WebJun 12, 2013 · The IRS considers non-cash tips as income. If a customer hands a server two tickets to a concert valued at $25 each, it is technically $50 in non-cash tip income. Although for tax purposes the server does not need to report non-cash tips to their employer, the IRS requires that the server claim that $50 when they file their return. WebDec 8, 2024 · If you fail to report your tips to your employer, the IRS can impose a penalty equal to 50% of the Social Security and Medicare tax you fail to pay. And, if you didn't earn enough in wages and tips that your employer pays to you directly to cover your tax withholding, your W-2 will show how much tax you still owe.
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