President-elect Donald Trump announced he has tapped former Congressman Billy Long as Commissioner of the Internal Revenue Service (IRS), even though current IRS Commissioner Danny Werfel is serving a term that would normally run until late in 2027.

Long does not have any formal training in tax, law, or accounting, does not have a college degree and never served in Congress on a tax writing committee. He dropped out of the University of Missouri before returning to school—this time, to an auction training program at the Missouri Auction School. He was told, he explained to Auctioneer Magazine that it was the “Harvard of auctioneering schools.” There, he earned his Certified Auctioneer designation.

Once he made the career switch to auctioneering, Long says that for 20 years, he averaged about 200 auctions per year. Today, he is in the National Auction Association Hall of Fame.

In 2010, Long was elected as the U.S. Representative of Missouri’s 7th Congressional District, serving until 2023. He subsequently ran for the U.S. Senate in 2022 but lost in the Republican primary.

Trump announced his pick on Truth Social, writing:

I am pleased to announce that former Congressman Billy Long, of the Great State of Missouri, will be appointed to serve as the Commissioner of the Internal Revenue Service (IRS). Billy brings 32 years of experience running his own businesses in Real Estate and, as one of the premier Auctioneers in the Country. He then served 12 years in Congress, because he “felt it was important for his constituents to have a Representative who has signed the front of a check!”

Since leaving Congress, Billy has worked as a Business and Tax advisor, helping Small Businesses navigate the complexities of complying with the IRS Rules and Regulations. I have known Billy since 2011 – He is an extremely hard worker, and respected by all, especially by those who know him in Congress. Taxpayers and the wonderful employees of the IRS will love having Billy at the helm. He is the consummate “people person,” well respected on both sides of the aisle.

Congratulations Billy!

While in the House, Long served on the Committee on Energy and Commerce, Committee on Transportation and Infrastructure, Committee on Homeland Security, and the Republican Steering Committee. He did not serve on any tax or finance committees. However, he was awarded the “Tax Fighter Award” by the National Tax Limitation Committee (the organization appears to no longer exist—its former website now points to a Thai gambling site).

Werfel was sworn in on March 13, 2023, after a hearing where he was grilled on IRS funding, the tax gap, and Treasury Secretary Janet Yellen’s directive that the IRS will not increase audit rates for small businesses and households making under $400,000.

Werfel had a long history of working in government, having served as the interim IRS Commissioner for several months in 2013 after Steven T. Miller resigned under pressure during the Lois Lerner scandal. Before that time, he began his career in public service at the Office of Management and Budget (OMB), where he served under nine directors of both political parties.

Werfel also spent time in the private sector at Boston Consulting Group. He graduated from Cornell University before earning his law degree from the University of North Carolina, Chapel Hill. He also holds a Master of Public Policy from Duke University.

As part of his tenure, Werfel had vowed to improve the taxpayer experience, thanks, in part, to the Inflation Reduction Act. The Act significantly boosted funding for the IRS, awarding $80 billion over ten years to the agency. Werfel pointed out, at the time, that the Congressional Budget Office estimates that the additional $80 billion under the IRA will increase federal revenue by more than $180 billion over that time frame, considering only direct enforcement revenue based on additional staffing. Early on, Werfel maintained that including improving service, issue resolution, and effective enforcement would increase tax compliance and result in even more federal revenue.

IRS Commissioners are appointed for a five year term that runs from the date of appointment (as opposed to to the date of Senate confirmation). Werfel has previously indicated that he intended to serve out his term, which was slated to expire on November 12, 2027. Trump’s announcement changes that—it appears he will fire Werfel before the end of his term.

Before Werfel, Charles Rettig, a tax lawyer and Trump appointee, served as Commissioner. Rettig left office on November 12, 2022, at the end of his term, which began on October 1, 2018, after he was confirmed.

Trump cited his relationship with Long as a factor in the appointment.

Long, whose X (formerly Twitter) handle is auctnr1, posted, in response to the nod, “I will not be issuing a blanket pardon, but I will be issuing a blanket thank you because I can’t keep up with all of you as fast as my phone is blowing up. Thank you. Let’s get to work!”

.

Long’s appointment requires confirmation by the U.S. Senate.

Read the full article here

Share.
© 2024 Fund Credit Pros. All Rights Reserved.
Exit mobile version