(NEXSTAR) – The self-described tax experts of TikTok and other social media sites have cost American’s $162 million in penalties since 2022, the IRS said in a news release Monday.
Advice on the most important decisions of our lives – from our health to our finances – has never been easier to share or more entertaining, but experts say there is a shocking amount of misinformation.
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“Every year the misleading tax advice given on social media changes, but there are common threads that taxpayers can begin to recognize: it sounds too good to be true, it will save you thousands in tax or result in you receiving a substantially larger refund, and only the person giving the advice is in on the secret,” Adam Brewer, tax attorney with AB Tax Law, told Nexstar in an email.
The IRS is warning of two schemes in particular that have been circulating recently, promoting the misuse of two credits: the Fuel Tax Credit and the Sick and Family Leave Credit…