2022 December Solutions Room: Alternative Ending Inventory Valuation Methods

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Description

2022 December Solutions Room: Alternative Ending Inventory Valuation Methods
IRS Program #: X9QQU-T-00910-22-O
CTEC #: 6257-CE-0104
CE: 1 IRS credit & 1 CTEC credit (for live attendence only)
Speaker: Frank S. Lin EA, MBA, CPA

We’re solution focused. Register for this webinar for insight about the latest tax law changes (and the challenges they create) directly from leading experts in the tax industry. The session will conclude with a Q&A session – be prepared to ask questions of our experts! 

Alternative Inventory Valuation Methods for Small Businesses
How does your local family-owned restaurant calculate their ending inventory without the financial resources to purchase sophisticated tracking hardware? In this course we detail issues small businesses face with valuing ending inventory using traditional methods such cost, lower of cost/market, and retail method and offer alternative solutions as well. Additionally, we will cover some tax implications and strategies of using these alternative methods.

Learning Objectives:

Refresher on what is included in inventory vs. supplies
Understand traditional ending inventory valuation methods, pros/cons, and which industries may benefit
Introduce and offer alternative valuation methods

Contributors

Frank S. Lin EA, MBA, CPA

Frank is a Tax accountant and partner at Jet Tax Service Inc, a privately owned accounting firm located in Queens New York City. He is an Enrolled Agent and a Certified Public Accountant with an MBA from CUNY Baruch College. In addition to working at Jet Tax Service Inc, he has taught as an adjunct professor at Baruch College and has presented for both the AICPA and NYSSEA. He is happily married with two beautiful daughters, Mira and Cara.