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Business & farm
So, to clarify, I am a VERY small business owner and have been reporting inventory all these years, thinking that I needed to. I can now put "0" in my ending inventory this year and "0"s in my starting and ending inventory from now on, and simply expense all purchases that way, in COGS... and I DO NOT have to file form 3115?? I've basically been using a cash method of accounting for income and expenses, with the exception of keeping those inventory records. This would simplify much. But please confirm, someone, that I can ignore the form 3115. The instructions for that about broke my brain!!
March 30, 2025
1:04 PM