Folks in the Restaurant Industry will want to pay close attention to the IRS's latest update to the Employee Retention Credit.
Now, according to Notice 2021-49 and Revenue Procedure 2021-33 cash tips received by employees from customers should be generally treated as qualified wages, meaning employers are now allowed to double-dip and use wages for this and the FICA Tip Credit.
For more details on this update and a host of other changes to the Employee Retention Credit download the notice.