The primary reason that companies choose to use an LIFO inventory method is that when you account for your inventory using the "last in, first out" method, you report lower profits than if you ...

Companies that deal in nonperishable commodities, like petroleum (D.P. Tinkelman and C. Tan, “Estimating the Potential Revenue Impact of Taxing LIFO Reserves in the Current Low Commodity Price ...

The risk of a politicized IRS is real even if its internal culture has historically resisted such pressure. Taxpayers wary of landing in the agency’s crosshairs should recognize that careful ...

The Securities and Exchange Commission is already making plans in the event that the massive tax bill now moving through Congress ends up shifting the Public Company Accounting Oversight Board's ...

The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. An "automatic change" ...

In Rev. Proc. 2025-23, the IRS on Monday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Donald Trump and Elon Musk arrive for a test launch of SpaceX's Starship rocket on November 19, 2024, in Brownsville, Texas. Getty Images In the barrage of attacks that President Donald Trump and ...