So I got a job early last year that involved receiving tips, and a pretty significant portion of my income last year included those tips. There is there any kind of procedure to report tips to the employer, nor were any of us told to report tips to the employer. I knew the tips I earned were taxable, but I just assumed that I report it on my tax return later on and pay whatever I owe, but it turns out I should have been reporting my tips to my employer throughout the year. Nobody else at the business reports tips either and none of the older employees have reported their tip earnings on their previous tax returns. I was thinking about filing a 4137, but it seems there are penalties to it, and I'm also wondering about unintended consequences such as the employer getting investigated or coworkers getting audited as well as I would be the only person at the establishment reporting any tips and filing a 4137.
Submitted January 28, 2022 at 10:18PM by YuXTXT https://bit.ly/3GeJnIW
