Discover the importance of LIFO Reserve in accounting, including its calculation, comparison with FIFO, and impact on taxes.

When it comes to inventory taxes, five issues are readily identified. First, they are complex. Second, businesses that pay inventory taxes hate them. Third, inventory taxes are unfair because they are ...

So the tax doesn’t really hurt businesses, but phasing it out would cost local governments. Lawmakers and lobbyists agree any plan to phase out the inventory tax must also provide local governments ...