The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

Two common ways for companies to account for inventory are first-in/first-out, or FIFO, and last-in/last-out, or LIFO. In FIFO, the first units that arrive in the business are the first sold. In LIFO, ...

Last-in, first-out is one of several methods a business may use to account for the cost of its inventory for financial reporting purposes. Inventory is the goods and products a business sells to ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Please note: This item is from our archives and was published in 2001. It is provided for historical reference. The content may be out of date and links may no longer function. THE IRS HAS PROPOSED ...

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 ...

Many dealers know that LIFO stands for the "last-in, first-out" inventory valuation method and that it produces sizable interest-free loans from the U.S. Treasury. These loans last as long as moderate ...

James Chen, CMT is an expert trader, investment adviser, and global market strategist. Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance ...