How inventory reductions will affect your LIFO reserves
Dealers today face record-low inventory shortages nationwide, which were brought on by the COVID-19 pandemic, then made worse by the microchip shortages.
The weak supply chain, combined with anticipated low inventories through the end of the year, could threaten your Last-In-First-Out (LIFO) recapture this tax year.
If your dealership has experienced a big inventory drop from last year through 2021, your LIFO recapture could be significant.
Join us at 8 a.m. Tuesday, December 7 as Withum* CPAs Phil Craft and Brian Wallace discuss options for dealing with LIFO recapture.
Designed for dealer principals, general managers, CFOs, controllers, and dealership CPAs, Brian and Phil also will discuss the most-recent updates on tax legislation in Washington, DC and how those updates will affect dealerships in 2022 and beyond.
* Withum services approximately 350 franchised dealers in 26 states, including Colorado, California, Texas, Florida, New Jersey and New York.