This year, LIFO is an 'Oh, no!' at tax time

摘要

Lower inventories mean six-figure bite for some dealerships. As if 2009 wasn't bad enough. When dealers tote up their tax bills for the Year from Hell, some are finding an enormous unexpected expense. An additional tax hit of $100,000 or more awaits some dealerships that ended the year with inventory far below normal levels. Not all dealerships face this problem - just those that use an accounting method called last-in, first-out, or LIFO.