You are correct! Under the Tax Cuts and Jobs Act (TCJA) of 2017, it is no longer necessary to enter inventory for the beginning or ending inventory for your business if the three year average gross income is less than $26 million.
In essence you no longer have to track the inventory that is still sitting on the shelves, unsold, at the end of the year. You can simply expense all purchases in the year of purchase. This does reduce your income which was the intent. See the information at the link below.
@chuck816
[Edited: 02/04/2022 | 8:08a PST]
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