5-31-22 - Accepting Cryptocurrency Payments

NEWS ROUNDUP1Small business CEOs are growing concerned about a recession, according to a report published earlier this month by the Wall Street Journal and business-coaching firm Vistage Worldwide.  57% of small businesses believe the economy will worsen in coming months.  https://www.vistage.com/research-center/wp-content/uploads/2022/05/WSJ-CEO-Survey-0522.pdf---------- 2As gas prices continue to surge, there may be some relief coming for small business owners.  A group of 18 US House members sent a letter to the IRS Commissioner earlier this month asking him to increase the optional standard mileage rate used to deduct the cost of operating an automobile for business purposes. https://rubengallego.house.gov/sites/evo-subsites/rubengallego.house.gov/files/evo-media-document/Gallego%2C%20Davids%202022%20Standard%20Mileage%20Rate%20Letter.pdf----------- 3 51% of small business owners are worried that inflation could force them to shut their doors within the next six months.  That shocking statistic was part of a poll released last week from small business network Alignable.https://www.alignable.com/forum/special-report-restaurants-salons-gyms-top-list-of-businesses---------- FEATURE - Accepting Cryptocurrency PaymentsShould your small business start accepting digital currencies as a form of payment from customers?Bitcoin is highly volatile.  But stablecoins are alternative worth considering.There are advantages to accepting cryptocurrency payments, including avoiding credit card fees and getting paid faster.But you have to be prepared for the work it will take to accept digital currency payments, and make sure your cyber security is strong.  You’ll also need to be sure you understand the tax and bookkeeping implications. ---------- This podcast is sponsored by Mai Thai Premium Coffee.  Enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.com/.---------- I would love to hear from you! Please email me at [email protected]. ----------Email me at [email protected] give me feedback on the podcast.Show web site:  www.smallbizflash.com