IRS Renews Warnings on Aggressive Employee Retention Credit Claims
Last week, the IRS issued a renewed warning urging business owners to carefully review the Employee Retention Credit (ERC) guidelines before filing claims.
The FICA Tip Credit
The FICA Tip Credit provides relief to businesses paying employment taxes on tip income. Calculation of the credit is somewhat complex, requiring employers to determine an amount known as “creditable tips.” The creditable tips figure removes the tip income that covers the difference between the employee’s hourly wage and the minimum wage.