IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social Media

https://is1-ssl.mzstatic.com/image/thumb/Podcasts221/v4/51/33/e9/5133e954-8e35-00a1-4ae2-fe95759c31b6/mza_10955883858898193976.jpeg/600x600bb.jpg

IRS In Audio

Internal Revenue Service

74 episodes

2 days ago

Stay informed about the latest IRS news and updates in audio—without the hassle of digging through the website. IRS in Audio transforms official IRS announcements, policy changes, and tax-related guidance into easy-to-digest audio segments. Each episode provides accurate, timely audio information directly from the IRS, helping you stay compliant, save time, and avoid costly mistakes.

Hosted on Acast. See acast.com/privacy for more information.

Government

RSS

All content for IRS In Audio is the property of Internal Revenue Service and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Hosted on Acast. See acast.com/privacy for more information.

Government

https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/43008071/af45864bc21ff06f.jpg

IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social Media

IRS In Audio

2 minutes 1 second

2 months ago

IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social Media

IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social Media

The IRS has issued a strong warning about a surge in fraudulent tax schemes promoted on social media, which encourage taxpayers to claim false credits like the Fuel Tax Credit or Sick and Family Leave Credit. Since 2022, these scams, often spread by individuals posing as tax experts, have led to thousands of inaccurate returns, resulting in denied refunds and over $162 million in penalties across more than 32,000 cases.

Key Takeaways:

Scam Traits: Look out for claims that "everyone qualifies" for credits, promises of "easy" or "fast" refunds, instructions to file amended returns without eligibility, and encouragement to ignore IRS letters.
Consequences: Falling for these scams can lead to delayed or denied refunds, a $5,000 civil penalty for frivolous returns, and further IRS enforcement.
IRS Advice: Taxpayers who have filed incorrect returns should amend them immediately using Form 1040-X, respond promptly to IRS notices, and seek help from reputable tax professionals or IRS.gov. Suspected scams should be reported to phishing@irs.gov or TIGTA.

The IRS urges taxpayers to exercise caution with social media tax advice and to verify all claims with official sources.