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What are the IRS filing requirements for a taxpayer that is not on LIFO?

April 26, 2017filing IRS lifo requirements taxpayer

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What are the IRS filing requirements for a taxpayer that is not on LIFO?

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A Taxpayer electing LIFO for the first time using the IPIC method must file a Form 970, which is due with a timely filed tax return. For example, a 12/31 year end taxpayer must file the Form 970 with the tax return filed by 3/15, or by 9/15 if the taxpayer has filed for an extension.