Form 970 Draft

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The IRS has posted a revision to Form 970 – Application to Use LIFO Inventory Method – in Draft form. The Draft is dated November 2020, and it is not to be filed with the IRS.

Form 970 is to be used in making LIFO elections. For example, if you are going to elect LIFO for used vehicles, you would file Form 970, even though new vehicles are already on LIFO.

The current Form has a revision date 8 years earlier (November 2012). If you are going to elect LIFO in 2020, be sure to check the IRS website because the IRS may finalize the Draft Form 970 by the time you file tax returns for 2020.

View the Draft form at https://www.irs.gov/pub/irs-dft/f970--dft.pdf

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