Get August 1998) Department Of The Treasury Internal Revenue Service

This guide provides clear and detailed instructions for effectively filling out Form 970, an application to use the LIFO inventory method. Whether you're filing for the first time or making a subsequent election, this comprehensive resource will help streamline the process.

Follow the steps to accurately complete your application online.

1. Press the 'Get Form' button to obtain the form and open it in your browser for editing.
2. Fill in your name and identifying number at the top of the form. Ensure that the identifying number is accurate, as this will be used for tax processing.
3. Enter your complete address, including any apartment or suite number. If you utilize a P.O. box, refer to the instructions for guidance.
4. Check the appropriate box indicating whether this is your first election or a subsequent election. This distinction is crucial for processing your form correctly.
5. In Part I, Statement of Election, select the tax year for which you will first adopt the LIFO inventory method. Also, list the inventory items you intend to use this method for.
6. Complete item C by stating whether the beginning inventory was valued at cost as required. If not, provide a brief explanation on a separate attachment.
7. In Part II, Other Information, describe the nature of your business and prior inventory methods you used. Be thorough to avoid potential issues.
8. Indicate the method used to calculate your closing inventory compared to the opening inventory. Ensure any adjustments from the LIFO method are properly accounted for over the specified periods.
9. Review all completed fields for accuracy. Verify that all required attachments are included to support your application.
10. Once all sections are complete and reviewed, save your changes and either download, print, or share your form as needed.

Start filing your Form 970 online today for a seamless experience.