Cash sales at in person will not be affected.
ALL....repeat ALL transactions via a online payment system, no matter the reason, will be taxed if in a single year it is more than $599.99.
This means Paypal, Venmo, CashApp etc etc
Let's say the boss asks you to stop and get doughnuts and coffee on the way to work. He uses Venmo to pay back the $40 it cost you. That will be TAXABLE as income if you receive more than $599.99 in a single year. Think about that. This works out to a little over $12 a week.......you are now liable to file a 1099K which is PURE income.
My son hit hard times when his wife had a major health issues. His car died and he needed to replace it. No credit so I bought the car and he pays me holder of the loan. We used Venmo in the past but now he will have to put cash in an envelope and send registered mail. Repayment of a loan IS NOT INCOME!!!!
Final thing I'll say. As a retired banking analyst I will say this is being done to break these 3rd party payment systems AND collect taxes on money THAT IS NOT INCOME. This is a source of income that requires ZERO personnel is fully automated and generates cash for the government even if the money is really not taxable.
Off the soapbox. Thanks