Business Tech Roundup: The IRS Again Delays Its Cash App Reporting Rule

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Here are five things that happened in technology this week and how they will affect your business. Did you miss them?

1 – The IRS is delaying the $600 payment reporting rule for PayPal, Venmo and others.

If you receive payments over $600 via PayPal or Venmo, you don’t need to worry about reporting them on your tax form. Third-party platform payments (1099-K forms) are made. It is delayed for 2023 for the second time. IRS Commissioner Danny Werfel said: “We have spent months gathering input from third-party groups and others … It has become increasingly clear that we need more time to effectively implement the new reporting requirements.” (Source: CBS News)

Why this is important to your business:

44 million 1099-K forms would have been sent if the IRS had continued the confusing and backward-looking rule. For now, the limit on payments received through third-party platforms remains at 20 lakh or more.

2 – NJEDA’s $4M innovative e-commerce program has helped more than 150 small businesses expand their online presence.

The New Jersey Economic Development Authority (NJDEA) declared its mission to “enhance equitable access to opportunity by supporting high-quality job creation” a major success. Since its inception Small business e-business support program It has connected more than 150 small businesses across the state with consulting firms that provide strategies for adapting to and growing in the e-commerce economy. According to the press release, 76 percent of the funding helped small businesses. (Source: NJDEA.gov)

Why this is important to your business:

The program offers up to $11,400 in consulting services for website design and development, online marketing plans and e-commerce guidelines for restaurants, retailers and personal care services. It’s a great way to get help with digital marketing for small businesses in New Jersey.

3 – The largest study of its kind shows that outdated password practices are putting millions of people at risk.

A recent study by Georgia Tech It paints a worrisome picture of passwords and “three out of four” websites’ lack of security to protect those credentials. The cybersecurity study took 20 thousand random samples – from the “Google CrUX Top 1 Million” and found that many websites use outdated criteria for password strength, common passwords are not recommended, and more than half of websites use acceptable passwords of 6 characters or less; Twelve percent with no length requirements missing. In total, “tens of millions” have their data vulnerable, based on the factors analyzed in the study.. Soud Al RomA student at Georgia Tech’s School of Cyber ​​Security developed the assessment tool used in the study. (Source: Tech Explorer)

Why this is important to your business:

Use complex passwords. Get a password manager. Make sure multi-factor authentication is set up on your financial accounts. Use a third-party authenticator or USB key. Ignore this advice at your peril!

4 – Digital transformation prompts small restaurants to streamline holiday menus.

With the rapid expansion of e-commerce, businesses are quickly finding that handling their customer base through automated services can keep business running. The restaurant industry in particular has a growing need for digital ordering services. (Source: PYMNTS)

Why this is important to your business:

Randy Ramdas, operations manager for HAAM in Brooklyn, talked about integrating digital intelligence into their daily operations. “One of the great parts for us is that we can use third-party ordering systems in one system, Toast POS, whereas before you had to have each tablet for the platform,” says Ramdas. His opinion corresponds to a PYMNTS study The resulting e-commerce channels are becoming an integral part of how restaurants operate. It also found that two-thirds of the 500 SMBs interviewed felt that e-commerce integration was “very important.” In the year By 2025, the “quick service” restaurant sector (QSRs) projects that 51% of jobs will be automated.

5 – Amazon hosts free ‘AI Ready’ courses in an effort to attract new talent.

On Monday, Amazon announced the launch of its new “AI Ready” program, which will provide free AI training to more than two million people around the world to support “highly skilled professionals,” according to a press release. At Amazon, eight new courses are offered by AWS (Amazon Web Services) through the website and also available to non-Amazon employees. (Source: participative)

Why this is important to your business:

What a great way to train your employees. And what a great opportunity for entrepreneurs who want to become AI programmers and experts. Of course, AI Ready is designed for beginners and advanced users alike – and for those in “non-technical” fields. One of the goals stated by Swami Sivasubramanian, AWS VP of Data and AI, is to “help level the playing field in AI education. The company emphasized that AI training brings opportunities to earn 47 percent more salary.



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