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- Form 3115 - Inventory Valuation Change
Form 3115 - Inventory Valuation Change
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ProActive Bookkeeping Consultant
Level 2
06-13-2022
11:56 AM
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I have a small client who switched from QB Desktop to QBO and tracks inventory. From my research, Form 3115 must be completed since Desktop used the Avg Cost method and QBO uses FIFO. I have looked at the form, along with the instructions, and also watched a previously recorded webinar on it. Needless to say, I am still confused on this form. Does anyone know of some online assistance on how to correctly complete this form or willing to partner with me?
They just made the switch in January 2021 and we filed an extension for their 2021 Form 1120s. I'm currently still waiting on them to finish up their bookkeeping for 2021, but September will be here very soon and I don't want to not know how to complete this form. Thanks
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