Itemizing Revenue is a Requirement – Fact or Fiction?
As an Accountant, I have more than a few pet peeves, some of which I will talk about from time to time here on our blog.
Today’s pet peeve is the “you must itemize your revenue/income accounts for Uncle Sam”. FICTION!
Let me explain, I am not saying it is a bad idea. As a matter of fact, it is a good idea for managerial purposes (I will tell you why a bit later) but for IRS or Tax Reporting Requirements it is not required.
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