More than $162 million in fines have been assessed by the IRS with regard to false tax credit claims filed by taxpayers fueled by social media posts encouraging such fraudulent tactics, the agency said in a Sept. 8 statement.
The IRS noted two tax credit programs that were misused most often: the Fuel Tax Credit and the Sick and Family Leave Credit.
The tax agency blamed bad actors posing as tax experts on online platforms for the surge in questionable refund claims over the past years, while clarifying that most taxpayers do not qualify for the credits.
The Fuel Tax Credit is available for those who own or operate a business and use fuel for business purposes, such as farming and commercial fishing. The fuel credit is not available for personal use….