How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill
Withum
JUNE 1, 2022
It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Under the various safe harbor proposals, the amendment of a prior return would not be necessary.
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