<p>IRS Issues Practice Unit on LIFO Inventory Records</p>

IRS Issues Practice Unit on LIFO Inventory Records

Internal Revenue Service

The IRS has released a practice unit on the requirement that taxpayers maintain supplemental and detailed last-in, first-out inventory records that support the current value of the inventory and the clear reflection of income.

<p>The IRS has released a practice unit on the requirement that taxpayers maintain supplemental and detailed last-in, first-out inventory records that support the current value of the inventory and the clear reflection of income.</p>