Posts tagged Zelle
Newport Beach, California Business Owners: You Must Accept Cash!
Newport Beach, California Business Owners: You Must Accept Cash!

The city of Newport Beach in Orange County, California has made it mandatory for brick-and-mortar businesses to accept payments in cash when the customer is physically present at the business. This means that the businesses can no longer decide to go “cashless” and can no longer require payment from online services such as ApplePay, Venmo, Zelle, etc. In addition, these businesses are not allowed to charge a fee or place any other condition on its acceptance of cash. This city-wide requirement begins on March 31, 2025.

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Bars, Employers, Employment, Nightclubs, Restaurants, Business OwnersKathleenNewport Beach, Cashless, Zelle, ApplePay, Venmo, California, Orange County, Newport Beach CA
Small and Mid-Size Business Owners: Do Not Run Afoul of the IRS’s New (and constantly changing) Rules for 1099-K Forms.
Small and Mid-Size Business Owners: Do Not Run Afoul of the IRS’s New (and constantly changing) Rules for 1099-K Forms.

With taxes on the minds of many business owners, here is a gentle reminder for next year: for the 2024 tax year, the Form 1099-K could be sent to anyone who used payment services, apps, and online marketplaces to accept payment (such as CashApp, Zelle, Venmo, etc). In addition, the reporting threshold lowers dramatically. For the 2024 tax year, the IRS threshold for reporting will drop down to $5,000. Eventually, the IRS will drop the threshold down to $60 which was set by the American Rescue Plan passed in March of 2021. Although the IRS is taking steps to lower the threshold in phases, it is important for business owners to be aware of these changing reporting requirements and threshold amounts.

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Employers, EmploymentKathleenEtsy, small business, shop local, 1099-K, 1099-K form, Mid-size business, CashApp, Zelle, PayPal, Venmo, IRS, IRS Reporting