Another year has passed (allegedly), and tax filing season is here again. The COVID-19 pandemic changed many things, including last year’s federal tax deadline and the time it took for the Internal Revenue Service (IRS) to process returns. But how will it affect the process this year?
Is your social media feed full of headlines about a $600 IRS reporting change for Venmo or Paypal transactions? There’s been a lot of confusion and misinformation surrounding this provision, and it’s important to have the facts.