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What Restaurant Owners/Managers Should Know About Tips

RASI - Restaurant Accounting Services Inc
1.24K subscribers
196 views 2 years ago The Tip Share
Do you have questions about how to handle tips for your restaurant staff, tip reporting, and compliance? In this video, we will discuss everything you need to know about tips in a restaurant. From withholding requirements to the importance of proper reporting, we'll cover it all. Tips are often regarded as under-the-table income, but they are actually considered taxable income to the recipient and must be accounted for accordingly. Whether you're a seasoned restaurant owner or just starting out, this video is a must-watch - take the first step towards properly handling tips for your staff and ensuring compliance with IRS regulations. Read the full Blog Post: https://rasiusa.com/blog/what-restaur... Listen to the full Podcast Episode: https://podcasters.spotify.com/pod/sh... Social Handles: RASI Instagram:   / rasinc__   RASI Twitter:   / rasinc_   RASI Facebook:   / restaurantaccountingservicesinc   RASI LinkedIn:   / restaurant-accounting- …...more
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What Restaurant Owners/Managers Should Know About Tips
1Likes
196Views
2023Apr 17
Do you have questions about how to handle tips for your restaurant staff, tip reporting, and compliance? In this video, we will discuss everything you need to know about tips in a restaurant. From withholding requirements to the importance of proper reporting, we'll cover it all. Tips are often regarded as under-the-table income, but they are actually considered taxable income to the recipient and must be accounted for accordingly. Whether you're a seasoned restaurant owner or just starting out, this video is a must-watch - take the first step towards properly handling tips for your staff and ensuring compliance with IRS regulations. Read the full Blog Post: https://rasiusa.com/blog/what-restaur... Listen to the full Podcast Episode: https://podcasters.spotify.com/pod/sh... Social Handles: RASI Instagram:   / rasinc__   RASI Twitter:   / rasinc_   RASI Facebook:   / restaurantaccountingservicesinc   RASI LinkedIn:   / restaurant-accounting-services-inc-rasi   Chapters: 00:00 Intro 00:11 Withholding Requirements Importance of Proper Reporting & More 00:49 Requirements for Tip Recipients 01:18 Withholding & Reporting Requirements for Employers 01:53 What Happens if Employee Taxes Aren't Paid on Restaurant Tips 02:14 Consequences of Failing to Report Taxes for Restaurant Tips - Employers #RASI #FocusOnFoodNotFinances #restaurantaccounting #restaurantaccountingservices #restaurantaccountingsoftware #restaurantpurchasing #restaurantpurchasingprogram #restaurantbudgets #restaurantbudgeting #foodcosting #menuengineering #restaurantoperations #restaurantpayroll #restaurantHR #restaurantcompliance #restaurantconsulting #restaurantinventorymanagement #openingarestaurant #restaurantstartup
131 episodes
The Tip Share
RASI - Restaurant Accounting Services Inc

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RASI - Restaurant Accounting Services Inc

1.24K subscribers