The Senate Finance Committee has scheduled its confirmation hearing for IRS Commissioner nominee Danny Werfel for Feb. 15, 2023. Questions likely will focus on the $80 billion in new IRS funding under the Inflation Reduction Act.
If approved by the Senate Finance Committee, Werfel will need to be confirmed by the full Senate. Both steps will likely be made easier due to the fact that Democrats retained control — and picked up one seat — in the chamber in November’s elections. Republicans, however, could try and slow the process as part of their objections to the new IRS funding.
If confirmed, Werfel will have the opportunity to dramatically transform the IRS over the next several years but will face aggressive oversight from House Republicans already critical of IRS funding. Werfel also may face questions about the disclosure of wealthy Americans’ confidential tax information to the news outlet ProPublica.
Werfel currently leads Boston Consulting Group’s global public sector practice. Unlike departing commissioner Charles Rettig, Werfel is not a tax attorney. He does have prior IRS experience, and briefly served as acting commissioner in 2013. He also served in the U.S. Office of Management and Budget, as deputy controller and then as federal controller.
Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.
More tax hot topics
No Results Found. Please search again using different keywords and/or filters.