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Insight

Navigating the Pros and Cons of Last-In, First-Out (LIFO) Inventory Reporting

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most recent costs to the cost of sales. Although this method is often preferred for tax Read more…

Insight

California Sales Tax Limited Access Code Phasing Out – Taxpayer Action May Be Required

As California’s Department of Tax and Fee Administration (CDTFA) begins phasing out Limited Access Codes and Express Logins on April 1, 2023, taxpayers will only be able to file timely returns with the CDTFA if they have a valid online CDTFA account login set up with a username and password. Additionally, return preparers who are Read more…