The  Last-In,  First-Out  (LIFO)  Inventory  Method

An  Overview  Course  Covering  All  Business  Applications

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

     The Last-In, First-Out (LIFO) inventory valuation method has been, and continues to be, a vital part of a business’ strategy for conserving cash.  Despite recent discussions and speculation about the future of the LIFO method, it is still with us right now, and the IRS continues to examine LIFO eligibility and computations in its audits.  This seminar provided a solid overview of the method and emphasize the important requirements that a business must satisfy in order to obtain and/or maintain the benefits LIFO provides. 

Topics included …

        ·    Advantages, disadvantages and practical considerations … When should a LIFO election be made?

        ·    Eligibility requirements … Cost, conformity, consent & recordkeeping.

        ·    Practical considerations in electing LIFO sub-methods.

        ·    Why a business using LIFO should not be using the double-extension method for computing inflation indexes.

        ·    Step-by-step analysis of Form 970 for initial LIFO elections, including special filing considerations.

        ·    Understanding and reconciling LIFO reserves so you can strategically plan for year-end events.

        ·    LIFO reserve recapture, S-corporation election consequences and other special problems.