Brothers Sue Seller of Tribal Tax Credits IRS Says Don’t Exist

Two brothers are suing the distributors of tax credits that the Treasury Department and IRS have confirmed aren’t real.

Paul and David Benjamin paid more than $2 million to Nepsis, a Minnesota-based tax and financial firm and main distributor of the nonexistent sovereign tribal tax credits, according to a lawsuit filed Wednesday in state court.

Federal prosecutors have opened a criminal investigation into the credits, sponsored by White River Energy Corp. The IRS has instructed employees to disallow the credits on tax returns. Meanwhile, the Senate Finance Committee has pressed for more probes into the credits after Bloomberg Tax ...