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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
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.
Schedule a call with an OnCentive Expert
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.
What Clients Say About OnCentive:
Don't just take it from us.
Morgan Akins, The Arc of Tuscaloosa
"The OnCentive team helped our non-profit raise hourly wages to attract and retain employees through a very difficult labor market. The services we provide our clients are critical to the community. Thanks to OnCentive we are able to remain competitive as an employer. Their team is great to work with and without a doubt will help you maximize the amount your organization can recover.”
Tawny DeBolt, Neon HCM
"OnCentive has delivered millions of dollars in credits to our clients. We had them take a look at our business and they found over $100k in cash refunds for our company. Their staff treats every one of our clients like they are their own and our clients and ecstatic we made the introduction."
Cliff Morgan, CFO Concrete Guys
"OnCentive has exceeded our expectations. We were skeptical on whether or not these programs would work for us but they absolutely made us believers. I would highly recommend them to any business looking to increase its profitability.”
Led by Tax Attorneys,
CPAs & Credit Experts
Our leadership has over 150 years of combined tax experience. With $3 billion in incentives captured, you are in good hands with OnCentive.
Quality Guaranteed
In the unlikely event that your credit is ever contested, the OnCentive team will defend our work and will fully refund any credits that are disallowed.
Maximum Credit Yield
Our profitability is tied with yours. We work off success fees which means we are motivated to find the maximum credits your business can qualify for.
