Frequently Asked Questions: What are tip income reporting requirements?

income requirements tip
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Frequently Asked Questions: What are tip income reporting requirements?

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Per IRS publication 3148, You must keep a running daily log of all your tip income. The IRS requires form 4070 Employees Daily Record of Tips and Report to Employer, and Form 4070A, Employees Daily Record of Tips to be turned into your employer or to keep record of daily tip income which would support declared tips earned reported on your annual tax filing. Both forms are included in P.I.T. and are updated with every entry. In addition, P.I.T. also provides a reporting feature stating what you have tipped out to others. This is also updated with every entry.

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