Companies that manufacture, produce, or sell goods to customers typically have a significant investment in inventory.
Moss Adams seeks to identify and implement the best practices for each client's inventory tax accounting methods. We have an integrated service that helps these companies reduce the tax cost of carrying inventory.
In light of the complex array of income tax accounting methods, substantial tax savings opportunities may exist. The specific advantages of a comprehensive tax inventory review are:
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Discovering income tax savings through costing methodologies (FIFO/LIFO/RIM) and evaluating inventory cost capitalization requirements
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Capturing tax benefits of changing vendor relationships and inventory management practices
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Reducing IRS audit exposure and controversies in inventory accounting
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Protecting cumulative historical income tax savings
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Reducing recordkeeping burdens