I need to hide the description field from regular users when entering data, but the field should be visible to administrator users, which also can edit it. I used the Display Suite module to hide that field by using different view modes, but I could not figure it out how to hide the field on forms. Any guidance would be appreciated!
Display Suite is not what you need,
field_permissions is, check out the screen.
DS is mostly used to change the global look and the availability of some fields and labels (like Teaser, Product, Fullpage ...)