In a surprise move, President-elect Donald Trump has announced his intent to nominate former congressman Billy Long as the next commissioner of the Internal Revenue Service, signaling a potential shift in leadership and policy direction at the tax agency.
If confirmed, Long would lead the IRS, an agency with over 80,000 employees and a critical role in US tax administration, through a period of ongoing scrutiny and legislative challenges.
The Missouri Republican who served in Congress from 2011 to 2023 would also replace current commissioner Danny Werfel, who was appointed by President Joe Biden in 2023.
While Werfel isn't set to step down until 2027, Trump could in theory exercise his discretion as president to prematurely oust Werfel before his term ends, according to the Wall Street Journal..
Werfel has overseen the implementation of an $80 billion funding expansion aimed at bolstering IRS operations. With that support extended by the Biden administration via the Inflation Reduction Act in 2022, the IRS has focused on enhancing taxpayer services, including online tools, and hiring additional staff to increase enforcement, particularly prioritizing high-income earners and large corporations.
That agenda could be unwound if Long gets to head the IRS. While the agency has hailed its efforts targeting affluent taxpayers as a success, with more than $1.3 billion collected so far, Republicans including Trump have argued that they overly burden small businesses.
Long, 69, brings a background in business and tax advising and previously worked as a professional auctioneer. Since leaving Congress, he has encouraged businesses and nonprofits to utilize the pandemic-era employee retention tax credit, a program the IRS has cracked down on due to concerns over fraudulent claims.
In a statement on social media Wednesday evening, Trump praised Long’s work ethic, saying, “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.”
Democratic lawmakers have expressed concerns about the nomination. Senator Elizabeth Warren, who's set tobecome the top Democrat on the Senate Banking Commitee, described the choice as “bad news for middle-class taxpayers and a win for ultrawealthy tax cheats.” She cited Long’s lack of tax policy experience, which stands in stark contrast with other recent IRS commissioners, and questioned Trump's signalled intention to oust Werfel before the end of his term.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
