IRS Warns of Social Media Claims Peddling Non-Existent Tax Credit

The Internal Revenue Service (IRS) issued a consumer alert concerning a misleading social media trend promoting a non-existent “Self-Employment Tax Credit.” This misinformation is leading taxpayers to file false claims, the agency said in an announcement on July 15. The IRS announcement explained that promoters on social media were marketing the so-called Self-Employment Tax Credit as a way for self-employed individuals and gig workers to receive substantial payments for the COVID-19 pandemic period. This misinformation parallels misleading marketing efforts previously seen with the Employee Retention Credit, the IRS said. Many are falsely led to believe they can qualify for tax credits and payments up to $32,000 when, in fact, they do not....