Billy Long Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

Published On Dec 6, 2024, 5:04 AM

Billy Long, a former congressman and now President-elect Donald Trump's nominee for leading the IRS, has been promoting a pandemic-era tax credit known for being fraudulent. After leaving Congress in 2023, Long began encouraging businesses to apply for the Employee Retention Tax Credit, claiming significant refunds. However, the IRS stopped processing claims in September 2023 due to rampant fraud, with costs for the program skyrocketing. Long claims he only assists eligible clients and promises refunds for any revoked credits, but the integrity of such claims remains in question.

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Given the broader implications of potential IRS scrutiny and the challenges surrounding tax credit fraud, companies involved in tax consultancy and related services may face negative sentiment from investors if associated with Billy Long's practices. The weight of this scrutiny could negatively affect stock prices or take a long time to recoup lost confidence. The overall environment for tax credits could become riskier for investors, particularly in firms aligning with controversial figures.

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