Last In First Out, The What, Why and How

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.