The Internal Revenue Service announced it is proposing a new voluntary tip reporting program to improve tip reporting compliance by employers of service industry workers, such as servers.
The IRS requires employees who earn at least $20 a month in tips to keep a daily record of their tips to give to their employer. All of those tips are then required to be included on tax returns.The IRS said voluntary tip compliance agreements have been established by the IRS for industries where tipping is customary. The IRS has three different voluntary compliance agreements in place:
The IRS’ proposal would create one voluntary compliance agreement: The Service Industry Tip Compliance Agreement.The announcement comes amid speculation that the IRS is increasing tax enforcement on working-class taxpayers. The IRS said this program is voluntary. It also comes as the IRS is working to hire 87,000 new employees after the agency struggled to answer customer service questions during the pandemic. The IRS said even with additional staff, they will not be conducting additional audits on Americans making less than $400,000 annually.
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