Employee Tax Expert
February 16, 2021 5:04 AM
The paint supplies can be entered under supplies. After the passing of the Tax Cuts and Jobs Act (TCJA), small business taxpayers are exempt from the requirement to account for inventories.
A small business taxpayer is a taxpayer that:
- has average annual gross receipts of $25 million or less (indexed for inflation) for the prior 3 tax years, and
- is not a tax shelter.