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EPISODE 9. TIGTA reminds us the IRS continues to underperform with their Jan 12th 2023 report. Restaurant & Bar Tip Tax Credit reviewed..
Today's Episode:
1. Updates on IRS backlog and implementation of the new IRS funding. TIGTA’s recent report on January 12th touts the extra money, but not necessarily improved efficiency. This latest report highlights some of the strains on IRS coming into the 2023 tax season. [:53]
2. Let's review the Restaurant Industry’s Best Kept Tax Secret – the FICA Tip Credit for paid-out tips. I’ll discuss who qualifies, how to calculate, and you’ll see how this credit can really add up for business owners. [7:06]
Links
· Inflation Reduction Act: Assessment of the Internal Revenue Service Implementation efforts https://www.tigta.gov/sites/default/files/reports/2023-01/2023ier003fr.pdf
· TIGTA Report 1/12/23 https://www.tigta.gov/reports/audit/backlogs-tax-returns-and-other-account-work-will-continue-2023-filing-season
· Tip Credit Example https://primepay.com/blog/how-do-i-calculate-my-fica-tip-credit
· Minimum Wage & State tip credits: https://www.minimum-wage.org/tipped
Connect with Chelsea:
Email: [email protected]
Leave a comment on this podcast.
**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf
View all episodes
By Chelsea Harper, CMA, EA, MBAToday's Episode:
1. Updates on IRS backlog and implementation of the new IRS funding. TIGTA’s recent report on January 12th touts the extra money, but not necessarily improved efficiency. This latest report highlights some of the strains on IRS coming into the 2023 tax season. [:53]
2. Let's review the Restaurant Industry’s Best Kept Tax Secret – the FICA Tip Credit for paid-out tips. I’ll discuss who qualifies, how to calculate, and you’ll see how this credit can really add up for business owners. [7:06]
Links
· Inflation Reduction Act: Assessment of the Internal Revenue Service Implementation efforts https://www.tigta.gov/sites/default/files/reports/2023-01/2023ier003fr.pdf
· TIGTA Report 1/12/23 https://www.tigta.gov/reports/audit/backlogs-tax-returns-and-other-account-work-will-continue-2023-filing-season
· Tip Credit Example https://primepay.com/blog/how-do-i-calculate-my-fica-tip-credit
· Minimum Wage & State tip credits: https://www.minimum-wage.org/tipped
Connect with Chelsea:
Email: [email protected]
Leave a comment on this podcast.
**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf