• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Personal FinanceIRS

IRS commissioner nominee commits to not increasing tax audits on those making less than $400,000

By
Fatima Hussein
Fatima Hussein
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Fatima Hussein
Fatima Hussein
and
The Associated Press
The Associated Press
Down Arrow Button Icon
February 15, 2023, 6:55 AM ET
Then-acting IRS Commissioner Danny Werfel prepares to testify on Capitol Hill in Washington, June 27, 2013, before the House Ways and Means Committee hearing.
Then-acting IRS Commissioner Danny Werfel prepares to testify on Capitol Hill in Washington, June 27, 2013, before the House Ways and Means Committee hearing. J. Scott Applewhite—AP
Add Fortune on Google for similar content.

If confirmed as IRS commissioner, Daniel Werfel says he will commit to not increasing tax audits on businesses and households making less than $400,000 per year.

Anticipating questions ahead of his confirmation hearing Wednesday before the Senate Finance Committee, Werfel in prepared testimony makes several other commitments aimed at revamping the beleaguered agency.

President Joe Biden nominated Werfel to steer the Internal Revenue Service as it receives a massive funding boost — nearly $80 billion over the next 10 years through the Inflation Reduction Act, which Congress passed in August. Noting the act’s impact on the federal tax collector, Werfel says that “Americans rightfully expect a more modern and high-performing IRS.”

While promising to modernize the agency’s technology, address its paperwork burden and audit high-income earners, Werfel says he will be “unyielding in following my true north to increase public trust.”

Werfel, 51, who led Boston Consulting Group’s global public sector practice, was nominated to replace Charles Rettig. Selected by President Donald Trump to lead the agency, Rettig left when his five-year term ended in November. An acting commissioner has been filling in.

Werfel will also have to navigate controversy surrounding the new funding, brought by critics who have distorted how the new law would affect the IRS and taxes for the middle class. About $46 billion was allocated for enforcing tax laws and the rest to taxpayer services, operations support and updating business systems.

Republicans have suggested without evidence that the agency would use the new money to hire an army of tax agents with weapons.

Disapproval of the agency reached new heights when House Republicans began their tenure in the majority last month by passing a bill that would rescind the funding, fulfilling a campaign promise. The legislation has not advanced in the Senate and is unlikely to reach Biden, who has promised a veto.

“The hearing promises to be a doozy, and not only because the IRS is one of the most unpopular government agencies in the United States,” said Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center. “This will be the first big IRS hearing since it received an $80 billion boost to its budget in the Inflation Reduction Act.”

GOP criticism appeared more directed at Biden administration efforts to bolster funding for the agency than at Werfel himself. But tax experts say Werfel should expect to face a slew of managerial questions.

Caroline Bruckner, a tax professor at the American University Kogod School of Business, said that, if confirmed, Werfel would have to address the massive workforce challenges at the IRS wrought by attrition, an aging workforce and a generally poor reputation.

“The next generation of accountants don’t want to work for the IRS,” Bruckner said. She added, “To attract the best talent, particularly with Millennials and Gen-Z workers who will be the future of the workforce, transparency as a leader will go a long way.”

Bruckner referred to a Stanford University study that showed IRS data-driven algorithms chose Black taxpayers to audit up to 4.7 times the rate of non-Black taxpayers. “The next generation of workers care about these things, and this is a leadership challenge,” she said.

Robert J. Kovacev, a federal tax attorney at Miller & Chevalier in Washington, said Werfel will have to explain how the agency could best spend its new funding.

“I think that $80 billion gives the IRS some choices on how to improve that they didn’t have before,” he said. “They could spend it on new revenue agents, or new technology investments to make it fairer and more efficient.”

Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.
About the Authors
By Fatima Hussein
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Personal Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Personal Finance

Top CD rates today, July 2, 2026: Lock in up to up to 4.40%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, July 2, 2026: Lock in up to up to 4.40%
By Glen Luke FlanaganJuly 2, 2026
7 minutes ago
Today’s top high-yield savings rates: Up to 5.00% on July 2, 2026
Personal FinanceSavings accounts
Today’s top high-yield savings rates: Up to 5.00% on July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
7 minutes ago
Current refi mortgage rates report for July 2, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
3 hours ago
Mortgage rates today, July 2, 2026
Personal Financemortgages
Mortgage rates today, July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
3 hours ago
Current ARM mortgage rates report for July 2, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
3 hours ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
SuccessCareers
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
3 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
1 day ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
21 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.