B2B Vault Episode 39: Breaking News - IRS & $600 Business Transactions

Today's podcast talks about another tax on small and medium-sized businesses! We have seen a bunch of new taxes that are pointed directly at smaller private companies. The current administration is making it harder and harder for smaller companies to stay competitive! In the latest announcement - if you are using Venmo, Cash App, Paypal, etc., and you are receiving more than $600 per year, those services will report that to the IRS in the form of a 1099. So if you own a business and have funds from those transactions hitting your bank account and you have your social security number on file with them, any funds you receive will be reported to the IRS. Another rule on top of the law is reporting anyone who transacts over $600 per year through your bank account and the new taxes on virtual aka cryptocurrency. But we have a solution - you can download our book about how to pay 0% for credit card processing at payzero.info - or you can visit our website - npsbank.com and go to the page for a cash discount to find out about how you can pay 0%. With a cash discount merchant account from NPSBANK, you can spend 0%, and we have the technology to help you do business and accept payment the way you want.