Category: LIFO

Due to the pandemic and supply chain issues, many automobile dealerships are anticipating significant decreases in inventories when compared to the same time last year. This has left many dealerships that use the LIFO method of...

An article from the accounting firm Crowe, Considerations for Dealers Facing Significant LIFO Recapture, provides a summary of considerations for dealers who use the Last-In, First-Out (LIFO) accounting method for their new...

Today, House and Senate letters led by Reps. Dan Kildee (D-Mich.), Jodey Arrington (R-Texas), and Sen. Sherrod Brown (D-Ohio), respectively, were sent to Treasury Secretary Janet Yellen urging her to grant temporary relief for...

Potential Tax Increases and LIFO Recapture Inform Your Federal Lawmakers of Negative Impact Congress is about to consider one of the largest tax and spending bills in history. The House and Senate have passed the Democratic-only...

Most dealers are on the NEW VEHICLE LIFO INVENTORY method which reduces and/or defers income taxes. With many dealers having much less new inventory now than at the end of 2018 and/or 2019, many will have an unexpected LIFO...