LIFO Compliance and Consulting

We can assist your dealership with the implementation and compliance of the LIFO inventory method for valuing new and/or used vehicles.  We use SourceCorp© LIFO system software to generate index computations, LIFO reserve, LIFO layers and inventory reconciliation reports.  If your dealership is currently using the LIFO inventory method of valuing new and/or used vehicles, we can determine if it has been handled properly and conforms to current IRS guidelines and regulations before a possible audit situation arises.

We offer LIFO solutions to meet the needs of today's dealers and are in the form of comprehensive software programs:
 
Comprehensive Software Solutions
  • Alternative Method Software - AMS (new cars and light-duty trucks)
  • Used Vehicle Alternative Method Software - UV-AMS (used cars and light-duty trucks Black Book© version
  • Kelley Blue Book© version
Consulting Solutions
  • Form 3115 preparation or review
  • Form 970 preparation or review
  • Index conversion / LIFO layer rebasing
  • Pool splits or combinations
  • Review/recomputation of LIFO layers and/or reports
 

If you'd like to know more about the LIFO method, please complete this form to get your Free Consultation.

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