Posted on January 23, 2012

IRS Releases Key Points about Tip Income

Do any of your employees receive compensation through tips?

If so, the IRS has outlined four key points which will help you in the upcoming year. These brief points will help you stay organized and on track for proper reporting and recordkeeping in 2012. The four tips the IRS addresses are:

  • Tips are Taxable
  • Include Tips on Your Tax Return
  • Report Tips to Your Employer
  • Keep a Running Daily Log of Your Income

Click here to read more about these four tips from the IRS regarding tip income.

If you have any questions contact your Paycor payroll specialist.