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IRS Publication 1244: Employee's Daily Record of Tips and Report to Employer

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Dictionary Says

Definition of 'IRS Publication 1244: Employee's Daily Record of Tips and Report to Employer'

A document published by the Internal Revenue Service (IRS) that details how employees are to keep track of and report income earned from tips. Tip income can come in the form of cash, credit or debit card adjustments to a bill or tip-sharing agreements with fellow employees. If an employee earns more than $20 in tips during a month, that employee is responsible for reporting the tip total to the employer. Employers are still responsible for withholding money for Social Security, Medicare and income tax.
Investopedia Says

Investopedia explains 'IRS Publication 1244: Employee's Daily Record of Tips and Report to Employer'

IRS Publication 1244 contains both Form 4070 and Form 4070A - two forms used by employees to report income earned from tips. Form 4070 is used to report the tip total for the month, while Form 4070A is used to keep track of tips on a daily basis. Employees should request IRS Publication 1244 in order to receive the appropriate forms.

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