Learn Practical Aspects of Using the Different LIFO Methods Available to Taxpayers
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, September 13—Part 2 of a comprehensive three-part LIFO series—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. Professionals in public practice and in industry will benefit from this presentation and will gain a practical understanding of the different LIFO methods and key considerations in their implementation and use. The presentation time will include ample opportunity for interactive questions and answers with Mr. De Filipps.
Program Topics
Computation Practices vs. Technical Requirements
Dollar-Value vs. Specific Goods Methods
Link-Chain vs. Double-Extension Methods
Double-extension method: How does it work?
Link-chain method: How does it work?
IPIC method: How does it work?
Other variations: Especially those used in the real world
How Does One Justify the Use of the Link-Chain Method to the IRS?
The Importance of Properly Determining “Items” for LIFO Inventory Purposes
Recent developments
Landmark cases: Wendle Ford, Amity Leather Products and Hamilton Industries
Other special issues, many of which are “sleeping giants”
Pooling Variations
How should inventory items be grouped or pooled for LIFO purposes?
Natural business units
Multiple pools
Raw material content pools
Pooling by line, type or class of goods
Methods for Valuing Increments
Most recent purchases
Average cost
Earliest acquisitions
Other methods
Special LIFO Problems and Issues
Special safe harbor LIFO methods for new and used vehicle inventories of automobile dealers
Bargain purchases of inventory
IRS Audit Practices
Learning Objectives
Gain a working knowledge of the various LIFO methods available to taxpayers to choose from
Identify which methods are more attractive in certain situations and which methods should be avoided
Understand the methods for valuing inventory increments
Know the IRS approaches to auditing entities using the LIFO method of inventory valuation
Register today for this insightful program on Thursday, September 13 at 1 PM Eastern, Noon Central; 10 AM Pacific.
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.)
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