FICA Tip Tax Credit

Increasing the bottomline of the food & beverage industry

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More About FICA Tip Tax Credits

ERC ASSESSMENT

What is the FICA Tip Credit?


The Federal Insurance Contributions Act (FICA) Tip Credit is a tax credit available to employers in the food and beverage industry, offsetting the social security and Medicare taxes paid on their employees' tip income.


The FICA Tip Tax Credit was designed to encourage reporting of tip income and provide relief to employers who are required to pay the FICA tax on the tips received by their employees. Since legislation froze the minimum wage for FICA Tip Tax Credit purposes at $5.15/hour, employers actually receive a higher credit than if the current federal minimum wage of $7.25 was used.

Businesses that may qualify for the FICA Tip Credit:

Restaurant

Diner / Cafe

Bar / Lounge

Country Club

Golf Course

Hotel

Pizza Delivery

Coffee Shop

Event Venue

Caterer

$3 Billion

Tax Credit Claims for Clients

100%

Success-Based Fees

$0

Returned to the IRS

Meet Our Tax Credit & Financial Experts

Shannon Scott

CEO & Cofounder

Chris Smith, CPA

President

Frank Brown, J.D., LL.M.

Chief Incentive Officer & Cofounder

Garrett Gregory, Esq., LL.M.

Special Counsel for Tax Compliance

Joshua Hole, CPA, MT

President of Special Incentives

Roger Boatner, CPA

Partner

COMPLIANCE-FIRST TAX CREDIT CONSULTANCY

Experienced IRS Attorney Joins OnCentive as Special Counsel For Tax Compliance

Serving as Senior Attorney at the Office of Chief Counsel (IRS) for thirteen years, Gregory brings a wealth of tax compliance knowledge to OnCentive, furthering the firm’s commitment to providing the most compliant tax credit solutions and services to the market.

"Before accepting a role with OnCentive, I reviewed their policies and procedures regarding COVID-19 Employee Retention Credit (ERC), IRS inquiries, and audit oversight and found that our standards on compliance and service aligned. I am excited to join a consultancy that is committed to maintaining the highest standards in the industry and delivering exceptional service."

Garrett Gregory

Special Counsel For Tax Compliance

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WHAT'S A TAX CREDIT?

Tax credits are a powerful tool that can help you reduce your taxable income and directly impact your annual tax bill. A dollar-for-dollar reduction of the income tax you owe, a tax credit can reduce the amount of tax you owe or increase your tax refund. Tax credits also differ from deductions and exemptions.

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Don’t Disqualify Yourself. Our Experts Determine Your Eligibility For Free.


Talk to one of our tax credit experts to determine how to best increase your company's profitability.


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