Here are five tech events that happened this week and how they affect your business. Did you miss them?
1 – IRS once again delays reporting rule for $600 payments for PayPal, Venmo and more.
If you received a payment of more than $600 via PayPal or Venmo, you don’t need to worry about reporting it on a tax form. Payments on third-party platforms (1099-K forms) have been postponed for 2023 for the second time. “We have spent many months gathering feedback from third-party groups and others…it has become increasingly clear that we need more time to effectively implement the new reporting requirements,” said said IRS Commissioner Danny Werfel. (Source: CBS News)
Why it matters to your business:
An estimated 44 million 1099-K forms would have been sent if the IRS had adopted regulations that have caused both confusion and pushback. For now, the threshold remains at 20,000 or more for payments received via third-party platforms.
2 – NJEDA’s innovative $4 million e-commerce program has helped more than 150 small businesses increase their online presence.
The New Jersey Economic Development Authority (NJDEA), whose mission is “to increase equitable access to opportunity by supporting the creation of high-quality jobs,” has just announced a significant achievement. Since the launch of its E-commerce Support Program for Small Businesses it has connected more than 150 small businesses across the state with consulting firms that help them develop strategies to adapt and thrive in the e-commerce economy. According to the press release, 76 percent of the funding helped minority-owned businesses. (Source: NJDEA.gov)
Why it matters to your business:
The program provides up to $11,400 in consulting services for web page design and development, online marketing plans and e-commerce consulting for eligible restaurants, retailers and personal care services. This is a great way for small businesses in New Jersey to get help with their digital marketing.
3 – Largest study of its kind shows outdated password practices put millions at risk.
A recent study conducted by Georgia Tech revealed a disturbing picture of the passwords and minimal security that “three out of four websites” employ to protect those credentials. The cybersecurity study took 20,000 random samples – from the “Google CrUX Top 1 Million” – and found that many websites use outdated password strength requirements, which common passwords do not are not reported and that more than half of the websites sampled accept passwords of 6 characters or less, with twelve percent lacking any length requirement. In total, “tens of millions” are likely to have their data compromised based on the factors analyzed in the study.. Suood Al Roomi, a student in Georgia Tech’s School of Cybersecurity created the assessment tool used in the study. (Source: Xplore Technology)
Why it matters to your business:
Use complex passwords. Get a password manager. Make sure you have multi-factor authentication set up on your financial accounts. Use a third-party authenticator or USB key. Ignore this advice at your peril!
4 – Digital transformation is encouraging small restaurants to streamline holiday menus.
With the huge expansion of e-commerce in a short period of time, businesses are quickly discovering that providing their customers with automated services can support their operations. The restaurant industry in particular has seen increasing demand for digital ordering services. (Source: PYMNTES)
Why it matters to your business:
Randy Ramdass, COO of HAAM in Brooklyn, spoke about integrating digital insights into their daily operations. “One of the highlights for us is the fact that we can operate third-party ordering systems through a single system, Toast POS, whereas in the past you had to have each tablet for the platform,” said Ramdass . His comment corresponds to a PYMNTS study which revealed that e-commerce channels are becoming an integral part of how restaurants operate. The study also reveals that two-thirds of the 500 SMEs surveyed believe that e-commerce integration is “very important”. By 2025, the “quick service” restaurant (QSR) industry predicts that 51% of tasks will be automated.
5 – Amazon will organize free “AI Ready” courses with the aim of attracting new talent.
On Monday, Amazon announced the launch of “AI Ready,” its new program that will provide free AI training to more than two million people around the world, to support “professionals looking to upskill,” as noted in the Press release. Through 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 it matters to your business:
What a great way to train your employees. And what a great opportunity for entrepreneurs who want to become programmers and AI experts. In terms of course level, AI Ready is designed for beginners and advanced users – and is aimed at those working in “non-technical” fields. One of the stated goals is to “help level the playing field in AI education,” as Swami Sivasubramanian, AWS vice president of data and AI, said. The company also highlighted that AI training would provide the opportunity to earn 47% more in terms of salaries.