Former IRS Commissioner: The System Is Breaking Down – Tom Wheelwright, Danny Werfel
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With the U.S. Government shutdown and the ongoing IRS Commissioner turnover – what does this mean for taxpayers this filing season and beyond? Join Tom Wheelwright as he explores how to best navigate through the chaos with guest and former IRS Commissioner, Danny Werfel.
Danny Werfel served as the 50th Commissioner of the IRS. As Commissioner, he presided over the nation's tax system and oversaw an agency of about 85,000 employees. Commissioner Werfel has a range of experience inside and outside of government. Prior to becoming Commissioner, he was the global leader of Boston Consulting Group's (BCG) Public Sector practice. Previously, he was the leader of BCG's Public Sector practice in North America. In these roles, he worked with government agencies worldwide on finances, service delivery, transformation plans and risk-assessment initiatives.
In this episode, gain valuable insight into the current state of the IRS, the plans that are attainable with the right leadership, and how entrepreneurs can best prepare with their tax professionals for what lies ahead.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at:
00:00 – Intro.
03:08 – Window inside the Commissioner’s office.
08:00 – New Role of the CEO.
14:55 – Chaos amidst filing season.
17:46 – No more refund checks.
22:10 – IRS Customer Service.
27:00 – Technology & Modernization.
32:45 – How taxpayers can navigate.
35:50 – Closing Statements.
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Tom Wheelwright is the founder and CEO of WealthAbility and TFW Advisors, a leading authority on tax strategy and wealth building. He is the best-selling author of Tax-Free Wealth and a trusted advisor to Robert Kiyosaki. As a world class CPA, Tom is dedicated to empowering entrepreneurs and investors to reduce their tax burden and achieve financial freedom. He currently resides in Phoenix, Arizona.
DISCLAIMER:
WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.
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Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
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Shut down the IRS!!! Taxes are illegal!
Useary, debt slavery! Gold will destroy the FED!
I don’t want to refund check give it to our veterans. 🦅🇺🇸 Give to are Troops
We should have none! Repeal the 16th and 17th!!!!!
High functioning? You people audited 16-year-old me for $11.
Taxation is Theft.
What do you think is happening in healthcare? Hospitals are over run by the insane woke. I worked with unstable nurses who bragged about giving meds to ppl they knew they wanted no part of, thought it was funny.
Our 2024 return is still pending. Zero answers. Zero correspondence. We have a super basic return. No child tax credits. Never experienced this before. Absolute insanity. We’re thinking we may start to claim exemptions because why lend the government our money and wait for a return?
Why can’t U.S. domestic returns be done automatically for people? The government already knows most if not all of the numbers and scenarios.
When I hear the corrupt IRS is in disarray that’s makes my day. Shut this debacle down!!
😂😂😂😂😂😂😂 truuu!!!!
They know the truth, the income taxes is an indirect excise tax, NOT a direct nonapportioned tax. People already knew the 16th Amendment did not create an unapportioned income tax on private sector labor workers, but the government kept lying about it. A lot of people are asking for there money back via paper returns. Now the whole system is in shambles. Read Moore v United States 2024, their lie has been exposed.
What is the benefit of paper filing??
@ClevelandMH Welp, you have no choice but to file by paper, because you have to correct the record of the incorrect W2. Unless the company does it for you. The chances of that happening is slim to none.
Go to a new system, a flat tax etc.. something thay is done through consumption only.
I agree, an inefficient IRS in chaos is the best thing to happen to all taxpayers. And yes, shut it down!
This entire conversation seems to hinge on the assumption
that the IRS is a ‘legitimate’ institution.
The IRS is an Agency of the FED, which is also an UnConstitutional
creation and ‘attachment’ to the Government. A privately owned NGO.
Danny was the head theif in charge
Agree!! But look how personable, polished and approachable he comes off. The government is so good at smiling in your face and showing concern while they stab you in the back. Vultures to the end😡
We are unwilling customers who are dealing with the IRS under Duress. Let’s stop acting like the IRS actually cares about good customer service 🙄
why would any taxpayer want a “more efficient” IRS???
Fair tax.
The one thing I have yet to hear from a Commissioner is why do we need the IRS. They will probably start spewing stuff about to manage and head off booms and busts, needing people’s income to pay for valuable infrastructure and stimulate the economy, etc etc. Then ask how it worked for almost 140 before the IRS was created. We had booms and busts before the IRS and have had them afterwards so it doesn’t seem like they are doing the job that it’s creation was meant to tackle and solve. Why did the economy work back then and how is it that we were beginning to ramp up as a major power it’s creation so it wasn’t needed? I’d like to have a nationally televised interview/debate on just those questions.
We gonna fly soon! he says every month. And mevolaxy already flying long time without their screams.