In this age of various form of electronic payments, cash is still king when it comes to employee tips, and if you are their employer you need to ensure those tips are accounted for properly. The IRS may be not to happy if they are not getting their share of that tip income. In this article by Chicago CPA Michael Caramagno you will learn why it isimportant to keep track of that cash and the steps to take to make sure the IRS is happy!
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Michael Caramagno is a CPA who enjoys solving tax and accounting issues for his clients, mainly professional service providers and startups. He is the Founder & Principal at Caramagno & Associates, Ltd, a Chicago based CPA Firm. You can follow us on Twitter, like us on Facebook or find us on LinkedIn.