Main Page

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Revision as of 16:23, 1 March 2007 by MikeD (Talk | contribs)
Jump to: navigation, search
TaxAlmanac
The free online tax research resource and
community for tax professionals.

Overview · Quick Start Guide · A-Z Index · Explore · Help

Tax Research Library

Discussion Forums

Content by Category:

Featured article

IRS Extends Attributed Tip Income Program Deadline to June 30

The IRS has extended the 2007 deadline until June 30 for restaurant or beverage businesses to elect to participate in the Attributed Tip Income Program.

The extension is in response to requests from restaurant and beverage industry members and is only applicable for the 2007 calendar year.

Normally, eligible establishments must elect to participate in ATIP by Feb. 28 when they timely file their Form 8027, “Employer’s Annual Information Return of Tip Income and Allocated Tips.”

To participate in the program for calendar year 2007, employers should have started to attribute tips under the provisions of Revenue Procedure 2006-30 beginning with the first payroll period on or after Jan. 1, 2007. However, for calendar year 2007 only, employers will be granted until June 30, 2007, to begin the tip attribution process and make the election to participate in ATIP. As long as the employer notifies the Service that they would like to participate in the program via Form 8027, the safe-harbor protection will begin the first pay-roll period that the employer attributes tips based on the prescribed formula under the Revenue Procedure. The ATIP participation extension does not extend the Form 8027 filing deadline.

If the employer has already filed Form 8027 without electing ATIP participation, but now desires to participate, the employer should file a duplicate Form 8027 before June 30, 2007, electing to participate in the ATIP with a notation “Duplicate Filing to Elect ATIP Participation” prominently displayed on the Form. A copy of the duplicate filing must also be sent to the attention of the Employment Tax/ATIP Coordinator in Covington, Ky., as prescribed in the Revenue Procedure.


In the News

Current Tax and Accounting

  • Tax Extenders Legislation Advances in Senate Accounting Today
  • Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500; Saves 1.6 Million Hours A Year IRS
  • House Ways and Means Chairman Camp Releases Tax Reform Proposal Accounting Today
  • IRS Offers Health Care Tax Tips to Help Individuals Understand Tax Provisions in the Affordable Care Act IRS

Recent Discussions

- This site is CLOSED - go to www.TaxProTalk.com
- COD exclusion-why use if don't need?
- Canadian NR has business in US
- Active S-Corp Dist in Excess of Basis and NII
- So much for June 1!

Recent Articles

- Equitable or Beneficial Ownership
- Current events
- Australia Protocol
- Internal Revenue Bulletin 2007-16
- Internal Revenue Bulletin Index - 2007

Did you know?

Five Key Websites For Tax Season

Did you know that TaxAlmanac was selected as one of the five key websites for Tax Season? Read more in The CPA Technology Advisor's article, Five Key Websites For Tax Season .

Contact Us – Submit Feedback – TaxAlmanac Media Coverage – Community Feedback


Personal tools