The sign on the door for the hairdresser read “Cash only, please!”
I wasn’t sure, but I suspected the reason behind the change in the accepted form of payments might have had something to do with new income-reporting requirements. In the past, payment options had included apps such as Venmo, PayPal and Cash App.
To help identify tax cheats, the IRS as of Jan. 1 started requiring all third-party payment processors in the United States to report payments received for goods and services of $600 or more a year.
Source: Washington Post