The IRS is warning that thousands of taxpayers may be facing jail time if they’re found to have filed false returns for artificially high refunds.
The agency on Tuesday issued an alert saying that thousands of taxpayers fell victim to tax scams and inaccurate social media advice leading to inflated refund claims.
Most often, taxpayers claim tax credits for which they are not eligible, possibly triggering delayed refunds and extra verification. If the verification doesn’t pan out, taxpayers could face steep financial penalties or even up to three years in jail.
Scam artists and social media posts have perpetuated a number of false and misleading claims that have tricked well-meaning taxpayers into believing they’re entitled to big, windfall tax refunds,” IRS Commissioner Danny Werfel said in a statement.
Read more at Newsweek.com
What Are Your Thoughts?
