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Join the IRS' tip-reporting program

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by on
in Small Business Tax

Tip reporting can be a problem for employers such as restaurants and bars. Now, the IRS has designed a pilot program to promote compliance, reduce disputes on audit and avoid onerous filing and record-keeping burdens. Qualified employers may elect to participate in each of the three calendar years beginning in 2007.

Best news: The IRS agrees not to initiate exams of any participating employers. (IRS Revenue Procedure 2006-30)

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