IRS Warns Of Exploding Social Media Tax Scams — 'These Schemes Are Not Only Misleading But Can Cost Taxpayers Dearly' As $162M In Penalties Pile Up

Benzinga_recent_news

Oct 09

Social media can be a great place to connect with like-minded people and discover new dinner recipes, but it's not the best place to get your tax advice. In a recent update, the IRS said it’s already ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2574157950"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2574157950\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2574157950?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2025/10/09/IRS-Changes-Retirement-Catch-Up-Contribu.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2025-10-09 20:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2574157950","market":"us","top_or_hot":-1,"title":"IRS Warns Of Exploding Social Media Tax Scams — 'These Schemes Are Not Only Misleading But Can Cost Taxpayers Dearly' As $162M In Penalties Pile Up","media":"Benzinga_recent_news","content":"<div>\n<p>Social media can be a great place to connect with like-minded people and discover new dinner recipes, but it's not the best place to get your tax advice. In a recent update, the IRS said it’s already ...</p>\n\n<a href=\"https://www.benzinga.com/news/topics/25/10/48121598/irs-warns-of-exploding-social-media-tax-scams-these-schemes-are-not-only-misleading-but-can-cost-taxpayers-dearly-as-162m-in-penalties-pile-up\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IRS Warns Of Exploding Social Media Tax Scams — 'These Schemes Are Not Only Misleading But Can Cost Taxpayers Dearly' As $162M In Penalties Pile Up</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIRS Warns Of Exploding Social Media Tax Scams — 'These Schemes Are Not Only Misleading But Can Cost Taxpayers Dearly' As $162M In Penalties Pile Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-09 20:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/topics/25/10/48121598/irs-warns-of-exploding-social-media-tax-scams-these-schemes-are-not-only-misleading-but-can-cost-taxpayers-dearly-as-162m-in-penalties-pile-up><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Social media can be a great place to connect with like-minded people and discover new dinner recipes, but it's not the best place to get your tax advice. In a recent update, the IRS said it’s already ...</p>\n\n<a href=\"https://www.benzinga.com/news/topics/25/10/48121598/irs-warns-of-exploding-social-media-tax-scams-these-schemes-are-not-only-misleading-but-can-cost-taxpayers-dearly-as-162m-in-penalties-pile-up\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IRS","symbol_name":"IRSA Inversiones y Representacio","start_time":0,"source_url":"https://www.benzinga.com/news/topics/25/10/48121598/irs-warns-of-exploding-social-media-tax-scams-these-schemes-are-not-only-misleading-but-can-cost-taxpayers-dearly-as-162m-in-penalties-pile-up","article_id":"2574157950","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/10/09/IRS-Changes-Retirement-Catch-Up-Contribu.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/news/topics/25/10/48121598/irs-warns-of-exploding-social-media-tax-scams-these-schemes-are-not-only-misleading-but-can-cost-taxpayers-dearly-as-162m-in-penalties-pile-up","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2574157950","pubTimestamp":1760013000,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Social media can be a great place to connect with like-minded people and discover new dinner recipes, but it's not the best place to get your tax advice. In a recent update, the IRS said it’s already assessed more than $162 million in penalties tied to false tax credit claims spread on platforms like TikTok and Instagram.Bad actors are posing as tax experts on social media and encouraging people to file for credits they don't actually qualify for. Some of the most common schemes involve the following, according to the IRS:. Filing inaccurate claims based on bad advice from social media has already cost taxpayers $162 million in penalties, and that number could go up even more as audits continue.If you're unsure about anything, contact a licensed tax preparer to clarify what credits you actually qualify for. And remember, never share your personal info online since some scammers may use tax advice posts as bait to phish for your Social Security number or banking details.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IRS":"IRSA Inversiones y Representacio","BK4205":"房地产经营公司","BK4233":"房地产运营公司"},"translate_title":"美国国税局(IRS)警告社交媒体税务诈骗激增——随着1.62亿美元的罚款不断增加，“这些计划不仅具有误导性，而且可能让纳税人付出高昂的代价”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IRS":1.5},"content_text":"Social media can be a great place to connect with like-minded people and discover new dinner recipes, but it's not the best place to get your tax advice. In a recent update, the IRS said it’s already assessed more than $162 million in penalties tied to false tax credit claims spread on platforms like TikTok and Instagram. \nBad actors are posing as tax experts on social media and encouraging people to file for credits they don't actually qualify for. Some of the most common schemes involve the following, according to the IRS:\nDon't Miss:\nFiling inaccurate claims based on bad advice from social media has already cost taxpayers $162 million in penalties, and that number could go up even more as audits continue.\n\"These schemes are not only misleading but can cost taxpayers dearly,\" said James Clifford, IRS director of return integrity and compliance services. \"People who follow this advice could end up with rejected claims and a penalty of up to $5,000 in addition to any other penalties that might apply,\" he said. \nIf you think you might have fallen for these schemes, amend your tax return as soon as possible using Form 1040-X, Amended U.S. Individual Income Tax Return. You should also report it to the IRS by emailing phishing@irs.gov or file a complaint with the Treasury Inspector General for Tax Administration. \nTrending: Microsoft's Climate Innovation Fund Just Backed This Farmland Manager — Accredited Investors Can Join the Same Fund\nThe easiest way to avoid falling into these traps is to remember that if something sounds too good to be true, it probably is. Though you can find helpful advice on social media, it's also flooded with false or misleading claims. So always cross-check claims with IRS.gov before filing your taxes. \nIf you're unsure about anything, contact a licensed tax preparer to clarify what credits you actually qualify for. And remember, never share your personal info online since some scammers may use tax advice posts as bait to phish for your Social Security number or banking details.\nRead Next: \nImage: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}