IRS Warns for Dirty Dozen: Avoid Social Media Tax Scams for Safe and Secure Filing

Date:

Social Media Tax Scams: Tax season can be stressful, and sometimes we just want to get the biggest refund possible. Unfortunately, social media is full of bad advice that can lead you into serious trouble with the IRS.

The IRS recently warned taxpayers about people spreading false information on social media, like Youtube, TikTok and Instagram. This information can convince you to misuse tax forms or file a fraudulent return.

Why You Should Be Careful About Social Media Tax Tips

  • Inaccurate Information: People might be trying to scam you, or they just don’t know what they’re talking about.
  • Focus on Refunds, Not Accuracy: Scammers often promise huge refunds for following their advice. This should be a red flag!
  • Wrong Forms, Wrong Purpose: Some scams involve using legitimate forms like a W-2 (wage statement) in the wrong way.

Examples of Recent Social Media Tax Scams

The IRS is highlighting this issue as part of their “Dirty Dozen” campaign, which focuses on the 12 most common Social Media Tax Scams. Let’s Check some of the Social media scams;

  • Fake W-2 Income: This scam tells you to enter fake income and withholding amounts on your W-2 to get a bigger refund. This is fraud and can lead to serious penalties.
  • Misusing Credits: Another scam involves using credits meant for self-employed people on a regular W-2 return. These credits aren’t available for everyone.
  • Fake Household Employees: This scheme tells you to make up fake employees and claim fake wages to get a refund for sick leave. The IRS is on the lookout for this!

Misinformation about Form 8944 Scheme

Social media can be a great resource for many things, but tax advice isn’t always one of them. There’s a scam circulating that claims you can use Form 8944 to get a refund from the IRS, even if you owe money. This is completely false!

Here’s the truth about Form 8944:

  • It’s a legitimate IRS form, but it’s only for tax preparers.
  • It allows them to request a hardship waiver to file tax returns on paper instead of electronically.
  • It has nothing to do with taxpayer refunds.

If you see advice online suggesting you use Form 8944 to get a refund, ignore it! Filing a false tax return can lead to serious consequences, including fines and even criminal charges.

How to Get Safe and Reliable Tax Advice

  • IRS.gov: The official IRS website has everything you need to file your taxes correctly, including instructions for all tax forms.
  • IRS Social Media: Follow the official IRS social media accounts for accurate tax information.
  • Tax Professionals: If you need help with your taxes, consult a qualified tax professional like a CPA or Enrolled Agent.

Protect Yourself from Tax Scams

  • Don’t Trust Everything You Read: Be skeptical of any tax advice you see on social media.
  • Verify Information: Double-check any tax information you find online with the official IRS website or a trusted tax professional.
  • Use Legitimate Resources: The IRS website has a wealth of information on how to file your taxes correctly, including instructions for all tax forms.

How to Report Tax Scams to IRS

If you see someone promoting bad tax advice on social media, you can report them to the IRS. You can also report tax return preparers who you suspect are filing fraudulent returns.

Here’s how to report a tax scam:

The Bottom Line

Don’t trust everything you see on social media, especially when it comes to taxes. The IRS website and qualified tax professionals are your best resources for accurate tax information.

Key Takeaways of Social Media Tax Scams

  • Be skeptical of tax advice on social media.
  • Double-check information with the IRS website or a tax professional.
  • Report scams and suspicious tax preparers to the IRS.

By following these tips, you can avoid Social Media Tax Scams and get the refund you deserve!

Follow Us on Google News Edueasify

Get the Latest Financial News, Expert Insights, Trends, and Tips you need to make Informed Decisions about your Business, Taxes, and Investments at edueasify.

CA Manish Kachariya
CA Manish Kachariyahttps://edueasify.com/
Hello there! I'm Manish Kachariya, the Founder of Edueasify. A qualified Chartered Accountant, I'm passionate about empowering individuals through financial literacy. With over 8 years of experience in Tax, Personal Finance, and Investment, I specialize in creating insightful and actionable finance content. My goal is to equip you with the tools and knowledge you need to navigate towards your financial goals. Let's embark on the journey to financial fitness together!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

2024 Election Results: Donald Trump Secures Another Term in Historic Win

Donald Trump 2024 election victory: In a decisive 2024...

2024 Election: Trump vs Harris – Latest Polls Update

Are you curious about the current state of the...

Minnesota Election Day 2024: Everything You Need to Know to Cast Your Vote!

As Election Day 2024 approaches on November 5, Minnesota...

Election Day 2024: Harris and Trump Make Last Push in Battleground States

As the nation gears up for Election Day 2024,...