Working in the service industry often means part of your income comes in the form of tips. Keeping records of your tips is a necessary part of reporting this income for tax purposes, but do you have a good system in place to do this? Proper tip reporting has three components: Keeping a daily record. Reporting tips to your employer....

Read More...

Restaurant owners and employees will be affected by an IRS rule going into effect this coming January. The “automatic gratuity” that many restaurants add to the bill for larger parties will be treated as a “service charge” rather than as a “tip.” Service charges are treated as regular wages subject to withholding by the employer. Tips, on the other hand,...

Read More...