Inventory valuation method must be reported on the initial return

Strongsilence-CPA · ‎07-19-2022

The inventory valuation method must be reported on the initial corporation tax return. It is reported on F1125-A. But this form won't print, and I think it is because the corporation had no inventory. How do I force it?

Strongsilence-CPA · ‎07-19-2022

solved. Box to force at the bottom of the form.

View solution in original post

sjrcpa · ‎07-19-2022

So, if they have no inventory, why do you need to report an inventory valuation method?

Ex-AllStar

Strongsilence-CPA · ‎07-20-2022

Hi

They will have inventory starting this year.

2021 was the initial return and they had no inventory. I read in AICPA guidance that the method must be chosen on the initial return

sjrcpa · ‎07-20-2022

OK. I might interpret that to mean the first (initial) return where there is inventory; but no harm doing what you're doing.

Ex-AllStar