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Tax Savings: 2022 LIFO Lookout & Opportunities

TAX SAVINGS: 2022 LIFO LOOKOUT & OPPORTUNITIES

Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 10, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

Turn record-high inflation into unprecedented LIFO tax benefits for your clients! CPA firms should be proactive in exploring LIFO opportunities and strategies now more than ever. This year, historically high inflation will create the largest LIFO tax savings opportunities seen in over four decades and will make 2022 one of the most beneficial periods to elect. Adoption timing is paramount with LIFO because of the material tax benefit differentials between electing in an average versus high inflation period.

Join our webinar for a comprehensive presentation featuring insights on the current inflation environment, present versus past high inflation period comparisons, information regarding the best election candidates, tools for identifying the best election candidates within your firm, benefit analysis resources, and turnkey outsourcing solutions.

Presentation Outline:


  • Current inflation environment and historical comparisons

  • What makes a good LIFO candidate?

  • Common misconceptions, election requirements, and key considerations

  • Top tax savings opportunities for companies not on LIFO

  • Planning and tax savings maximization strategies for companies already on LIFO

  • Complimentary resources

  • Turnkey outsourcing solutions

  • Question and answer session


Learning Objectives:


  • Evaluate LIFO rather than passively reacting to it

  • Identify the best candidates

  • Design a rough estimate of LIFO's potential election-year tax benefits

  • Determine how to help clients maximize the likelihood of maintaining a net favorable tax position from LIFO in perpetuity by electing during a historically high inflation period

  • Recognize the biggest misconceptions and overcome the most predominant objections

  • Recommend turnkey outsourcing solutions

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Bob Richardson

LIFO-PRO, Inc.
Vice President
[email protected]
(402) 330-8573

Lifoprologo

Bob attended the University of Nebraska at Omaha & received his Bachelors Degree in Accounting from UNO in 2015. He is an active CPA licensed in the State of Nebraska. Bob has spent over a decade working exclusively with LIFO under the close mentorship of LIFOPro President Lee Richardson. Bob oversees LIFOPro’s business development & is the team lead for many LIFOPro clients. Bob enjoys following baseball, basketball  & coaching his son’s baseball team. He also maintains a daily meditation and running routine.

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Lifoprologo

Lee is one of the leading LIFO experts & has worked exclusively with LIFO for more than 30 years. He began his accounting career in the 1980s as an auditor at one of the Big Eight firms. Lee had many clients who were on LIFO during his time there & as a result, he became intimately familiar with the complexities of LIFO, the nuances between industries & submethods and the limitations posed by manual calculations. Those experiences led to Lee developing the LIFOPro software in 1992. Three decades later, Lee has led LIFOPro to become the leader in turnkey outsourcing solutions & LIFO software. LIFOPro now serves as a primary third-party service provider & subject matter expert for countless CPA firms, including several of the top 10 firms & dozens of top 100 firms. Portions of the new IPIC method regulations that were codified in 2002 were a result of Lee's public testimony & comment letters submitted to the IRS.

About Our Presenter

Lifoprologo
LIFOPro has been dedicated exclusively to LIFO for 30 years. Our turnkey outsourcing solutions allows companies to maintain the tax savings of LIFO while avoiding all the hassle. The LIFOPro software minimizes the time spent managing LIFO calculations, documentation & reporting in-house. We offer complimentary analysis for companies considering LIFO elections. We offer complimentary reviews for companies on LIFO to verify calculation accuracy, methods compliance, tax savings maximization opportunities & best practices feedback. Our consulting services includes LIFO-related IRS forms preparation for new LIFO elections & accounting method changes, layer history rebasings, pool splits/combinations & BLS PPI category assignment.