TikTok: Risky Tax Advice and Supersize Valuations
The IRS debunks some TikTok influencers’ tips to avoid paying taxes on trust income. Meanwhile, why a TikTok IPO could be a “unicorn of all unicorns.”
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Show Notes
Tax expert Ed Slott explains why following some tax advice on TikTok could lead to an IRS audit. Jack Shannon, Morningstar Research Services’ senior manager research analyst, pits the valuation of privately held ByteDance against publicly traded rivals Meta and Snap.
How are Companies like ByteDance Valued?
Why Valuations Matter
ByteDance and Tech’s 2023 Rally
TikTok, Meta, and Snap
TikTok’s Business Risks
The “Unicorn of all Unicorns”
IRS Releases Memo About TikTok Trend
Audit Warning
What the TikTok Trust Promoters Are Getting Wrong
How to Protect Yourself
Read about topics from this episode.
How Mutual Funds Are Valuing TikTok, Twitter, and Other Private Companies https://www.morningstar.com/funds/how-mutual-funds-are-valuing-tiktok-twitter-other-private-companies
The Best and Worst Mutual Fund Bets of the Past 25 Years https://www.morningstar.com/funds/best-worst-mutual-fund-bets-past-25-years
IRS Chief Council Memo https://www.irs.gov/pub/lanoa/am-2023-006-508v.pdf
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Read what our team is writing:
Ivanna Hampton https://www.morningstar.com/authors/2399/ivanna-hampton
Jack Shannon https://www.morningstar.com/authors/2372/jack-shannon
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