- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
No, you are not required to use COGS.
Filers of Form 1120, 1120-C, 1120-F, 1120S, 1065, or 1065-B complete and attach this form if they report a deduction for cost of goods sold.
From Form 1125-A:
What's New Small business taxpayers.
For tax years beginning after December 31, 2017, the following apply. A small business taxpayer (defined below), may use a method of accounting for inventories that either:
- (1) treats inventories as nonincidental materials and supplies, or
- (2) conforms to the taxpayer's financial accounting treatment of inventories.
- A small business taxpayer is not required to capitalize costs under section 263A
March 8, 2020
2:28 PM
5,115 Views