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

Installment sale

A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.

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