Voters attend a rally by Republican gubernatorial candidate Rick Jackson ahead of the midterm elections in Monroe, Georgia, US October 29, 2026. REUTERS/Edgar Su
A billionaire running for governor with President Donald Trump's backing is facing a damaging accusation from Trump's own federal government.
The Internal Revenue Service has accused Rick Jackson, the Republican nominee for Georgia governor, of manipulating his company's taxes, The Daily Beast reported Thursday. According to a July court document, the agency alleges that the Jackson Investment Group, which serves as the parent company of his businesses, attempted to deduct bad debt on loans it had already written off in prior years.
"Petitioner is playing a shell game with the alleged Family Christian debt," the IRS wrote, alleging the company mixed up separate entities and loans in an effort to make its deduction hold up on paper.
The case centers on roughly $1.4 million in debt, but it is only one piece of a much larger fight between Jackson and federal tax authorities. The Atlanta Journal-Constitution reported last week that the IRS is contesting close to $54 million in business deductions tied to losses from ventures Jackson's companies invested in, and has assessed $16 million in penalties.
Jackson is challenging the IRS claims and is scheduled to appear in court in March 2027, roughly three months after the winner of next week's election would be sworn in as governor.
The accusations cut against the image Jackson has cultivated as a business mogul and Christian philanthropist who claims his health care fortune belongs to God. "This is God's money," Jackson said recently, according to The Daily Beast. "I'm using that money to make a difference in other people's lives."
Trump endorsed Jackson in July after the president's original pick, Georgia Lt. Gov. Burt Jones, lost to the billionaire in the GOP primary. Jackson joined Trump at a Georgia rally on Saturday alongside Rep. Mike Collins, the GOP Senate nominee trailing Democratic Sen. Jon Ossoff.
The Daily Beast has previously reported that one of Jackson's companies spent years trying to seize a couple's home in court, and that other subsidiaries paid $5 million to resolve allegations they exploited workers and violated labor laws.
Jackson faces former Atlanta Mayor Keisha Lance Bottoms, the Democratic nominee, on Nov. 3. Jackson did not immediately respond to The Daily Beast's request for comment.
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