Trump IRS Pick Has Ties to Group That Pushed Dubious Tax Credits

A consulting group that IRS commissioner pick Billy Long worked with to promote the troubled employee retention credit has been promoting other tax credits that the Treasury Department says don’t exist, according to marketing documents and interviews with people who were pitched.

Long already faces scrutiny from Democrats for his work with Lifetime Advisors, a tax consulting firm based in Wisconsin, to promote the pandemic-era ERC, which led to so many questionable claims that the IRS temporarily paused processing new claims in 2023.

Both Lifetime Advisors and Lifetime Navigators—a company created in April 2024 listing the same address as Advisors and three principalswho are also Advisors’ principals— have been aggressively marketing “sovereign tribal tax credits,”, according to two sources who received pitches.

Bloomberg Tax first reported the existence of the sovereign tribal tax credit program in December. High-income investors have paid tens of millions for the credits, according to Securities and Exchange Commission filings by the sponsor, White River Energy Corp.

White River has acquired potentially billions of dollars in credits issued to a Native American tribe, through a joint venture with a tribal entity. White River and its promoters claim their program allows investors to buy the credits at discounts of 40% to 50% and potentially wipe out their federal tax bills.

Long’s personal bio on the social platform X boasts of a program where investors can save “40% on your taxes” and that “We have a new traunch [sic] of tax credits just out!” He didn’t specifically say those were sovereign tribal tax credits, and there’s no evidence that Long has personally marketed them. President-elect Donald Trump’s transition team didn’t respond to a request for comment. Long couldn’t immediately be reached for comment.

The Treasury Department has said there is no such credit authorized by law, regulation, or interagency agreement. The Cherokee Nation, identified by a different promoter as the tribe involved, has disclaimed any involvement and sent White River a cease-and-desist demand.

Promoters of illegal tax shelters can face civil and criminal penalties. Taxpayers who claim an erroneous refund or tax credit face penalties of about 20% of the amount claimed, plus interest, according to the IRS.

Tax Credit Promotions

A financial planner who spoke to Bloomberg Tax on the condition of anonymity, citing fear of retribution, said Lifetime Advisors reached out to one of their clients around August 2024. A Lifetime representative said they were a sub-distributor of the credits on behalf of Nepsis Inc., a Minnesota-based wealth advisory firm that is the largest shareholder of White River, according to an October 2024 investment adviser public disclosure form brochure.

The financial planner said they had an initial call with a Lifetime Advisors representative and a second call with a Nepsis representative who were promoting the credits to the client. A Lifetime Advisors representative showed the source’s client a purchase receipt saying they had bought credits from White River. The form and details of the receipt, obtained by Bloomberg Tax, matched sample receipts received by other wealth advisers who have been pitched by other promoters.

Nepsis, Lifetime Navigators, and Lifetime Advisors didn’t respond to multiple requests for comment.

Lifetime Navigators’ website hosts documents related to the tribal tax credits, including a pitch deck and fact sheet from Nepsis that Bloomberg Tax received from multiple sources, and sample returns for claiming the credit. The files aren’t publicly linked but had no restrictions preventing public viewing if a user entered the correct internet address.

Also among the documents is a frequently asked questions list for the sovereign tribal tax credit that echoes promotional materials from Nepsis and others. The FAQ said there is “limited” material from Treasury or IRS about the credits because of their “newness and small scale.” It also explains how to claim the credit, audit risk, and what to do if the IRS rejects the return.

Michael Holmstadt, whose LinkedIn profile says he works for Lifetime Navigators, promoted the “sovereign tribal tax credit” in multiple posts. Holmstadt didn’t respond to a request for comment.

“These tax credits reduce your tax liability by 40%, and can be used for business OR personal taxes,” reads Holmstadt’s post from five months ago, which includes the Nepsis fact sheet. “But availability is limited and once they’re gone, they’re gone. Contact me ASAP to get more information.”

Profit Max LLC, another tax consulting firm that says on its website that it has a strategic alliance with Lifetime Navigators, is advertising a “new tax credit available now” that could help people save 40% on their tax bill. The company’s owner, Stacey Doege, in September 2023 hosted a podcast with Long to promote the employee retention credit. Doege is also listed as a field consultant team lead on Lifetime Advisors’ website.

Doege declined to be interviewed for this story and directed questions about the new tax credit advertised on the website to White River, whose chief executive, Jay Puchir, also declined to comment.

Long and Lifetime

Trump in early December signaled his intent to nominate Long, a Missouri auctioneer-turned-radio-host-turned-congressman, to lead the IRS even though he supported legislation that included defunding the agency while serving in the House.

Long publicly promoted the employee retention credit through Lifetime Advisors after he left Congress in 2023. The IRS has said the pandemic-era aid program resulted in so many questionable claims that it froze processing many of them for over a year.

“If you’ve been told no, no, no by your CPA, at least give ProMax and Lifetime a chance and let them see, you know, if you do qualify or not,” Long said of the employee retention credit on the podcast with Doege.

Senate Finance Committee Democrats are investigating Long and Lifetime Advisors’ roles in promoting that credit.

Democrats say Lifetime—and another tax advisory firm, Commerce Terrace Consulting—paid Long on a contingency basis for employee retention credit refunds received by clients he referred. The IRS doesn’t allow for contingency fee arrangements for professionals practicing before the agency and is trying to ban these kinds of arrangements for tax preparers who complete tax returns or refund claims.

Lifetime Advisors stopped promoting the employee retention credit as of November 2023, according to its website.