Are you Considering the IPIC Method for LIFO Inventory

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With historically low inventories and a semiconductor chip shortage, many dealers who use the last-in, first-out (LIFO) accounting method now face significant, unexpected tax liability due to LIFO recapture.

In this webinar, Rick Parmelee, Principal at CliftonLarsonAllen LLP, will discuss considerations dealers should be giving to LIFO in 2022 as well as the Inventory Price Index Computation (IPIC) method as a possible alternative that may help provide savings for your dealership.

Agenda Topics Include:

  • Alternative LIFO method used by most dealers

  • Section 473 relief being considered by the Treasury Department

  • Changing LIFO to the IPIC method

  • Pros and Cons of IPIC

  • Electing off of LIFO

Presenter:

  • Richard Parmelee, Principal, CliftonLarsonAllen LLP

Moderator:

  • Susan J. Bieber, Esq. Vice President Dealer Services, GNYADA

About CliftonLarsonAllen LLP:

  • CliftonLarsonAllen LLP is a professional services network and the eighth largest accountancy firm in the United States. It was established in 2012 with the merger of two U.S. firms: Clifton Gunderson LLP and LarsonAllen LLP. It is a member of the Nexia International accounting network.