Susan Tompor: Tax season has begun. What to know before you file

What will likely be a challenging tax season kicked off Friday, as the Internal Revenue Service finally began processing 2020 federal income tax returns. The tax season started about two weeks later than last year, reflecting the extra time the IRS said it needed to program and test its systems after last-minute tax law changes in Washington provided a second round of Economic Impact Payments and other pandemic relief benefits. “We are ready,” said IRS Ken Corbin, the new IRS chief taxpayer experience officer, a newly-created position that is designed to better help the agency address taxpayer…

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HEDGE accordingly