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Additionally, when the number of inventory units manufactured or purchased exceeds the number of units sold, the https://turbo-tax.org/tax-considerations-for-college-students-2020/ may increase due to the addition of new LIFO layers. LIFO reserve quantifies the difference between the FIFO and LIFO inventory valuation methods. In accounting, it represents the contra account that includes that difference.LIFO reserve is crucial […]

Content IRS Clarifies Temporary 100% Deduction for Restaurant-Purchased Meals Meals continue to be deductible under new IRS guidance The IRS provides guidance on meal and entertainment deductions New Deductions for Businesses Under the New Tax Act–-Could Yours Qualify? Events The TCJA repealed the “directly related” and “business discussion” exceptions to the general prohibition on deducting […]