Posts tagged Taxes
IRS Proposes New Program that will Disproportionately Crackdown on Small Business and the Working Class, i.e. the “Small Guys.”
IRS Proposes New Program that will Disproportionately Crackdown on Small Business and the Working Class, i.e. the “Small Guys.”

This past Monday, February 6, 2023, the IRS announced that it is proposing a new program that would allow digital tracking of all service employees’ tips. The new program is called The Service Industry Tip Compliance Agreement (SITCA), which will require more stringent monitoring and reporting of all tips. The SITCA program is the beginning of a new era: one where transactions, even the smallest transactions for a cup of coffee, can trigger tax liability

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Employers, EmploymentKathleenSITCA, IRS, Taxes, Tips, The Internal Revenue Service, Service Industry, The Service Industry Tip Compliance Agreement (SITCA), Tip Rate Determination Agreement (TRDA), Tip Reporting Alternative Commitment (TRAC), Employer signed TRAC (EmTRAC)., 26 C.F.R. §31.3121(q)