Last In First Out, The What, Why and How

Date: Thursday, July 10, 2025
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenters: Nicholas Falk, CPA, Senior Manager, RSM US, LLP, Maureen Hansen, CPA, Senior Manager, Tax Services, RSM US LLP
Moderator: Wayne Sine, CPA, Education Director, National Society of Accountants for Cooperatives
Learning Objectives:
What is last in first out (LIFO) inventory accounting from a tax perspective.
Why and why not would a cooperative want to adopt LIFO.
How does LIFO work and some of the different methods within LIFO
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.

Course Description

Join us for an insightful Cooperative Learning Network (CLN) webinar focused on the fundamentals of Last In, First Out (LIFO) inventory accounting from a tax perspective. Specifically, you’ll learn what is LIFO, why you might or might not want to adopt LIFO and how it works.

This session is ideal for accounting professionals in cooperatives seeking to strengthen their knowledge of inventory accounting methods and their tax implications. Don’t miss this opportunity to sharpen your skills and make more informed decisions.

Presenter and Moderator Bios

Presenter: Nicholas Falk, CPA, Senior Manager, RSM US, LLP

Nick Falk is a Senior Manager with RSM US, LLP and has over 21 years of experience in providing tax compliance and consultation services to various private sector entities. He has a deep understanding of taxation of partnerships and corporations including partnership capital account maintenance. He is also a subject matter expert in subchapter T and section 521 cooperatives.

In his current role, Nick delivers advice and consultation regarding complex taxation matters, manages engagement teams, and prepares tax research and tax positions.

Professional affiliations and credentials

  • Certified public accountant
  • American Institute of Certified Public Accountants
  • Minnesota Society of Certified Public Accountants
  • National Society of Accountants for Cooperatives

Education

  • Bachelor of Business Administration, accounting, University of Wisconsin–Whitewater

Presenter: Maureen Hansen, CPA, Senior Manager, Tax Services, RSM US LLP

Maureen has over eight years of experience in public accounting. She is a member of RSM’s Washington National Tax practice, in which she serves on the accounting methods and periods team. Maureen assists clients with a variety of tax technical issues, including those related to inventory, depreciation, changes in methods of accounting, and accounting methods for qualified small business taxpayers. Maureen has experience in the consumer products, industrial products, specialty financial services, pharmaceutical, and life science industries. Maureen’s areas of focus include inventory methods and valuations, long-term contract accounting and thought leadership for accounting methods. She consults with internal RSM professionals on the tax implications of business issues and tax planning ideas.

Professional affiliations and credentials

  • Certified public accountant, North Carolina
  • American Institute of Certified Public Accountants

Education

  • Master of Accounting, taxation, University of North Carolina at Chapel Hill
  • Doctor of Philosophy, genetics and molecular biology, University of North Carolina at Chapel Hill
  • Bachelor of Science, biological sciences, North Carolina State University

Moderator: Wayne Sine, CPA, Education Director, National Society of Accountants for Cooperatives

After retiring as Tax Director for Southern States Cooperative, Wayne Sine was asked to serve as Education Director for NSAC. He has been a long-time and active member of NSAC, having served as past President of the Atlantic Chapter and past Chair of the Tax Committee. In addition to his work with NSAC, Wayne has served on the Legal, Tax, and Accounting (LTA) Committee of the National Council of Farmer Cooperatives, Chaired the Tax Committees for both the Virginia Chamber of Commerce and the Virginia Manufacturers Association, served on the Tax Policy Committee of the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute.

Cost
Free for NSAC Members / $56.00 for Non-Members

  Online Registration

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.

What is NSAC's Cooperative Learning Network?
The NSAC Cooperative Learning Network is a live, interactive webinar, and you can attend from any location with internet and/or telephone access. NSAC members can attend an unlimited number of CLNs at no charge!

Each Cooperative Learning Network will have one or more speakers who are recognized experts on the topic. CLNs typically include a Q&A session where participants can ask questions live or by chat. No advance preparation or prerequisites are required, unless otherwise stated in the course information. Attendees are able to download copies of the slides and/or handouts and are provided a link to view the recording (unless the description states the session will not be recorded). These tools help continue your learning experience after the session.

CPE Credits
The National Society of Accountants for Cooperatives (NSAC) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor (#103068) of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Delivery Method: Group-Internet Based.

Why NSAC Cooperative Learning Networks?

Fast.
No wasted time. Get right to the heart of the matter in a course designed to easily fit into your busy schedule.

Convenient.
No travel. No time out of the office. Listen and follow along from the comfort and convenience of your desk, device or conference room.

Easy.
A device with an Internet connection is all you need. If your device does not have sound capabilities, the ability to dial in from a telephone is available.

Ideal for multiple attendees.
Use a speakerphone and projector/monitor and invite as many people as you want to participate - at no extra cost to you.

Affordable.
NSAC Cooperative Learning Networks are free for members and available to non members at a fraction of the cost of travel and attendance fees for other high-priced conferences or seminars.