What Employers Need to Know About Tip Reporting

As if the restaurant business was not hard enough, complying with IRS tip reporting rules is one of the most critical and important tasks facing restaurant owners! This is truer today than a decade ago as the IRS is accelerating its efforts to capture previously lost revenue in the form of income and FICA (Social Security & Medicare) tax. As a restaurant owner you should therefore be aware of your responsibilities regarding the reporting of your employee’s tips.  The bottom line is this...