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With inflation and rising inventory costs, LIFO can help your clients lower ending inventory value, increase current year COGS and reduce taxable income. LIFO is the single biggest tax reduction idea related to inventory. Using a regulation-driven LIFO method such as IPIC, which ties inventory inflation to external indices, businesses can maximize the available tax deduction when implementing LIFO or converting from an existing internal LIFO method. This session provides a big picture overview of LIFO accounting and will educate your staff on the benefits provided to your clients.
For a detailed description of the Webinar, please click here.
Who Should Attend
- CPAs with clients with $2M+ in inventory, inflation, and experiencing high tax rates
- CPAs with accounting, reporting, tax or financial management responsibilities in companies that use LIFO inventory
- Essential for CPAs who audit these companies.
What You Learn
- How LIFO works and tax benefits
- Available LIFO methods
- IPIC LIFO method opportunities
- How to adopt LIFO, cost and conformity requirement
- Common LIFO objections
- Industries where LIFO makes sense
- Case studies to clarify issues
Benefits of Attending
- Objective: To provide a practical, inventory tax planning strategy to help CPAs produce more working capital for their clients in tough economic times such as we are experiencing now (inflation and increasing tax rates).
- Result: Significant tax benefits with relatively low implementation costs.
Level of expertise needed - basic
Prerequisite - none
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Stanton Williams, President 
Chris Henderson, CPA is the Director of Operations for SourceCorp. Henderson's accounting career began in 1998 with Ernst & Young LLP where he served as a Tax Consulting Manager—Federal Specialty Service.