So, usually, you have to make the effort to create the business account, and the goal is when you create that business account that you will only do business with that account, but people do comingle funds, so they’re directly affected because small businesses sometimes use that Cash App, for example, and now they’re really going to have to separate the two,” said Chief Executive Officer for Taxx Wiz, Tevin Harrell. “The biggest thing is they’re doing it on business accounts. Tax experts said it should be noted that any income you earn as a trade or business for goods and services provided, should be reported to the IRS anyway, but the agency stresses that the new law is not intended to track personal transactions. So, this is like your Uber, Lyft, Amazon gig workers, small businesses, maybe you contracted for a Fortune 500 company, they’re going to issue you a 1099,” Chief Operating Officer for Taxx Wiz, Olu Muyiwa Aladebumoye. “So, whenever you do miscellaneous type work, work that’s not tied to a traditional 9 to 5 like a W-2 employee, you’d be receiving a 1099 form.

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