New Tax Laws Affect Cash Use and ATMs
BFC Enterprises • July 25, 2023

A recent IRS change to tax procedures has caused quite an uproar for individuals and businesses who regularly use online systems like Venmo, Cash App, Zelle, or PayPal. Why, you ask? Because the U.S. Gig Economy is about to be hit pretty hard with additional taxes and paperwork.

You see, up until 2023, these popular payment applications have been required to report and provide 1099-K forms only for accounts receiving over $20,000 across over 200 transactions. Essentially, only accounts doing a LOT of transactions. But now accounts can get dinged with additional reporting and paperwork for anything more than $600 – whether it’s one transaction or several.

 

As the rule goes into effect, these third-party payment businesses will start issuing 1099-K tax forms for delivery on or before January 30. And anyone receiving one must include it in their tax filings in April.

 

Why Does it Matter?

The lower value threshold means the new tax law will affect millions of Americans who actively make small incomes online - many of whom (49%) have full-time jobs and are just trying to make a few extra bucks to cover rising food costs or family vacations. The additional paperwork, reporting, and taxes tack on significant time, effort, headache, and costs to running a side hustle. Enough that some experts are worried the new regulations might discourage gig economy participation.

 

Though regulators are quick to note the new rules don’t apply to selling personal items at a loss, reimbursements to friends and family, or money sent as gifts. These might appear on an account’s 1099-K but should be listed as non-taxable. However, there isn’t much information on exactly how those situations are broken out other than marking reimbursements or gifts as “friends and family.”

 

But selling a used vehicle online will result in a 1099-K that needs to be coded as a loss on your tax return. This really means EVERYONE, business or not, will be dealing with these headaches at some point.

 

Cash to The Rescue…Again

So, what are small businesses and gig workers doing to deal with this sudden change? Anyone that can accept cash is quickly fleeing payment applications in favor of hard currency.

 

Your local lawn care provider? Cash. That home repair contractor? They want cash. The moving company? Cash. Pretty much any gig economy worker that can leverage an in-person interaction is starting to ask for payment in cash.

Then that physical currency is funneled into the local economy for groceries, gas, restaurants, convenience, and other living essentials. Which makes the recent boom in cash payments even less surprising.

 

But the real question is, how are consumers PAYING all of these gig economy workers now that they don’t accept Venmo?

 

Easy. They make a run to the local ATM. Which, if you partner with BFC Enterprises, can be right inside your store. Discover more about how an on-site ATM can benefit your business. Contact BFC Enterprises today!

Amusement Games: Turn fun into profit
By BFC Enterprises November 4, 2025
Discover how one Illinois bowling alley owner boosted revenue and customer time-on-site with hassle-free amusement game solutions from BFC Enterprises.
By BFC Enterprises October 27, 2025
That's exactly why partnering with BFC Enterprises to select and manage your amusement games is a smart move. You get expertly matched equipment that maximizes fun, keeps customers engaged, and hits your revenue goals, without any of the guesswork or hassle. Game Selection Backed by Real Experience BFC Enterprises has spent decades placing games in all kinds of business environments. We've seen what works in shopping centers versus family restaurants. We know which games draw teenagers at youth sports facilities and which ones keep adults entertained at bars while they wait for their food. When we evaluate your location, we're looking at your customer base, your foot traffic patterns, and your available space. We're thinking about who's walking through your doors, how long they typically stay, and what kind of entertainment matches their vibe. Then we match game styles to those factors for optimal performance. You shouldn't have to figure this out through expensive trial and error. We already know what works. Maximize Play and Profit Here's a truth every business owner should know: not all amusement games perform equally in every location. Some games get tons of attention and consistent play. Others just take up space. We use data and hands-on experience to choose games that will actually get played. We place the ones that grab attention, generate consistent activity, and deliver the highest revenue return. This means more passive income for you without spending months testing different machines to see what sticks. Think of it this way: we're not just dropping random equipment in your location and hoping for the best. We're strategically placing proven performers that match your specific environment. That's the difference between a few extra bucks a month and a meaningful revenue stream. Regular Rotation Without the Hassle Even the best games can get stale after a while. That's why we don't just set it and forget it. BFC Enterprises actively monitors game performance at your location. When we notice engagement dropping or when there's an opportunity to refresh things, we rotate games to keep your customers interested and having fun. We also select seasonal prizes that keep people playing longer and coming back to see what's new. The best part? You don’t have to track any of this yourself. We handle the strategy, the swaps, and the prize selection. Your customers stay entertained, and you keep earning, all without lifting a finger. Full-Service Support You Can Count On When you partner with BFC Enterprises , you're not just getting equipment delivered and left behind. You're getting complete, ongoing support. We handle compatibility issues, maintenance, prize stocking, and repairs. If something breaks, you're not scrambling to fix it or figure out who to call. Our team takes care of everything while you focus on what you do best – serving your customers and running your business. This is truly passive income. No headaches, no technical problems to solve, no wondering if you picked the right equipment. Just steady earnings from games that work. The Bottom Line Adding amusement games to your location is a smart way to increase customer engagement, extend dwell time, and create an additional revenue stream. But only if you choose the right games and manage them properly. When you partner with BFC Enterprises, you get the best-performing, highest-return amusement setup – customized specifically to your business and your customers – without any of the work. We bring the expertise, the equipment, and the ongoing support. You bring the space and the customers. Together, we create more fun, more engagement, and more profit. Ready to get started? Contact BFC Enterprises today and let's build the perfect amusement game setup for your location. 📞 (314) 961-9000 🌐 bfcenterprises.com/contact