Social media tax advice can be misleading and lead to fraud. That’s the crux of a new IRS tax warning about the dangers of following certain financial advice on social media. This latest warning is part of the agency’s “Dirty Dozen” tax scams campaign, and comes as recent data show that 80% of young adults, including Gen Z, get most of their financial advice from platforms like YouTube, Reddit, and TikTok.
New IRS Commissioner Danny Werfel acknowledged in a statement that there are a lot of ways to get good tax information, but added, “people should be incredibly wary about following advice being shared on social media.”
