Printer Friendly

IRS ANNOUNCES INCOME FROM TIPS IS TAXABLE

 DALLAS, Feb. 17 /PRNewswire/ -- Tip income is taxable income, and in some cases, tips must be reported to the tipped worker's employer, an IRS spokesperson said today.
 All tipped employees should keep a daily record of their tips. A worker receiving tips totaling $20 or more in one month, while working for one employer, is required to report the total monthly tip amount received to that employer.
 The IRS has a free booklet, Publication 1244, containing forms for listing daily tips and for the monthly report to the employer. Additionally, IRS Publication 531, "Reporting Income From Tips," gives detailed information about the process.
 Either free publication is available at a local IRS office or by calling, toll-free, 800-TAX-FORM.
 -0- 2/17/93
 /NOTE TO EDITORS: Listed below is the IRS Public Affairs contact for your area. These names are for media use only. Please do not include them in your story except for attributions. Thank you./
 /CONTACT: Arizona, Marty Hosimer, 602-207-8488; Colorado, Rosemary Campbell, 303-446-1650; Kansas, James Manuszak, 316-291-6400; New Mexico, Laura Criel, 505-766-2537; Oklahoma, David Stell, 405-297-4444; East Texas, Steve Yost, 713-653-3670; North Texas, Marlene Gaysek, 214-767-1424; West Texas, Sally Sassen, 512-499-5315; Utah, Jan Hadley, 801-524-5297; or Wyoming, Tim Harms, 307-772-2162, all of the Internal Revenue Service/


CO: Internal Revenue Service ST: Arizona, Colorado, Kansas, New Mexico, Oklahoma, Texas, Utah IN: SU:

MC -- DV001 -- 7281 02/17/93 11:26 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 17, 1993
Words:232
Previous Article:FANNIE MAE, 23 MASSACHUSETTS LENDERS TO MAKE AVAILABLE $300 MILLION IN AFFORDABLE MORTGAGE LOANS ACROSS STATE
Next Article:WYLE SIGNS 15-YEAR TECHNOLOGY TRANSFER AGREEMENT WITH KONEL; POSITIONED TO BENEFIT FROM KOREAN NUCLEAR POWER MARKET
Topics:


Related Articles
INCOME FROM TIPS IS TAXABLE
IRS SURVEY OF SAN FRANCISCO RESTAURANT WORKERS
Proposed section 382 regulations.
LESS TO THE IRS NEXT YEAR: CCH RELEASES TAX BRACKET CHANGES FOR 1996
Challenge to tax assessment based on IRS aggregate-tip reporting.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters