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(Virtual) How to Navigate LIFO Implications of Reduced Inventories
January 22, 2021 @ 11:00 am - 12:00 pm Eastern
Like nearly every other industry, the COVID-19 pandemic has affected the dealership industry. Disruptions to manufacturer supply chains have led to significant reductions in year-end inventories. But this reduction does not necessarily mean a decrease in the LIFO reserve. Some dealers and manufacturers may be greatly impacted as a result and wonder what their best response should be.
Join John Comunale, CPA and Steve Snee, CPA from Councilor, Buchanan & Mitchell’s dealership industry practice as they review four options to navigate the implications of LIFO on your reduced inventory. Their Friday, January 22 session will be hosted by the Washington Area New Automobile Dealers Association from 11 am to 12 pm, and will cover the following:
• Section 473 Relief
• Combine Pools
• Convert from Alternative Method to IPIC
• Revoke LIFO Election
The presenters look forward to sharing their expertise and fielding your questions about your dealership.