Two big changes will shape this filing season:
1) Refunds go (mostly) digital
The IRS will phase out paper refund checks for individuals beginning Sept 30, 2025—part of a broader shift to electronic payments. Plan on direct deposit (and make sure your bank info is right). Limited exceptions will remain. IRS+1
Action now: add/update bank details; set up (or confirm) your IRS Online Account; beware phishing while the transition rolls out. Taxpayer Advocate Service
2) 1099-K thresholds are phasing in
If you sell or get paid via marketplaces/apps, third-party platforms issue Form 1099-K when your goods/services payments exceed: $5,000 (2024), $2,500 (2025), $600 (2026+). You must report income even if you don’t get a form. IRS+1
If a 1099-K looks wrong: ask the platform for a corrected form and keep supporting records (messages, tags, bank labels). IRS
Your fast prep checklist
- Documents: W-2, 1099-NEC/INT/DIV/B, 1099-K, 1099-DA (crypto), HSA/education forms.
- Accounts: confirm routing/account numbers for refunds or payments.
- Books: separate personal vs. business, and save marketplace year-end summaries.
How Black Inc can help
- Set up direct deposit correctly and choose safe e-payment options.
- Review your 1099-K/1099-DA forms and fix mislabels before filing.
- Build a clean document stack so your refund isn’t delayed.
Key refs: IRS refund check phase-out; electronic payment push; phased 1099-K thresholds.