Small Business Tax Fairness and Compliance Simplification Act Introduced

Currently, employers of food and beverage establishments can claim a federal tax credit for FICA taxes paid on tip wages for employees. Bipartisan legislation (H.R. 45) would expand this tax break for tips at beauty salons, barber shops, nail care, esthetics, and body and spa treatments. If enacted, this would apply after 2023. #IdeaoftheDay