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Form 970 Application To Use LIFO Inventory Method (Rev. November 2012) Department of the Treasury Internal Revenue Service OMB No. 1545-0042 Attach to your tax return. Information about Form 970 and
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What is form 970 application to?
Form 970 application is used to request a change in accounting method for certain entities.
Who is required to file form 970 application to?
Taxpayers who want to change their accounting method for federal income tax purposes are required to file form 970 application.
How to fill out form 970 application to?
To fill out form 970 application, you need to provide information about your entity, current and proposed accounting methods, and the reason for the change. You also need to attach supporting documentation.
What is the purpose of form 970 application to?
The purpose of form 970 application is to enable taxpayers to request a change in accounting method to accurately reflect income and expenses for federal income tax purposes.
What information must be reported on form 970 application to?
On form 970 application, taxpayers need to report information such as entity details, current accounting method, proposed accounting method, the reason for the change, and supporting documentation.
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