Chicago Illinois Form 8027 2024-2025

Chicago Illinois Form 8027: What You Should Know

Note: Form SS-5 is used if an employee receives only a service charge, does not make a separate deposit or submission of a payment, and the total amount of the service charge is not more than 25. Note: The tip credit is defined as the difference between the service charge and the tip credit. Note: Employees are required to report the amount of all other monies received from customers.  The following are the basic steps for completing a Service Account for Tipped Employees:  Include:  Cash/Cashier's check/Check from your bank that is payable to the restaurant, including any additional fees as allowed by law (a service charge, for example, does not count as a fee);  A copy of the restaurant's financial statement including information about: Dollars in-lieu of tips received by tipped employees, how much was paid as a tip, and the amount of any tips actually paid; Cash that the restaurant pays customers for tips, if the customers' tips do not show up on the restaurant's statement (tip pooling); Amounts paid to customers for tips that are not a tip but that the restaurant receives from third party sources (such as credit card transactions); and Amounts paid to non-tipped employees.  Provide a copy to the IRS if required by tax law; or If the restaurant uses a customer service agent, provide a letter from the employer that explains how the customer service agent receives the tips, including payment to the agent for all tips to be forwarded to the IRS. (Taxpayer identification numbers (TIN) are required on these letters.) The IRS must complete each step of Form 8027 to help ensure the information is accurate. If the tips and service charges were allocated, employees must receive a final statement, Form SS-5, by the due date for filing Form 8027. Form 8027 is used to report the total amount tips received from all employees.

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