About Form 8846 | Honest Buck Accoutning

You can file Form 8846 if you meet two requirements. These requirements are:

  1. Your employees earned tips from customers for their service and/or delivery work at your food/beverage establishment where tipping is customary.

  2. You must pay employer Social Security and Medicare taxes on those tips.

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Implementing Internal Accounting Controls in Restaurants | Honest Buck Accounting

Have you ever thought about Internal Accounting Controls? Your accountant may only be paying attention to the numbers. This can be very costly. Smart thieves can drain your accounts. They can take profits away from the business even though a CPA may be auditing the books. They will do things you never thought of. Every company's goal is to turn profits. To do that, you must get your cash management under control.

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What Is Form 8027?

Hospitality is one industry where many employees earn the majority of their wages through tips. If you operate such a business, you will need to withhold taxes for your employees for the tips that they earn. This is in addition to what you withhold from their salary or hourly pay. Form 8027 is what you'll use to report the tips employees earn.

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A Comprehensive Guide to Form 4137

Workers who receive tips through their job must use Form 4137 as a means of reporting their earnings. We realize how confusing tax forms can be so here is a comprehensive guide to Form 4137. We'll cover reporting tips, tip taxation, and everything needed to understand this form.

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Rachelle CalinaComment