Impact of Reduced Inventories on LIFO Benefits

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Joe Magyar

Covid-19 disrupted the global automotive supply chain and many dealers may have significantly lower new car inventories at year end. This might negatively impact LIFO reserves and result in additional income for dealers using the LIFO accounting method for new vehicles.

 

Join Joe Magyar, Tax Partner at Crowe LLP, to understand the factors that impact their LIFO reserve and strategies they may implement to respond to significant potential LIFO recapture taxable income. 


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