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IRS Warns: Don’t Believe Social Media Tax Advice

by | May 16, 2024 | IRS, Tax Audits |

The IRS is encouraging taxpayers to ignore tax advice on social media in the wake of individuals falling for scams that claimed to get them a large refund. These scams are generally related to encouraging taxpayers to claim one of three specific tax credits that they are not eligible to receive. The credits at issue are the Fuel Tax Credit, Credits for Sick Leave and Family Leave, and Household Employment Taxes. Despite these credits only applying in very specific circumstances, some taxpayers have claimed them on their returns, leading the IRS to freeze any potential refund, even if valid. The IRS states that taxpayers could be penalized, subject to follow-up audits, or even face criminal action due to falsely claiming these credits. However, taxpayers can file an amended return to remedy the situation if they followed this misleading advice.

To read the full announcement, click here.


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