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Itemizing Revenue is a Requirement – Fact or Fiction?

March 30th, 2010 | No Comments | Posted in Simple How-To's, Tax Tips

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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