.
Read more
December 6, 2017
LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER ’17 CPI HIGHLIGHTS
Shown below are historical inflation rates through October 2017 for selected CPI
categories.
Read more
November 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER 17 PPI HIGHLIGHTS
On a seasonally unadjusted basis, the PPI for all commodities increased by 0.2%.
Prices for final demand goods moved up 0.3 percent in October, the third
straight increase.
Read more
November 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SENATE FINANCE COMMITTEE DRAFTING TAX REFORM BILL
Based on recent reports, sources indicate that at least two Senate Finance
Committee members have stated that they favor LIFO repeal.
Read more
November 6, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TAX CUTS AND JOBS ACT: HOUSE TAX REFORM BILL DETAILS RELEASED
The House Ways & Means Committee released the details of their tax reform bill,
called the Tax Cuts and Jobs Act. See a summary & the full bill here!
Read more
November 2, 2017
LIFO Blog, LIFO in the News
LIFO INFOGRAPHIC
Click to view The LIFO Coalition, last-in, first-out inventory accounting
method.
Read more
October 30, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY TRADING LIFO REPEAL FOR REDUCED CORPORATE RATES IS UNSOUND TAX POLICY
Comparatively speaking, LIFO was enacted during a time of relatively low
corporate tax rates. Learn why LIFO repeal is unsound tax policy at this Blog!
Read more
September 29, 2017
LIFO Blog, LIFO in the News, LIFO Insights
THE ECONOMIC & BUDGETARY IMPACT OF LIFO REPEAL
According to the Tax Foundation LIFO repeal would reduce GDP by $11.6 billion
per year & end up reducing federal revenue by $518 million annually. Read more
Read more
September 19, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FACTS & FIGURES FAVORING THE ACCEPTABILITY, PREFERABILITY & PRESERVATION OF LIFO
Summary of the defining principles of the LIFO method & authoritative references
that played pivotal roles in its inception.
Read more
August 23, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SENATORS CASSIDY, ISAKSON & THUNE SEEKING LIFO REPEAL
Key Senate Finance Committee Members Speak Out In Favor of LIFO Repeal
Read more
August 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2017 CPI HIGHLIGHTS
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in
July on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics
reported today.
Read more
August 11, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY 2017 PPI HIGHLIGHTS
The Producer Price Index for final demand declined 0.1 percent in July,
seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.
Read more
August 10, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
COMPANIES URGED TO CONTACT CONGRESS IN SUPPORT OF LIFO
It is extremely important for LIFO tax-paying businesses & CPA firms to voice
their support for LIFO to their respective members of Congress.
Read more
July 28, 2017
LIFO Blog, LIFO in the News, LIFO Insights
LIFO COALITION MEETING HIGHLIGHTS
LIFO-PRO brings you highlights of recent LIFO Coalition meetings and tax reform
developments that pertain to LIFO all from our LIFO Coalition Blog Page!
Read more
June 18, 2017
LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
May 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
APRIL ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
May 12, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
April 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
April 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
CLARIFYING THE ACCEPTABILITY OF DIFFERING BOOK & TAX LIFO METHODS
Many accountants have misinterpreted the LIFO conformity rules; this has led
them into thinking that uniform use of Book & Tax LIFO methods are required.
Read more
March 29, 2017
LIFO Blog, LIFO Insights
FEBRUARY ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
March 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
FEBRUARY ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
March 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’17 CPI TOP FIVE GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Consumer Price Index (CPI)
Blog for the top 5 CPI gainers of the month & the BLS CPI News Release.
Read more
February 15, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY TO NOT USE MANUAL SPREADSHEET FORMULAS TO CALCULATE LIFO
Learn why using manual spreadsheet to calculate LIFO fails to provide sufficient
LIFO internal controls at LIFO-PRO’s LIFO Insights Blog.
Read more
February 14, 2017
LIFO Blog, LIFO in the News, LIFO Insights
JANUARY ’17 PPI TOP 10 GAINERS
Visit LIFO-PRO’s Bureau of Labor Statistics (BLS) Producer Price Index (PPI)
Blog for the top 10 PPI gainers of the month & the BLS PPI News Release.
Read more
February 14, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JANUARY 2017 FASB ASU EXPOSURE DRAFT PROPOSES NEW LIFO DISCLOSURE REQUIREMENTS
The two amendments would require the following additional LIFO-related
disclosures
Read more
January 27, 2017
LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER CPI TOP FIVE GAINERS
Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page;
find out the December CPI Top 5 gainers by BLS categories here!
Read more
January 18, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
DECEMBER ’16 PPI TOP 10 GAINERS
Visit LIFO-PRO’s BLS PPI Blog for the top 10 PPI gainers of the month and read
the BLS PPI Economic News Release.
Read more
January 13, 2017
BLS, LIFO Blog, LIFO in the News, LIFO Insights
C CORPORATION IRS TAX RETURN DUE DATE CHANGED TO APRIL 15TH FOR 2016 TAX YEAR
C Corporation IRS Tax Return Due Date Changed to April 15th for 2016 Tax Year.
Read more
December 22, 2016
LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER CPI TOP FIVE GAINERS
Get updates on monthly CPI & PPI index releases on LIFO-PRO’s BLS blog page;
find out the November CPI Top 5 gainers by BLS categories here!
Read more
December 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NOVEMBER PPI TOP 10 GAINERS
Visit LIFO-PRO’s October PPI Blog to see the November PPI top 10 gainer PPI
Categories were and read the BLS PPI Economic News Release.
Read more
December 14, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PROPOSED IPIC POOLING METHOD LIFO REGULATIONS RELEASED BY TREASURY DEPARTMENT,
IRS
Proposed IPIC Pooling Method LIFO Regulations Released by Treasury Department,
IRS read more on the impact to LIFO taxpayers at LIFO-PRO’s Blog page.
Read more
November 28, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER CPI TOP 5 GAINERS
October 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
November 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
OCTOBER PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released October 2016 PPI today. Listed
below are the top 10 gainers:
Read more
November 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 CPI TOP 5 GAINERS
September 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top gainers are shown in the table below:
Read more
October 18, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed
below are the top 10 gainers:
Read more
October 14, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
SEPTEMBER ’16 PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released September 2016 PPI today. Listed
below are the top 10 gainers:
Read more
October 14, 2016
BLS
AUGUST PPI TOP 10 GAINERS
The Bureau of Labor Statistics (BLS) released August 2016 PPI today. The top 10
gainers are listed below:
Read more
September 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY CPI TOP 5 GAINERS
July 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
August 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JULY PPI TOP 10 GAINERS
July 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The
top 10 gainers are shown in the table below:
Read more
August 12, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE 16 CPI TOP 5 GAINERS
June 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier
today. The top 5 gainers are shown in the table below:
Read more
July 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
JUNE PPI TOP 10 GAINERS
June 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The
top 10 gainers are shown in the table below:
Read more
July 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
HOUSE GOP TAX PROPOSAL CALLS FOR LIFO PRESERVATION
A recent message from the LIFO Coalition highlighted a development regarding a
policy agenda involving LIFO that has been drafted by Republican Party members
within the House of Representatives.
Read more
June 24, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2016 CPI TOP GAINERS
May 2016 CPI was released by the Bureau of Labor Statistics (BLS) earlier today.
The top 5 gainers are shown in the table below:
Read more
June 16, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MAY 2016 PPI TOP 10 GAINERS
May 2016 PPI was released by the Bureau of Labor Statistics (BLS) today. The top
10 gainers are shown in the table below:
Read more
June 15, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PPI TOP 10 APRIL GAINERS BY BLS COMMODITY GROUPS
The Bureau of Labor Statistics (BLS) released April 2016 PPI today.
Read more
May 13, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’16 CPI ECONOMIC NEWS RELEASE
The Bureau of Labor Statistics (BLS) released March 2016 CPI today.
Read more
April 18, 2016
BLS, LIFO Blog, LIFO in the News
BEWARE OF SPECIFIC GOODS OR UNIT LIFO
CPAs should be aware of situations for which their clients are using Specific
Goods LIFO. Read the full blog article to see why
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
MARCH ’16 PPI ECONOMIC NEWS RELEASE
The Bureau of Labor Statistics (BLS) released March 2016 PPI today.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY INTERNAL INDEX LIFO INFLATION IS OFTEN MORE VOLATILE THAN PPI INFLATION FOR
MANUFACTURERS
Learn why internal index calculations have historically lower LIFO Tax benefits
when compared to other inflation measure sources.
Read more
April 17, 2016
LIFO Blog, LIFO in the News, LIFO Insights
KEEPING UP WITH THE FREQUENT CHANGES IN THE PRODUCER PRICE INDEX COMMODITY CODES
USED FOR LIFO INVENTORY CALCULATIONS
LIFO-PRO’s software will automatically make the reassignments of Producer Price
Index codes necessary of discontinued codes.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
TAX FOUNDATION STUDY: ECONOMIC & BUDGETARY IMPACT OF LIFO REPEAL
The Tax Foundation, the nation’s leading independent tax policy research
organization, conducted a survey that collected information regarding the
economic and budgetary impact of LIFO Repeal in the United States.
Read more
April 17, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
COMMITTEE HEARING EXCHANGE WITH TREASURY SECRETARY JACK LEW
Congressman Mike Thompson (D-CA), a leading Congressional LIFO advocate, had an
exchange with Obama Treasury Secretary Jack Lew this week during a House Ways &
Means Committee hearing. The unofficial transcript is posted below:
Read more
February 12, 2016
LIFO Blog, LIFO in the News
LIFO REPEAL ONCE AGAIN MISREPRESENTED IN WHITE HOUSE BUDGET PROPOSAL
The LIFO Coalition posted an update on their website today that discussed the
recent release of President Obama’s 2016 budget proposal.
Read more
February 12, 2016
BLS, LIFO Blog, LIFO in the News, LIFO Insights
“CONGRESS MUST NOT HURT SMALL BUSINESSES BY REPEALING ACCOUNTING PROCEDURE”
A Florida House of Representatives member wrote an article regarding LIFO that
appeared in the Column of online news network Context Florida on January 25th,
2016. Read the full article below.
Read more
February 1, 2016
LIFO Blog, LIFO in the News, LIFO Insights
LIFO UPDATES: DISCUSSION FROM LIFO COALITION’S EXECUTIVE SECRETARIAT
LIFO-PRO partners with the LIFO Coalition in any efforts geared towards
preventing LIFO Repeal.
Read more
October 29, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
WHY CLIENTS CHOOSE US- LIFO-PRO TESTIMONIALS
In over twenty years of providing LIFO Software & Calculation Services, LIFO-PRO
has earned the trust and loyalty needed to maintain a strong client-base.
LIFO-PRO continues to be a cost leader in LIFO Calculation Services; the
LIFO-PRO Software is priced at affordable rates for companies both large and
small. LIFO-PRO’s commitment to our clients does not […]
Read more
September 17, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
BUSINESS JOURNAL ARTICLE SUPPORTS LIFO PRESERVATION
On August 14th, 2015, the Central Penn Business Journal published an article
written by Cathy Kolakowski. She is the Owner of CK Bookkeeping Services based
in Lower Paxton Township, PA.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
REP. WILLIAMS RESOLVES TO PROTECT AMERICAN BUSINESS, LIFO METHOD
Rep. Roger Williams (R-TX) submitted the following concurrent resolution,
H.CON.RES.69, to protect the use of LIFO for American businesses.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
TOPEKA INDEPENDENT BUSINESS ASSOCIATION FOUNDERS LIFO ARTICLE
Ken Daniels, Founder of the Topeka Independent Business Association, spoke on
the subject of tax reform and the LIFO Method in a August 12th article.
Read more
August 17, 2015
LIFO Blog, LIFO in the News, LIFO Insights
VOLATILITY OF PPI TABLE 9 CODE 0638-0202RX- ANALGESICS, PRESCRIPTION
There was a 28% 1 month increase in February ’14, and a 26% increase in March
’14. In May ’14, RX analgesics PPI Table 9 reported a 21% 1 month decrease.
Read more
July 24, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
NEW, RECODED & DELETED NAICS & PPI CODES MADE, EFFECTIVE JULY 15, 2015
The BLS released information regarding NAICS & PPI codes. See the tables for a
summary of the different changes.
Read more
July 17, 2015
BLS, LIFO Blog, LIFO in the News, LIFO Insights
PROBLEMS THAT CAN ARISE WHEN USING INTERNAL INDEX LIFO TO CALCULATE INFLATION
The IRS Regs. allow two LIFO inflation measurement sources. LIFO taxpayers can
either use: External indexes – The IRS Regs. were amended in 1982 to permit the
use of the Inventory Price Index Computation (IPIC) method for which Producer
Price Indexes (PPI) or Consumer Price Indexes (CPI) are used. Internal indexes –
This is a […]
Read more
May 27, 2015
LIFO Blog, LIFO Insights
USE OF PPI INDEXES BY SUPERMARKETS TO INCREASE TAX DEFERRAL
The use of PPI LIFO inflation for inflation measurement is a tax planning idea
that can significantly increase the amount of LIFO benefits for supermarkets.
Read more
June 16, 2014
LIFO Blog, LIFO in the News, LIFO Insights
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