WEBVTT NOTE duration:"00:01:50.8390000" NOTE recognizability:0.910 NOTE language:en-us NOTE Confidence: 0.9032844 00:00:00.000 --> 00:00:02.076 New tonight changes are coming for NOTE Confidence: 0.9032844 00:00:02.076 --> 00:00:04.580 those who use cash apps like Venmo, NOTE Confidence: 0.9032844 00:00:04.580 --> 00:00:05.441 Zelle, or PayPal. NOTE Confidence: 0.9032844 00:00:05.441 --> 00:00:07.163 That if you're a business owner NOTE Confidence: 0.9032844 00:00:07.163 --> 00:00:08.648 using cashless payment apps, NOTE Confidence: 0.9032844 00:00:08.650 --> 00:00:10.462 the IRS is making sure that NOTE Confidence: 0.9032844 00:00:10.462 --> 00:00:12.400 they get their cut next year. NOTE Confidence: 0.9032844 00:00:12.400 --> 00:00:13.965 Britney Kleman shares how one NOTE Confidence: 0.9032844 00:00:13.965 --> 00:00:15.217 business owner is preparing. NOTE Confidence: 0.913469849999999 00:00:16.160 --> 00:00:18.752 A new rule under President Biden's NOTE Confidence: 0.913469849999999 00:00:18.752 --> 00:00:20.878 American Rescue Plan Act will NOTE Confidence: 0.913469849999999 00:00:20.878 --> 00:00:23.083 allow the IRS to take a closer NOTE Confidence: 0.913469849999999 00:00:23.083 --> 00:00:25.343 look at cash transactions of more NOTE Confidence: 0.913469849999999 00:00:25.343 --> 00:00:28.064 than $600 at payments are a bit NOTE Confidence: 0.913469849999999 00:00:28.064 --> 00:00:30.368 tricky for the IRS to monitor. NOTE Confidence: 0.913469849999999 00:00:30.370 --> 00:00:32.290 It's similar to cash payments, NOTE Confidence: 0.913469849999999 00:00:32.290 --> 00:00:34.577 so now apps like Venmo, Zelly, NOTE Confidence: 0.913469849999999 00:00:34.577 --> 00:00:37.146 and PayPal will notify the IRS when NOTE Confidence: 0.913469849999999 00:00:37.146 --> 00:00:39.918 transactions get up to $600 under the NOTE Confidence: 0.913469849999999 00:00:39.918 --> 00:00:41.494 original IRS reporting requirements. NOTE Confidence: 0.913469849999999 00:00:41.500 --> 00:00:43.405 People are already supposed to NOTE Confidence: 0.913469849999999 00:00:43.405 --> 00:00:45.730 report income of $600 or more, NOTE Confidence: 0.913469849999999 00:00:45.730 --> 00:00:48.050 regardless of the transaction type. NOTE Confidence: 0.913469849999999 00:00:48.050 --> 00:00:50.248 But some business owners got away with NOTE Confidence: 0.913469849999999 00:00:50.248 --> 00:00:52.130 keeping more money in their pocket, NOTE Confidence: 0.913469849999999 00:00:52.130 --> 00:00:53.936 since these apps didn't notify the NOTE Confidence: 0.913469849999999 00:00:53.936 --> 00:00:55.590 IRS until transactions hit $20,000. NOTE Confidence: 0.913469849999999 00:00:55.590 --> 00:00:57.160 But you can always pay NOTE Confidence: 0.90083617 00:00:57.160 --> 00:00:59.038 with cash more than credit credit, NOTE Confidence: 0.90083617 00:00:59.040 --> 00:01:00.924 and there because you you see NOTE Confidence: 0.90083617 00:01:00.924 --> 00:01:02.498 everything for Shofar, shofar, cash. NOTE Confidence: 0.90083617 00:01:02.498 --> 00:01:05.010 They can get some play with their numbers, NOTE Confidence: 0.90083617 00:01:05.010 --> 00:01:06.888 but they don't last so long. NOTE Confidence: 0.90083617 00:01:06.890 --> 00:01:07.829 Baby Precious Jones NOTE Confidence: 0.90083617 00:01:07.830 --> 00:01:10.334 is the owner of fabulous flavors and friends. NOTE Confidence: 0.90083617 00:01:10.340 --> 00:01:12.860 She's been in business for about five years. NOTE Confidence: 0.90083617 00:01:12.860 --> 00:01:14.678 She has three food trucks and NOTE Confidence: 0.90083617 00:01:14.678 --> 00:01:16.310 a restaurant in White Haven. NOTE Confidence: 0.90083617 00:01:16.310 --> 00:01:18.676 She says she brings in at least. NOTE Confidence: 0.90083617 00:01:18.680 --> 00:01:20.408 $1000 a month just from cash. NOTE Confidence: 0.90083617 00:01:20.410 --> 00:01:20.984 App transactions, NOTE Confidence: 0.90083617 00:01:20.984 --> 00:01:22.993 Precious says because of this new rule. NOTE Confidence: 0.90083617 00:01:23.000 --> 00:01:24.375 Her customers may have to NOTE Confidence: 0.90083617 00:01:24.375 --> 00:01:26.738 pay a 3 to $4 cash app fee. NOTE Confidence: 0.90083617 00:01:26.740 --> 00:01:28.180 It's not us. It's the NOTE Confidence: 0.92142934 00:01:28.180 --> 00:01:29.620 system. We can't help it. NOTE Confidence: 0.92142934 00:01:29.620 --> 00:01:32.196 We got to go with the rules and NOTE Confidence: 0.92142934 00:01:32.196 --> 00:01:33.938 regulations 'cause we had to go up. NOTE Confidence: 0.92142934 00:01:33.940 --> 00:01:35.753 You know, we want you to keep NOTE Confidence: 0.92142934 00:01:35.753 --> 00:01:37.686 coming in every building, you know. NOTE Confidence: 0.92142934 00:01:37.686 --> 00:01:39.414 But we gotta do what we NOTE Confidence: 0.92142934 00:01:39.420 --> 00:01:41.316 gotta do. This new rule is meant to NOTE Confidence: 0.92142934 00:01:41.316 --> 00:01:43.197 crack down on self employment workers NOTE Confidence: 0.92142934 00:01:43.197 --> 00:01:44.887 who receive income through apps, NOTE Confidence: 0.92142934 00:01:44.890 --> 00:01:45.760 not personal payments. NOTE Confidence: 0.92142934 00:01:45.760 --> 00:01:47.210 Like if someone paid you NOTE Confidence: 0.92142934 00:01:47.210 --> 00:01:48.730 back for dinner or gifted. NOTE Confidence: 0.92142934 00:01:48.730 --> 00:01:50.836 You money I'm Britney Clemons reporting.