Form 4070: Employee's Report Of Tips To Employer

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DEFINITION of 'Form 4070: Employee's Report Of Tips To Employer'

A tax form distributed by the Internal Revenue Service (IRS) and used by employees who are compensated by tips to report those tips to their employer. Form 4070 is used to report tips received in cash, tips received from other employees (such as under a tip-sharing program), as well as those received through credit or debit cards.

BREAKING DOWN 'Form 4070: Employee's Report Of Tips To Employer'

Form 4070 is a monthly summary of all tips received and is used in conjunction with Form 4070A, which allows employees to keep track of tips received on a daily basis. Tips should be reported by the 10th day of the following month, unless that day is a holiday or weekend. Both Form 4070 and Form 4070A are available by requesting IRS Publication 1244 from an employer or the IRS.

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