Count on the IRS to resume a controversial audit program aimed at businesses that flagrantly violate tip-reporting rules. It is set to restart on Oct. 1.
In addition, the IRS is allowing more employers to enter into voluntary tip compliance agreements. (IRS Notice 2000-21) Under these so-called Tip Reporting Alternative Commitment (TRAC) agreements, the IRS works with employers to determine the amount of tips workers generally receive. The employers agree to educate their employees and comply with the rules. In exchange, the IRS promises not to initiate "tip audits."
In the past, only the gaming, food and beverage, cosmetology and barber industries were able to make these deals. Now the IRS is expanding the program to include taxicab, limousine, airport skycap and car wash companies.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/21432/if-your-employees-earn-tips-beware-new-audits-this-fall "