The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Over the past two years manufacturers and resellers have struggled to maintain inventory levels due to global supply chain issues, and now are facing the highest inflation rates since 1981.