The IRS is issuing a major warning about a rise in fraudulent tax scams spreading on social media. These schemes, promoted by scammers posing as tax experts, are tricking people into filing false claims for tax credits they don’t qualify for, such as the Fuel Tax Credit and the Sick and Family Leave Credit.
This has led to thousands of taxpayers filing inaccurate returns, resulting in the denial of refunds and severe penalties.
How to Spot a Tax Scam on Social MediaÂ
These fraudulent posts often have a few red flags:
- They promise “easy” or “fast” refunds with little documentation
- They claim that “everyone” qualifies for a specific tax credit
- They may tell you to file an amended return or ignore official IRS letters
The Cost of Falling for a Scam
Filing a false claim can lead to serious consequences, including:
- Delayed or denied refunds
- A $5,000 civil penalty for filing a frivolous return
- The IRS has already imposed over $162 million in penalties
- Further IRS examination and enforcement action
What to Do If You’ve Been Targeted
If you believe you have been misled or have filed an incorrect return, act quickly to protect yourself:
- File Form 1040-X to amend your return as soon as possible
- Respond promptly to any IRS letters or notices
- Consult a reputable tax professional or visit official IRS resources on IRS.gov for reliable advice
PSACPAÂ is here to help you understand how these changes may impact your tax planning. We can provide the expert guidance you need to make informed decisions and secure your eligible tax benefits before they expire.
Call us today so we can give you a hand with real tax help.
(301)-879-0600 or email contact@psacpa.com
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