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Business & farm
Thank you all for your detailed help and patience with my questions. I'm learning as I go, and may end up getting an accountant for peace of mind, but want to understand it either way.
I'm not reporting (or re-reporting) my entire inventory as an expense, just new inventory that year as I buy it...I'm not doubling up on anything. I'm reporting it when I bought it instead of when I sold it.
Instead of changing to the accrual method (reporting BOY Inventory Balance/COGS/EOY Inventory Balance, which would require me to fill out form 3115 and backtrack) can I just stick with my cash method reporting COG instead of COGS? Thanks again.
‎February 15, 2023
11:36 AM