Form 4070, "Employee's Report of Tips to Employer," is typically submitted monthly by employees who receive tips.

Key Points on Filing Frequency:

• The form must be submitted by the 10th day of each month for the tips received in the previous month.

• For example, tips earned in March must be reported by April 10th.

• If the 10th falls on a weekend or holiday, the due date moves to the next business day.

Who Needs to File?

Employees who receive $20 or more in tips per month must report them to their employer using Form 4070.

Would you like more details on employer responsibilities regarding tip reporting?

If you received $20 or more in tips during previous month, report them to your employer. You can use Form 4070.

Employers of Tipped Employees Must Request the Employee’s Tip Report to the Employer.

PENALTY.

• 20% Accuracy-Related Penalty – IRC Sec. 6662

• Up to 25% for Late Payment – IRC Sec. 6651

• Up to 5 Years in Prison for Fraud – IRC Sec. 7201-7203 & 18 USC Sec. 371