News & Analysis as of

Tips Internal Revenue Service

McGlinchey Stafford

Is a “Tip” Paid in Cryptocurrency a Tip for Employment Tax Purposes?

McGlinchey Stafford on

Tips are in the news lately. It seems like political strategists on both sides of the aisle have concluded that excluding tips from taxable income is good for votes. One has to wonder if this political promise will go the way...more

Foodman CPAs & Advisors

Todas Las Fuentes De Ingresos Deben Reportarse En La Declaración De Impuestos

El 3/6/24, el IRS publicó un recordatorio a todos los contribuyentes de que todas las fuentes de ingresos deben declararse en su declaración de impuestos. El IRS está prestando mucha atención a todas las fuentes de ingresos...more

Foodman CPAs & Advisors

All Sources Of Income Must Be Reported On Tax Return

On 3/6/24, the IRS released a reminder to all taxpayers that all sources of income must be reported on their tax return. The IRS is paying close attention to all sources of income derived from digital asset transactions, the...more

Tucker Arensberg, P.C.

New IRS Program Could Change the Way Food & Beverage Industry Tips are Reported - But First...the IRS Wants to Hear From You

Tucker Arensberg, P.C. on

Get ready for a game-changer in tip reporting compliance! The Treasury Department and IRS have just announced the proposed launch of the Service Industry Tip Compliance Agreement (SITCA) program. SITCA is a voluntary...more

McGlinchey Stafford

IRS Proposes New Program for Service Industry Employers to Avoid Paying Tax on Employee Unreported Tips

McGlinchey Stafford on

The Internal Revenue Service (IRS) is proposing a new voluntary program, referred to as the Service Industry Tip Compliance Agreement (SITCA) program, for employers in service industries to avoid paying the employer’s share...more

McGlinchey Stafford

Reporting Cash Tips to the IRS [More with McGlinchey, Ep. 24]

McGlinchey Stafford on

In restaurants, the wait staff, bartenders, and bussers are required to report their tips, including cash tips, to the restaurant and the IRS. Even if those cash tips aren’t reported to the restaurant, since tips are income...more

Holland & Knight LLP

Food and Beverage Law Update: August 2016

Holland & Knight LLP on

When food and beverage companies think of their largest risks, data breaches have not historically come to mind, but this is changing because of reports in the past few months of major breaches by companies such as Noodles &...more

Ervin Cohen & Jessup LLP

When Is A Tip Not A Tip?

When it’s a service charge. On June 25, 2012, the Internal Revenue Service (IRS) issued Revenue Ruling 2012-34 which provides guidance to employers and employees on the difference between tips and service charges as well as...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Will Automatic Gratuities at Restaurants Be a Thing of the Past?

Automatic gratuities for large parties are commonplace in many restaurants, bars, and hotels throughout the country. However, as of January 2014, the Internal Revenue Service (IRS) now classifies these automatic gratuities as...more

FordHarrison

Restaurant Industry Newsletter - January 2014

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Tax Ruling Impacts the Use of Mandatory Service Charges - Executive Summary: Beginning on January 1, 2014, "mandatory gratuities" or service charges are no longer considered "tips" by the Internal Revenue Service, and...more

Allen Matkins

2014 Update for California Employers

Allen Matkins on

While 2013 was marked by some novel and interesting judicial and administrative decisions, including Quicken Loans (in which the National Labor Relations Board invalidated certain common employee handbook policies), Vance v....more

Foley Hoag LLP

New IRS Rule Affecting Hospitality Employers Takes Effect January 1, 2014

Foley Hoag LLP on

The IRS will begin enforcing a new rule concerning the taxation of automatic gratuities on January 1, 2014. Specifically, employers must start treating automatic gratuities – that is, charges that are compulsory to customers...more

Epstein Becker & Green

Take 5 Newsletter: Wage and Hour Update - October 9, 2013

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- IRS Will Begin Taxing a Restaurant's Automatic Gratuities as Service Charges Many restaurants include automatic gratuities on the checks of guests with large parties to ensure that servers get fair tips. This method...more

BakerHostetler

Serving Up Trouble: IRS Ruling on Automatic Tips

BakerHostetler on

Restaurants and other employers in the hospitality industry are reminded that, as of January 2014, the Internal Revenue Service (IRS) will expect businesses to comply fully with its Revenue Ruling 2012-18. Among other things,...more

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