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⚠️ Beware of false claims about a "Self Employment Tax Credit"! The IRS warns that misleading advice on social media is causing taxpayers to file incorrect claims. Always consult a trusted tax professional for reliable guidance. 🛡️ #TaxScam #IRSAlert #SelfEmployment #TaxAdvice

A new report concludes the IRS is missing out on over $1 billion in taxes on wagering income from persons who received form W-2Gs showing their winnings, but did not file returns. Perhaps whistleblowers with specific information can prod the IRS to action. #irswhistleblower #taxwhistleblower #taxfraud #gamblingincometax

Not Often IRS gives 2nd Chances🤮 IRS provides details of second Employee Retention Credit Voluntary Disclosure Program for improper claims to 11.22 Quick Tip Tax Tip Tax Relief is in Our DNA 🧬 buff.ly/46M7rC3 #PoweredByBuffer #shorts

📢⚠ The IRS has issued a warning about a rise in tax scams, particularly related to false claims for the Fuel Tax Credit, Sick and Family Leave Credit, and household employment taxes. Misleading social media advice has tricked thousands into filing inflated refund claims, resulting in delayed refunds and extensive verification processes. Taxpayers who fell for these scams may face penalties, audits, or criminal action and are encouraged to amend their returns if necessary. #thetaxbook #irswarnings #taxscams #orlandocpa

Protect Yourself from Tax Scams 🔍 IRS Issues Alert on False Refund Claims 🔍 The IRS warns against scams circulating on social media that lead to false refund claims. These schemes have caused significant delays and compliance efforts. Top Scams to Avoid: - Fuel Tax Credit (Form 4136): Only for specific non-taxable fuel use. - Sick and Family Leave Credit (Form 7202): For self-employed affected by COVID-19. - Overstated Withholding: Fabricating income and withholding amounts. 🛡️ Tip: Ignore social media tax advice that seems too good to be true. Learn more here: www.irs.gov/dirtydozen #TaxScams #IRSWarning #TaxCompliance #FuelTaxCredit #Repositax

The IRS introduced a voluntary disclosure program allowing businesses that erroneously claimed the Employee Retention Tax Credit to repay only 80% of the credit by March 2024 without penalties or interest, provide information on questionable tax preparers, and possibly enter low-cost installment plans. The disclosure program and additional notification letters aim to incentivize recipients of excessive credits to compliance while accelerating IRS criminal probes and audits targeting billions in dubious claims promoted by scammers. Though complex eligibility rules tripped up many small businesses acting in good faith, the IRS stresses that relief under the program is time-limited and repayment costs will increase for those who delay. https://lnkd.in/gv2Kmr5s #VXDynamic #DisclosureProgram #EmployeeRetentionCredit #IRS #Business

It's Tax Day! Whether you did yours weeks ago or are scrambling to file, know that scammers are out in force this time of year. Our friends (yes, they are people, too) at @IRS are kind enough to publish their yearly "Dirty Dozen" tax scams to look out for. Worth taking a few minutes to gain awareness of what the scams look like this year so your don't get tricked. #TaxScams #IRS #StaySecure https://lnkd.in/dqpdhGF

The IRS has issued a warning about false claims circulating on social media regarding a non-existent "Self Employment Tax Credit." Promoters are inaccurately suggesting eligibility for large payments related to the COVID-19 pandemic. The IRS clarifies that the actual credits available are the Credits for Sick and Family Leave, which have specific and limited eligibility criteria for 2020 and 2021. Taxpayers are advised to consult trusted tax professionals and avoid misleading information from social media. Read more: https://lnkd.in/g-RPQ9sG #Taxes #Tax #Incometax #Taxprofessional #Taxpreparer #Taxation #Taxconsultant #Taxreturn

The IRS continues to warn the public about tax-related scams and myths making the rounds on social media. The scams involve the Fuel Tax Credit, a COVID-19-related employer credit for employees taking sick and family leave during the pandemic, household employment taxes and overstated withholding. These scams are aimed at helping taxpayers use false and questionable information to obtain huge refunds. The IRS said thousands of inflated refund claims have been filed. Those who filed such claims may receive an IRS letter requiring authentication or stating a tax return is frivolous. Here’s a list of FAQs with more information: https://bit.ly/45Wm98S #IRSWarnings #TaxScams #SocialMediaMyths #TaxCredits #TaxFraud

Taxpayers will want to be vigilant against a new push involving the “self-employment tax credit”. Aggressive promotors continue to target taxpayers with misleading marketing around tax credits, namely the employee retention tax credit, and now this new self-employment tax credit. Read more in our latest blog: https://lnkd.in/egSuD-pG For the latest updates on topics that impact your business, make sure to follow KLR.