Social media, particularly TikTok, is notorious for promoting do-it-yourself (DIY) dentistry hacks that often end up being harmful to patients’ health (and wealth). Likewise, online tax advice is usually inaccurate, and often fraudulent, threatening your stress level and wealth.

A recent IRS News Release warned taxpayers to avoid misleading online tax advice, including false claims from promoters about your eligibility for the Employee Retention Tax Credit (ERTC). Recently, I was contacted by an insurance agency informing me that my company was eligible for a $468,000 Employee Retention Tax Credit refund. It promised a 100% success rate and asserted that claiming the credit was 100% risk-free. All I had to do was hire their firm and agree to pay their fee of 25% of the refund amount.

Why are CPAs not promoting these tax credits to their clients? Two reasons: first, CPAs are bound by a code of ethics that prevents them from accepting contingent fees (e.g., 25% of the refund) in most cases. More importantly, their code of ethics and IRS Tax Preparer Rules require them to