Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Biden to nominate Daniel Werfel to head up IRS

Published 11/10/2022, 02:34 PM
Updated 11/10/2022, 03:56 PM
© Reuters. FILE PHOTO: A sign for the Internal Revenue Service (IRS) building is seen in Washington, U.S. September 28, 2020. REUTERS/Erin Scott/File Photo

(Reuters) -U.S. President Joe Biden will nominate Daniel Werfel to be the next commissioner of the Internal Revenue Service (IRS) tax agency, succeeding Charles Rettig whose term ends on Saturday, the White House said on Thursday.

Werfel previously served as acting commissioner of the body in 2013, when the White House said he "provided immediate stability to the IRS, effectively responding to numerous Congressional investigations."

The IRS faces a number of challenges including a recent partisan divide over the hiring of new agents.

New hires over the next decade will mainly replace retiring older employees, answer taxpayer questions and program new computers, U.S. Treasury officials and tax experts have said, responding to Republican claims that the IRS will recruit 87,000 new agents to harass Americans on their taxes.

Senate Finance Committee Chairman Ron Wyden said he would work with lawmakers to ensure Werfel was confirmed for the new role as quickly as possible.

He said was confident that Werfel was committed to rebuilding the IRS, modernizing its technology and ensuring that "the wealthiest Americans and most profitable corporations pay the taxes they owe."

In August, an internal Treasury memo showed Treasury Secretary Janet Yellen directed the organization to produce within six months a detailed plan for deploying $80 billion in newly enacted enforcement funding.

Yellen said on Thursday she strongly backed Werfel's nomination.

"After decades of underfunding, the IRS now has the resources it needs to improve services for taxpayers and modernize outdated technology and infrastructure," she said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.