Small business owners and third party payment processors like PayPal and CashApp may soon have a common gripe with new IRS reporting rules that place more burdens on them both.
As of January 2022, third-party payment network providers are required to send users a Form 1099-K for payments for products and services of $600 or more – that minimum payment threshold is down from $20,000.00.
Community banks and small businesses are natural financial partners – many with relationships that go back generations. This new schism is a place for community banks to recognize that they are still the financial institutions of choice for small businesses.
We know how to take advantage of this regulatory change, and the other challenges to growing and sustaining your accounts, relationship production and profits. Let’s discuss how you can do more with less spending by paying attention to the real factors that deliver competitive advantage to your bank.
Contact us and schedule a consultation.