On this episode of Federal Tax Updates, Annie and Roger focus on tips (the monetary kind), including an industry overview, current challenges with tip reporting, and tip credits. They also examine Notice 2023-13, and the proposed procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program and talk tax policy and politics.



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Links mentioned in this episode
Federal eRulemaking Portal - https://www.regulations.gov/

Chapters

• (00:00) - Federal Tax Update Episode 4
• (03:45) - Changes in tipping in recent years
• (13:31) - Are you supposed to report tips?
• (21:51) - How tip pooling in restaurants works
• (36:55) - How much longer does tipping survive?
• (38:07) - New updates from the IRS

 
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Roger Harris
Annie Schwab

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All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.