Employees must report tip
income on Form 4070, Employee's Report of Tips to Employer
, or on a similar statement. This report is due on the 10th day of the month after the month the tips are received. This statement must be signed by the employee and must show the following:
- The employee's name, address, and SSN.
- Your name and address.
- The month or period the report covers.
- The total tips received.
No report is required from an employee for months when tips are less than $20.
Valiant's Vice President of Sales, Rick Casmass will talk about the topic. Learn what you need to know about Tip Reporting.