IRS Overlooks Billions in Tax Noncompliance for Tips
from Accounting Today
The Internal Revenue Service isn’t fully addressing billions of dollars in tip-related tax noncompliance, and it’s generally not enforcing the tip agreements it has in place with some businesses, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found that 1,971 (or 30 percent) of the 6,513 businesses that have tip agreements with the IRS that also filed taxes during tax year 2016 had projected unreported tips of nearly $1.66 billion.
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