Using the LIFO (Last-In, First-Out) Inventory Method

 for Soon-to-Be-Filed 2010 Business Tax Returns

... Opportunities - Strategies - Problem Areas

Date:  March 8, 2011 …   1 p.m. Eastern; 12 p.m. Central; 11 a.m. Mountain; 10 a.m. Pacific. 

        LIFO is an interest-free loan from the U.S. Treasury.  Where else can a business get zero cost financing?

       Inflation pressures are growing every day.  Articles in the Wall Street Journal are warning that significant price increases in raw materials and commodities are coming, if they are not already here.  Inventory-intensive businesses can put inflation to work for their benefit by using the Last-In, First-Out (LIFO) method to value their inventories.  This 3-hour seminar explained what you need to know in order to competently advise your clients on LIFO matters.        

Topics included …

        ·    Advantages, disadvantages, eligibility requirements and computational techniques commonly employed in applying the LIFO method to all businesses

        ·    Proper completion of Form 970 for making the LIFO election, and pitfalls to avoid

        ·    What combination of computational LIFO sub-methods might be best for your business application?

        ·    Can you, or should you, change to more beneficial LIFO methods to maximize LIFO benefits?  If “Yes” - How to do it

        ·    How to explain to your clients why their LIFO reserves went up even though their inventory levels went down