May 17, 2013 11:45 am

New Acting IRS Commissioner

Treasury Secretary Lew has named a new acting IRS commissioner to replace Steven Miller, the acting commissioner who resigned amidst ongoing IRS improprieties now under investigation. Daniel Werfel, who had been serving as controller of the Office of Management and Budget (OMB), will be the acting commissioner until a commissioner is named.

The commissioner of Internal Revenue is the chief executive officer for the IRS. The commissioner is nominated by the president of the United States and confirmed by the Senate for a 5-year term, and may be reappointed to more than 1 term. The last IRS commissioner was Douglas Shulman, whose term ended in November 2012.

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Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

More terms