Here are five things in tech that happened this week and how they affect your business. Did you miss them?
1 – The IRS is delaying $600 payment reporting rule for PayPal, Venmo and more – again.
If you received a payment of more than 600 dollars via PayPal or Venmo you don’t have to worry about reporting it on a tax form. Third party platform payments (1099-K forms) have been delayed for 2023 for the second time. “We spent many months gathering feedback from third party groups and others…it became increasingly clear we need additional time to effectively implement new reporting requirements,” IRS Commissioner Danny Werfel stated. (Source: CBS News)
Why this is important for your business:
An estimated 44 million 1099-K forms would have been sent out had the IRS moved ahead on a regulation that has caused both confusion and push back. For now, the threshold remains at 20 thousand or more in received payments through third party platforms.
2 – NJEDA’s $4M innovative e-commerce program has helped over 150 small businesses expand online presence.
The New Jersey Economic Development Authority (NJDEA) whose mission is to “increase equitable access to opportunity by supporting high-quality job creation” just announced a significant accomplishment. Since the launch of its Small Business E-Commerce Support Program it has connected over 150 small businesses in the state with consulting firms who assist with strategies to adapt and thrive in the e-commerce economy. According to the press release, 76 percent of the funding has helped minority-owned businesses. (Source: NJDEA.gov)
Why this is important for your business:
The program provides up to $11, 400 in consulting services for web page design and development, online marketing plans and e-commerce guidance for eligible restaurants, retailers and personal care services. It’s a great way for small businesses in New Jersey to get assistance with their digital marketing.
3 – The largest study of its kind shows outdated password practices are putting millions at risk.
A recent study conducted by Georgia Tech revealed a troubling picture about passwords and the minimal security “three out of four” websites employ to protect those credentials. The cybersecurity study took 20 thousand random samples – from the “Google CrUX Top 1 Million” – and discovered many websites use outdated requirements for password strength, common passwords aren’t flagged, and over half of the websites sampled accepted passwords with 6 characters or less, with twelve percent lacking any length requirements. In total, “tens of millions” are vulnerable to having their data compromised based on the factors that were analyzed in the study. Suood Al Roomi, a student at Georgia Tech’s School of Cybersecurity created the assessment tool used in the study. (Source: Tech Xplore)
Why this is important for your business:
Use complex passwords. Get a password manager. Make sure multi-factor authentication is setup 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 tremendous expansion of e-commerce in a short period, businesses are quickly finding that accommodating their customer base with automated services can sustain an operation. The restaurant industry in particular has seen a growing demand for digital ordering services. (Source: PYMNTS)
Why this is important for your business:
Randy Ramdass, operational manager of HAAM in Brooklyn, talked about integrating digital knowledge into their day-to-day operations. “One of the great pieces for us is the fact that we can leverage third-party ordering systems through one system, that Toast POS, whereas in the past, you had to have each tablet for platform,” Ramdass said. His comment correlates with a PYMNTS study that found e-commerce channels are becoming an integral part of how restaurants function. It also found that two-thirds of the 500 SMBs interviewed felt that eCommerce integration is “highly important.” By 2025, the “Quick-service” restaurant sector (QSRs) project 51% of tasks will be automated.
5 – Amazon will host free ‘AI Ready’ courses in an effort to attract new talent.
On Monday Amazon announced the launch of “AI Ready” its new program that will offer free AI training to more than two million across the globe, to support “professionals looking to upskill” as stated in the press release. Per Amazon, eight new courses will be offered by AWS (Amazon Web Services) through the website and is also available to non-Amazon employees. (Source: Engadget)
Why this is important for your business:
What a great way to get your employees trained. And what a great opportunity for entrepreneurs who want to become AI programmers and experts. In terms of course-level, AI Ready is designed for beginners and advanced users alike – and aimed at those in “nontechnical” fields. One of the stated goals is to “help level the playing field of AI education,” as stated by Swami Sivasubramanian, AWS’s VP of Data and AI. The company also emphasized that AI training will bring opportunities to earn 47 percent more in salaries.
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