The 2007 Small Business and Work Opportunity Act of 2007 signed by President Bush on May 25, 2007, waives the limitation on the use of the FICA Tip Credit against Alternative Minimum Tax. Many restaurant operators are aware of the federal FICA Tip Credit, a credit given to taxpayers (with tipped employees) equal to the Read the full article…
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IRS Announces New Tip Reporting Program
Publication: IRS Website WASHINGTON — The Internal Revenue Service today released formal guidance on its new tip reporting procedure, the Attributed Tip Income Program (ATIP) ATIP expands the existing IRS tip reporting and education program by offering employers in the food and beverage industry an additional tip reporting program. ATIP reduces industry recordkeeping burdens, has simple Read the full article…