IRS issues urgent social media tax scam warning

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The Internal Revenue Service (IRS) has warned taxpayers about a rise in fraudulent tax schemes circulating on social media. According to the agency, thousands of taxpayers have filed inaccurate returns after following misleading posts and bad actors posing as tax experts online. The problem prompted more than $162 million in penalties and 32,000 enforcement actions, the IRS reported. False and inaccurate returns risk well-meaning taxpayers being on the hook for financial penalties....