Tip Reporting + Compliance
As a restaurant owner, you have to keep up with a lot of rules and regulations, especially when it comes to compliance for tip reporting. While your team members are required to report and pay taxes on all of their wages – including tips – some of that responsibility falls on you, too. You have to withhold federal, state and FICA taxes and do your own tip reporting. Let us help lighten that load for you by making sure you’re compliant and maximizing every opportunity.
It’s important to work with a CPA who understands the restaurant industry. Otherwise, you may be underutilizing or not taking advantage of the tip credit that could help reduce your income taxes. Our restaurant specialists understand your industry and the IRS regulations that impact you, allowing them to provide you with more value and, in many situations, additional tax savings.
Are you missing out?
Let us help you make sure you’re correctly reporting tips to the IRS and receiving tip credits on your tax returns. Our professionals will perform a complimentary review of your previous tax returns and other financial information to identify any tax or accounting opportunities that could help you.