TikTok: Risky Tax Advice and Supersize Valuations

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 MatterByteDance and Tech’s 2023 RallyTikTok, Meta, and Snap  TikTok’s Business RisksThe “Unicorn of all Unicorns”IRS Releases Memo About TikTok TrendAudit Warning What the TikTok Trust Promoters Are Getting WrongHow 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-companiesThe Best and Worst Mutual Fund Bets of the Past 25 Years https://www.morningstar.com/funds/best-worst-mutual-fund-bets-past-25-yearsIRS Chief Council Memo https://www.irs.gov/pub/lanoa/am-2023-006-508v.pdf  What to watch from Morningstar.Payment Pause Ends: Student Loan Expert Shares Repayment Tipshttps://youtu.be/wVr-_KOM3Qw?si=GtSJQNVoPsbXDHiaUAW Strike Raises Investor Risks https://youtu.be/D-fkLxPeVVI?si=HxF5jUQPju2AJmDt3 of the Best Robo-Advisors, and One of the Worst https://youtu.be/BSoSdJdUFKU?si=4K7BciRIHIq7Run9Stocks to Consider as the U.S. Pushes to Reclassify Cannabis https://youtu.be/fME1Oyit2CY?si=XbvRY1fz-etDjn4o Read what our team is writing:Ivanna Hampton https://www.morningstar.com/authors/2399/ivanna-hamptonJack Shannon https://www.morningstar.com/authors/2372/jack-shannon Follow us on social media.Facebook: https://www.facebook.com/MorningstarInc/Twitter: https://twitter.com/MorningstarIncInstagram: https://www.instagram.com/morningstar... LinkedIn: https://www.linkedin.com/company/5161/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.