I have a question in a similar vein. This is the first year I am noticing that a small business might not need to report inventory. I started a very small online resale business in 2016 (makes ~$3k/year). I reported inventory in 2016, and just have continued to carry that forward as the practice every year. However, if I want to stop reporting inventory, can I do that for 2021 and how? Officially, my beginning inventory from end of 2020 is $5,022, and if I were to enter it, the 2021 ending inventory is $6,346. I assume IRS wants to see a beginning inventory, since they know I have one? Can I just put $0 ending?
