Source Advisors LIFO Accounting, which stands for Last In First Out, is an accounting method that assumes the most recently acquired inventory items are sold first. This practice can be seen in a ...

Accounting and parts tracking can be some of the most challenging chores for fleet managers. To help, Fleetio added new inventory valuation methods to its list of offerings on Tuesday — LIFO / FIFO ...

The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...

Fleetio, a fleet maintenance software, has added new inventory valuation methods to its list of offerings, LIFO and FIFO (Last-In First-Out and First-In First-Out). LIFO-FIFO is an accounting method ...

WASHINGTON — Despite bipartisan efforts in the House and Senate, new-car dealers looking to Congress for legislation on LIFO tax relief may need to wait until next year. The nearly $1.7 trillion ...

As the 117th Congress winds down, the Senate on Thursday evening passed bipartisan legislation that would provide dealers LIFO tax relief. "Senate passage of the bill is great progress to provide ...

Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.