National | Washington Hospitality Association

Category: National

Tip reporting and IRS Form 8027: What fast-food businesses need to know

As a fast-food business owner, staying on top of tax regulations and requirements is important to avoid penalties and ensure compliance. One such form that may impact your business is the IRS Form 8027. This form is used to report tips received by employees in certain food and beverage establishments. Failing to file this form or inaccurately reporting tips could result in hefty fines for your business. Here is whatyou need to know about IRS Form 8027 and how it applies to your fast food business.

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Congress tackles food waste, helps restaurants with food donations

The Food Donation Improvement Act specifically expands liability protections to include donations of an apparently fit grocery product or apparently wholesome food that is “donated directly to a needy individual by a retail grocer, wholesaler, agricultural producer, restaurant, caterer, school food authority, or institution of higher education for which the recipient is charged a good Samaritan reduced price that is no greater than the cost of handling, administering, and distributing the food or product.”

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