Learn the Basics of Using the Last-In, First-Out (LIFO) Inventory Valuation Method
The Last-In, First-Out (LIFO) Inventory Valuation Method continues to be used effectively by many businesses of all sizes-from small, closely-held operations to large, publicly-held enterprises. Presented by leading LIFO expert, Willard J. De Filipps, CPA, this two-hour audio seminar on Thursday, July 26-Part 1 of a comprehensive three-part LIFO series-will focus on background and perspective for the use of LIFO and the requirements that taxpayers must satisfy in order to use LIFO. Mr. De Filipps will provide a practical review of LIFO fundamentals, including eligibility requirements, financial statement conformity, consent requirements, documentation and recordkeeping, and much more. Professionals in public practice and in industry will benefit from this presentation and will gain a solid understanding of the basics of the LIFO inventory valuation method. The presentation time will include ample opportunity for interactive questions and answers with Mr. De Filipps.
Program Topics
Background and Perspective
LIFO Overview: The Basics in Plain English
What is LIFO and What Makes the LIFO Method Attractive?
All You Need to Know about LIFO… On One Page
Basic Considerations in Electing LIFO
Eligibility Requirements vs. Computational Alternatives
Practicality: Assumptions, Risks and Costs
Coordinating LIFO with Business Agreements, Bonuses, Other Documents, etc.
Cost Eligibility Requirement
Inventory on LIFO Must Be at Cost
Adjusting Opening Inventories Where Inventory Has Not Been Carried at Cost
Form 970 Questions Highlighting Cost Requirement
What About Parts Inventories Using Replacement Cost?
Other Special Situations
Financial Statement Conformity Requirement
Code and Regulations Prescribe Conformity for Tax Purposes
GAAP and Its Interplay with the Technical "Conformity" Requirements
Interim Financial Statements
Application of Conformity Requirement to Unusual Situations
Issuing Financial Statements Before the LIFO Computations Can Be Completed
Form 970 Questions Highlighting Conformity Requirement
Consent Requirement
Just What Is Being "Consented To?"
Form 970 Must Be Filed for Initial LIFO Election Year
What If Form 970 Is Not Filed? Or, Not Filed On Time?
Form 970… Proper Completion of the LIFO Election Form
Attachments to Form 970 to Complete Disclosures
A "Pro Forma" Filing Package for the First Year
Books and Records
What "Books and Records" Must Be Maintained to Support a LIFO Election?
Revenue Procedure 98-25: IRS Requirements for Electronic Recordkeeping
Audit Issues When Taxpayer Does Not Have Adequate Books and Records
The LIFO User's Bill of Rights: Revenue Procedure 79-23
Learning Objectives
Gain a comprehensive awareness of what LIFO is and the potential advantages it may offer businesses
Understand the eligibility, cost and consent requirements for LIFO and how to properly complete the LIFO Election Form 970
Know what books and records must be maintained to support a LIFO election
Register today for this insightful program on Thursday, July 26 at 1 PM Eastern, Noon Central; 10 AM Pacific.
SPECIAL BONUS-each registered site will also get a free issue of CCH's Taxes: The Tax Magazine
About the Three-Part LIFO Series
LIFO: Concepts, Applications and Opportunities-A Comprehensive Seminar Presented in Three Parts. Learn about LIFO from a leading expert, Willard J. De Filipps, CPA.
Part 1 (scheduled for July 26, 2007) will focus on background and perspective for the use of LIFO and the requirements that taxpayers must satisfy in order to use LIFO.
Part 2 (scheduled for September 13, 2007) will address the various methods available to taxpayers to choose from in setting out how they will approach their LIFO calculations. These methods will be discussed in detail and practical suggestions will be provided concerning which methods are relatively more attractive in certain situations and which methods should be avoided at all cost.
Part 3 (scheduled for October 18, 2007) will address other areas not covered in Parts 1 and 2. These will include a discussion of the importance of understanding, reconciling and projecting LIFO reserve changes, typical IRS LIFO inventory audit issues, terminations of LIFO elections and other situations where LIFO reserves may be recaptured.
There are no other programs available on LIFO like this series, which will break down the complexities of LIFO, so you can understand them and use them to your advantage! All three sessions will allow ample opportunity for interactive questions and answers with Mr. De Filipps.
About the Speaker:
Willard J. De Filipps, CPA, consults with CPAs and businesses around the country assisting them in LIFO inventory implementation, changes and planning. His practical experience includes representation of LIFO applications during Internal Revenue Service audits, in Appeals channels and in technical advice proceedings, and for LIFO change requests involving the IRS National Office in Washington, DC.
Mr. De Filipps shares his understanding of dealer tax issues and LIFO in numerous tax conferences and seminars around the country and through numerous published articles. He has presented LIFO seminars since 1978 and has conducted seminars in-house for CPA firms around the country, business and trade associations, and National and State CPA societies. He is the author and publisher of Dealer Tax Watch, a quarterly update of essential tax information for auto dealers and LIFO Lookout, a quarterly newsletter with specialized coverage of LIFO news and developments.
He has organized and coordinated annual conferences for CPAs and other professionals serving the auto/truck dealership industries. Mr. De Filipps is the originator of Dealer/CPA 21 Resource Groups, which serve group members by providing technical meetings, information exchange, practice aids and other problem-solving and opportunity expanding activities. He also co-founded the AutoCPA Group, the original national organization of CPAs whose member firms specialize in automobile dealer clients.
How the Audio Seminar Works
CCH's live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They'll appreciate your invitation to hear directly about this important topic.
If you are unable to attend this upcoming event and would like to order a recording-or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
Site License: $249 - Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
CD Recording: $249 - The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
©2008 CCH. All Rights Reserved.
