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LIFO Lookout

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

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

    The cornerstone of each LIFO Lookout is the LIFO Update overview that summarizes the quarter's major developments.  Each starts with the folksy, "If you had called me personally to ask, 'What's happening lately with LIFO that I need to know about?' ... Here's what I'd say:..."  In the paragraphs that follow, Mr. De Filipps provides an executive briefing of the major developments, grounded in his 40+ years as a CPA tax practitioner and LIFO specialist. 

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

    Twice-a-Year Updates.  Beginning in 2008, an annual subscription will consist of a mid-year update issue of the LIFO Lookout and a year-end issue.  These comprehensive mid-year and year-end issues summarize, analyze and comment on developments of significant interest and importance to CPAs serving automobile dealerships. 

    The year-end issue will also include all of the detailed annual inflation rate information that can be used for dealership LIFO reserve change projections and financial statement conformity estimates. 

    This twice-a-year format replaces the quarterly issue format that the LIFO Lookout previously followed from 1991 through 2007. 

    As in the past, primary sources for these mid-year and year-end issues of the LIFO Lookout will include U.S. Tax Court and other court income tax decisions, IRS Revenue Rulings, Revenue Procedures, Letter Rulings, IRS Field Service Advice, Coordinated Issue Papers, IRS Audit Guides and other IRS guidance and training materials.  These and other sources are analyzed, interpreted and often accompanied by Practice Guides and At a Glance summaries that readers can readily apply in their practices.

    The annual subscription cost for these two issues of the LIFO Lookout is $520 ($475 + a shipping & handling fee of $45).  For more information or to subscribe, please click here or e-mail us indicating your interest in subscribing to the LIFO Lookout.

    Special Edition Issues. Whenever a major development occurs that warrants treatment as a separate seminar subject, that development will be the subject of a “Special Edition” issue of the LIFO Lookout.  The frequency of these issues cannot be predicted, however, they will contain all of the materials developed for a major seminar presentation. 

    These Special Editions will be separately priced and offered.  In other words, the Special Edition issues are not included as part of the annual subscription cost. 

    The IRS’ recent issuance of Revenue Procedure 2008-23 is a good example of a major or landmark development warranting such “Special Edition” treatment.  This major development followed years of “consideration” by the IRS and it now allows auto dealerships to use a single, combined pool for LIFO purposes. 

    This Revenue Procedure was the subject of a separate audio seminar presentation that Mr. De Filipps gave on April 24, 2008.  Additional comprehensive materials, case studies and Forms 970/3115 proformas were developed and included in a 60-page Special Edition of the LIFO Lookout. 

    Other Related Information.  A transitional adjustment for this change in publication terms has been made with current subscribers who had prepaid their 2008 subscriptions. 

    Back issues are available for $80 each.  Please note that you cannot purchase the current issue of this publication (i.e., the most recently published issue) as a "back issue," nor can you purchase a Special Edition issue at the $80 back issue price. 

   A comprehensive cross-referenced index of all articles through December, 2007 is available online.  (The first issue was published in March 1991.) 

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     Our  LIFO Lookout subscription terms and renewals occur on a calendar year basis.  The annual subscription cost for the comprehensive mid-year and year-end issues of the LIFO Lookout is $520 ($475 + a shipping & handling fee of $45).

     Back issues are available for $80 each.  Please note that you cannot purchase the current issue of this publication (i.e., the most recently published issue) as a "back issue," nor can you purchase a Special Edition issue at the $80 back issue price.  Please click here for more information.

    Disclaimer:  Although intended to provide accurate, general information on LIFO matters, the LIFO Lookout should not be construed as offering accounting or legal advice or accounting or legal opinion on any specific facts or circumstances.