Figuring the cost of goods sold is simple if you sell dozens of interchangeable items. One non-stick frying pan is much like another, for instance, so you don't need to tie specific costs to a ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

Many crypto traders face massive tax bills for 2017. Which accounting method they apply could change their tax bills by tens of thousands of dollars. Specific identification vs. FIFO The IRS wants the ...

Every crypto investor eventually faces an important question: When I sell my crypto, how do I determine which coins I have actually sold? Because each of these digital assets is purchased at different ...

The accounting for the costs of inventory depends on the cost flow method you chose. The four ones in common use are last in, first out (LIFO), first in, first out (FIFO), specific identification and ...