IRS finds tax misinformation promoted by social media claims has cost taxpayers $162m in penalties

Social media claims cost taxpayers $162M, IRS says. See the ‘tips’ to avoid

The IRS is warning taxpayers of two social media tax “tips” in particular.

Social media claims cost taxpayers $162M, IRS says. See the 'tips' to avoid

IRS finds tax misinformation promoted by social media claims has cost taxpayers $162m in penalties

If a taxpayer believes they fell for a scam, they should amend the tax return as soon as possible, seek help from a reputable tax professional or IRS employee and respond promptly to any IRS letters or notices.

IRS Issues Urgent Social Media Tax Scam Warning

The agency has said thousands of taxpayers have filed inaccurate returns after following misleading social media advice.

IRS says social media claims cost taxpayers $162 million

Since 2022, misleading tax advice shared on social media platforms, including TikTok, has resulted in $162 million in penalties for taxpayers, according to the IRS. Social media “tax experts” often promote schemes and credit claims that are inaccurate or inapplicable to most taxpayers, causing confusion and financial harm. The big picture: Common misleading advice includes promises of large refunds, easy tax savings, or eligibility for tax credi…

IRS Has Doled Out $162M in Penalties to Taxpayers Over False Tax Credit Claims Linked to Bad Social Media Advice

Thousands of taxpayers have filed inaccurate or frivolous returns that falsely claim the Fuel Tax Credit and the Sick and Family Leave Credit, often resulting in the denial of refunds and steep penalties, the IRS said Sept. 8.