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New IRS CEO is also Social Security head. Why dual role worries experts

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10 months ago

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A view of the Internal Revenue Service (IRS) building in Washington, D.C., U.S., February 16, 2025. 

Annabelle Gordon | Reuters

‘Lack of stability’ amid major tax law changes

When asked on Tuesday about the agency’s leadership decision, former IRS Commissioner Danny Werfel told CNBC’s “Squawk Box,” “I think right now it’s crunch time at the IRS.”

Six individuals have served as IRS Commissioner or acting IRS Commissioner since inauguration day in January, among them President Donald Trump’s nominee Billy Long, who the Senate confirmed in June. Trump removed Long from the role in August and replaced him with Bessent.

There is currently no Deputy Commissioner managing day-to-day operations, said Werfel, who served under the Biden administration from 2023 to 2025. 

“That’s a lot of volatility at the top of a very complex process and organization. And so steps needed to be taken now” to make sure the agency is ready for the opening of tax season in January, Werfel said.

Still, Bessent and Bisignano need to be accessible to IRS staff for decisions as problems arise. Otherwise, “it’s the taxpayers waiting in line that will pay the price,” he said.

Former IRS Commissioner Danny Werfel on why the Trump admin did not appoint a new IRS lead

Meanwhile, the agency has been racing to implement tax law changes enacted via Trump’s “big beautiful bill,” including some provisions that apply to 2025, which will impact returns filed in 2026.

Recent IRS staffing cuts could harm taxpayer service, according to a September report from the Treasury Inspector General for Tax Administration. The agency has lost 17% to 19% of workers covering “key IRS functions” needed for the filing season, the report found.

“This arrangement doesn’t sound like stability at the IRS,” said Alex Muresianu, senior policy analyst at the Tax Foundation, a nonprofit tax policy think tank. “To me, this seems like yet another sort of odd, unusual interim arrangement.” 

“That lack of stability at the top is concerning at this time, as the IRS has to worry about the coming filing season and some major tax changes,” he said. 

The Treasury Department did not respond to CNBC’s request for comment.

An ‘unprecedented’ dual role

Frank Bisignano, President Donald Trump’s nominee to be commissioner of the Social Security Administration, appears at his Senate Finance Committee confirmation hearing in Washington, D.C., March 25, 2025.

Kevin Dietsch | Getty Images News | Getty Images

Bessent’s nomination of Bisignano to lead IRS’ day-to-day operations points to the “incredible” work that has been done under his leadership so far, including technology and process management updates, an SSA agency spokesperson said.

Bisignano, the former CEO of fintech and payments company Fiserv, will still lead SSA and will continue to rely on the strong executive leadership team he has built in the five months since his confirmation, the spokesperson said.

Yet Social Security advocates worry about what the unprecedented move to have one leader at both agencies may mean for the approximately 74 million individuals who rely on the SSA for Social Security or Supplemental Security Income benefits.

“The reason it’s never happened in the history of the country is because there are two separate positions for very good reasons,” said Nancy Altman, president of Social Security Works, an advocacy organization for expanding Social Security.

Treasury Secretary Bessent to remain as IRS commissioner after filling role on temporary basis

Both SSA and the IRS hold sensitive information that must be kept separate, she said. For example, SSA employees cannot see how their neighbors manage their taxes, and IRS workers cannot see someone’s medical records and whether they have a disability.

When merging leadership of the agencies, it will be crucial to make sure there is no commingling of that data, Altman said.

There is also the concern that one leader for both agencies may be spread thin, which could slow decision-making and hurt the quality of the agency’s services, Altman said.

The new CEO role at the IRS would not require the Senate to confirm Bisignano, she said.

A nomination has been submitted for Arjun Mody, a former Republican Congressional staffer, to serve as deputy commissioner of SSA. The Senate would have to confirm that nomination.

Another advocacy organization, the National Committee to Preserve Social Security and Medicare, said the administration’s move to tap Bisignano to also lead the IRS is both “unprecedented” and “unwise.”

This year, SSA has already cut staff and implemented new rules, such as new restrictions around direct deposit changes, that affect access to benefits, Max Richtman, president and CEO of the National Committee said in a statement.

“This agency is too important to have a part-time leader,” Richtman said. “Seniors, people with disabilities, and their families deserve a full-time Social Security Commissioner.”

The White House did not respond to a request for comment by press time.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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