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The Last-In-First-Out (LIFO) method of inventory accounting can produce significant tax savings for your company. However, the IRS has recently increased scrutiny of LIFO and taxpayers can face expensive consequences if they are audited and have not met complex tax law requirements. How should your company proceed? Click "Full Article" for the answer, as well as examples of the latest taxpayers being targeted for their use of the LIFO method. |
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