IRS regulations related to line item invoicing. - REO Property Preservation Forum
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post #1 of 2 (permalink) Old 01-22-2016, 04:46 PM Thread Starter
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IRS regulations related to line item invoicing.

I am going over a contract for a possible new client. I came across the pages regarding payment conditions and saw that "contractor has satisfied IRS regulations related to line item invoicing". I've invoiced in the past including certain line items completed but what is this about IRS regulations?

Any input would be greatly appreciated!
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post #2 of 2 (permalink) Old 01-22-2016, 06:12 PM
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Here is how our accountant has been critical of line item pricing: it normally pertains to State IRS and not Fed. When invoicing by line items not all items are subject to taxation. Example is: Some States tax Sales Cleans but does not tax repairs. The biggie mist P&P Contractors used to get caught on was yard mowing... Taxable in States we used to work in BUT if part of the service was removing a tree/shrub that portion was not taxable since that was considered landscape OR viceversa.

Thankfully good estimating software breaks out the taxable amount and more importantly taxable items.
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