[Audio] Reporting Cash Tips to the IRS [More with McGlinchey, Ep. 24]
By EsqSocial Corporation 24/06/21
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 subject to employment tax, the IRS can tax the restaurant for the employer’s share of FICA tax on the unreported cash tips. In this episode of “More with McGlinchey,” Douglas Charnas (Washington, DC) discusses the tax law governing cash tips and outlines the two voluntary...
By: McGlinchey Stafford