Responding to extension requests, restaurants and bars will have a few extra months -- until June 30 for this year only -- to elect to participate in the Internal Revenue Service’s Attributed Tip Income Program.
Last summer the IRS announced the details of the program, which provides employers in the food and beverage industry with an alternative option encouraging voluntary tip income reporting by tipped employees. Normally, eligible establishments must elect to participate in the program by Feb. 28, when they timely file their Form 8027, “Employer’s Annual Information Return of Tip Income and Allocated Tips.”
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