Social Media, the IRS, and Tax Audits
Did you know that the IRS uses your social media use as part of their audit determinations? Be careful when you post about how much money you saved during tax season!
In an article from Inc., author Steve Mendelsohn writes, “With the IRS suffering a tax collection gap of roughly $300 billion per year, the agency has turned to various forms of data mining and crunching, and it should come as no surprise that one of these tactics is checking up on your social media accounts”.
In his article, Mendelsohn describes:
- Why the IRS looks into social media accounts
- How human instinct influences the scope of the IRS’ inquiry
- If it is actually working or not
Kevin McQuillan, a Principal at The McQuillan Group says, “With their resources reduced, they’re much more interested in taking their percentage from big owners and corporations. But social media does appear to be a significant part of the audit arsenal, and that in and of itself should give people pause”. Be sure to keep an eye on what you are posting!
To read more, see the full article from Steve Mendelsohn in Inc.