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Vault Inc. has released the 5th edition of its popular Vault Guide to the Top 40 Accounting Firms, and making its first appearance at #1 in overall prestige is Deloitte. Last year’s top ranked firm, PricewaterhouseCoopers, ranks #2 in the latest edition of the guide to the nation’s top accounting firms.

SourceCorp Professional Services, the leading provider of specialized tax services in North America, provides LIFO Accounting, R&D Tax Credit Studies, Cost Segregation Studies, and Green Building Tax Deduction Certification to many of the nation’s most prominent CPA firms, Associations, and Fortune 1000 companies.

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Click here Top 40 Accounting rankings

In an effort to provide clients with needed business solutions and as a way of addressing today’s shortage of accountants, CPA firms are creating strategic alliances that allow them to access expertise they might not ordinarily have.

According to one CPA firm partner, “It gives us the resources to better serve our clients.” continue reading…

A number of CPA firms in the New York/New Jersey area are joining together in alliances that allow them to access expertise they might not ordinarily have. These non-profit associations illustrate a new tactic in facing today’s shortage of accountants. Not only does tapping into a network help when a firm encounters issues they don’t have the talent to address, the affiliation can open new opportunities.

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Source: Myra A. Thomas, Jobs In The Money

As a value-added service to our accounting firm partners, SourceCorp provides a Monthly LIFO PPI Report. This exclusive report helps CPA firms see where the tax reduction opportunities are for existing and prospective clients.

To defer federal income tax based upon inventory inflation, CPA firms can use the Last-In-First-Out (LIFO) inventory method especially for manufacturing, wholesale/distributor, and retailer clients.

Client Industry Opportunities
Click here to review the March PPI “mined” for inflation, grouped by industry with specific categories at the 4-digit PPI level (NOTE: the PPI categories are published by the Bureau of Labor Statistics and start at a 2-digit industry level and continue down to an 8-digit very specific product category). The most obvious opportunities are in the following industries:

* Chemicals and allied products (paint, pharmaceuticals, plastic resins)
* Rubber and plastic products
* Building materials
* Metal and metal products
* Nonmetallic mineral products (concrete, asphalt)
* Some categories of furniture
* Machinery and equipment
* Transportation equipment
* Fuels and related products
* Various miscellaneous products

For more information, please visit SourceCorp at: SourceCorpTax.com

IRS reverses course on dealership LIFO pooling after three decades Revenue Procedure 2008-23 – Vehicle Pool Method

Vehicle Pool Benefits & Opportunities

Confusion over which LIFO pool SUVs, mini-vans, and crossovers should be included in is finally over. With the release of Rev. Proc. 2008-23, auto dealerships may now group all light-duty vehicles (cars, trucks and crossovers) in one LIFO pool.

This new pooling method should help prevent dealerships from liquidating LIFO layers if the recent shift to selling more crossover vehicles and trucks reverses itself and dealerships return to selling more cars. continue reading…

Inventory costs are rising (i.e., there is inflation) and LIFO accounting provides a more accurate way of measuring financial performance and calculating tax.

Inflation is in the news. After a more than 15-year hiatus, inflation’s return has been documented in recent months by nearly every business journal in the nation. Economists are examining economic data and concluding that inflation is knocking, once again, at America’s front door. While most view inflation by only its clear downsides, there is at least one tool that CPA’s can use to help turn a negative into a positive for businesses: The Last In, First Out (“LIFO”) accounting method. continue reading…