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A
aarora
Level 3
June 14, 2021
Question

Selecting inventory methods on Initial tax return

  • June 14, 2021
  • 6 replies
  • 25 views

How can I elect to use FIFO method of inventory cost flow on my initial 1120 or 1120S?

This topic has been closed for replies.

6 replies

sjrcpa
sjrcpa
Level 15
June 14, 2021

I believe FIFO is the default, not an election.

The more I know the more I don’t know.
    A
    aaroraAuthor
    Level 3
    June 14, 2021

    Thanks! Will you know how do I select another methods i.e. 'Specific Identification Method' that is listed in Pub 538? I believe IRS allows weighted average method as well

    George4Tacks
    George4Tacks
    Level 15
    June 14, 2021

    ProConnect has a neat FIND THE INPUT feature. For your question: Check Return > Look at the 1125-A > Line 9 a (iii) has a check box > Click that box.

    This feature works for any line or box that is highlighted in blue.



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