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What are the IRS filing requirements for a taxpayer that is currently on LIFO and is changing to the IPIC method?

April 26, 2017changing Currently filing ipic IRS lifo method requirements taxpayer

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What are the IRS filing requirements for a taxpayer that is currently on LIFO and is changing to the IPIC method?

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A Taxpayer changing from one LIFO method to the IPIC method must file a Form 3115 and a Form 970 with the timely filed tax return; this change is granted automatic consent.