@Anonymous_ I would like to ask you a couple of questions.
I have a two member LLC and my 2021 sales is less than $250k (first year of the business). Can I leave the Beginning of year Inventory and End of year inventory empty AND only report the COGS (inventory sold) in form 1125-A?
As far as I know, if in 2022, my sales is more than $250k, I will have to complete a Schedule L (Balance Sheet) Schedule M-1 (Reconciliation of Income) and Schedule M-2 (Analysis of Partner’s Capital Accounts). Without reporting inventory, how can I complete these sections in form 1065?
Thank you!
