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 ...

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 ...

Last-in, first-out, or LIFO, is an accounting method used to measure the amount an auto dealership has spent to purchase the products it sold during the year. The LIFO method calculates cost of goods ...

The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...

The impact of reduced new-vehicle inventories and the resulting LIFO recapture continues to be a major concern for dealers. The National Automobile Dealers Association has been very active for more ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Michael Logan is an experienced writer, producer, and editorial leader. As a journalist, he ...