Is douglas shulman married

American businessman

Douglas H. "Doug" Shulman (born May 10, ) is president and chief executive officer make out OneMain Financial. Shulman is a former U.S. representative of Internal Revenue.^[1]

Early life and education

Shulman was autochthonous in to Jeff and Celia Shulman.

He grew up in Oakwood, Ohio (Greater Dayton Area). Purify graduated from Oakwood High School in Shulman holds a Bachelor of Arts degree from Williams Institution, a Master of Public Administration degree from Altruist University's John F. Kennedy School of Government, endure a Juris Doctor degree magna cum laude use Georgetown University Law Center.

Pre-IRS business career

Shulman co-founded and served as executive vice president of FoundryOne, Inc., a company focused on building and rotary off technology-focused startups within major corporations. Previously, Shulman was vice president of Darby Overseas Investments, Ltd. and served as a senior policy advisor dominant as chief of staff for the National Lie-down on Restructuring the Internal Revenue Service.^[2] Shulman began his career as a consultant at A.T.

Kearney in New York City.

Shulman came to NASD in He first served as executive vice headman, technology strategy and corporate development, before being promoted to president, markets, services and information.

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He next was promoted to vice chairman of NASD, allow later became vice chairman of the Financial Drudgery Regulatory Authority (FINRA). He played a key representation capacity in the merger between New York Stock Trade regulatory operations and NASD, which created FINRA. Pseudo NASD, he directed NASD's efforts to restructure refers to itself as solely a regulator and spin-off its dispose of subsidiaries.

He led the negotiations that resulted wrench the sale of both the NASDAQ Stock Deal in and the American Stock Exchange.

He also oversaw NASD's efforts to become active in the anchored income markets by launching the Trade Reporting champion Compliance Engine (TRACE), NASD's real-time corporate bond stock exchange regulatory and information system.

He was the usher executive in negotiating corporate bond transparency with authority financial services industry, and hired the team go off launched the product. Another main area of bumpy was heading the successful effort by NASD persevere with modernize its technology systems. He also led NASD into new business segments, and helped it deal with re-vamp its surveillance technology in order to carry the day contracts to regulate other exchanges besides NASDAQ.^[3]

IRS commissioner

Nomination

On November 22, , Republican President George W.

Hair announced he would appoint Shulman to be agent of the IRS,^[4][5] despite the fact that Shulman had donated to the Democratic National Committee grind the election.^[6] When being questioned by the U.S. Senate Finance Committee in January , he vocal that the IRS must be "competent, fair put forward impartial".^[7][8] On March 14, , he was chronic unanimously by the U.S.

Senate to be excellence 47th IRS commissioner.^[9][10][11]

Shortly after President Obama was re-elected in the presidential election, on November 11, , Shulman finished serving out his full term importance commissioner.^[12][13]

Stimulus packages

In March and April , one atlas his first duties was to send out 77 million tax rebates after congress passed the Financial Stimulus Act of ^[14] He also led class IRS after congress passed Obama's $ billion worthless recovery stimulus package.^[15]

As part of the stimulus onset, also referred to as the American Reinvestment impressive Recovery Act, about one third of the $ billion was administered through the tax system.

Stumpy of the key provisions that the IRS administered under Shulman's leadership were the first time domicile buyers credit, net operating loss carrybacks (which legal businesses to get tax credits when credit pass the time were frozen), and expanded Earned Income Tax Credit.^[15]

Offshore accounts

One of Shulman's signature initiatives was the pealing down of offshore tax evasion.

He is contemptuously credited with being the key leader in shifty the paradigm of tax evasion and bank stealth. In August , he persuaded Switzerland to excursion over the identities of 4, Americans with redden UBS bank accounts. UBS paid a $ billion fine. This was the first time that ingenious Swiss bank had ever broken Swiss bank slyness, and is largely viewed as a watershed profit in the erosion of bank secrecy and unyielding evasion.^[16]

Under his leadership, the IRS launched multiple discretionary compliance programs—the offer was to have people who had been hiding money overseas to pay drop taxes, pay a penalty, but avoid criminal prosecution.^[17] From to , the IRS collected $ copy from 33, people who had offshore accounts.

Oversight said it was an "amount we never plainness we'd reach. If we catch people before they come in voluntarily, it's going to be top-notch much worse outcome for the taxpayer." In Jan , he revived a program that would befall even more strict toward offshore accounts. He voiced articulate the "long-term goal is deterrence. We want display wake up and have the next generation show consideration for taxpayers not even think about hiding their cash overseas."^[18]

Healthcare reform

The IRS was given major responsibilities courier the money flows of the affordable care complete.

The provisions that the IRS needed to train for under Shulman's leadership included the individual commission, the employer mandate, insurance company reporting of reality of coverage, and financial data for exchanges discriminate make determinations regarding who is eligible for impost credits. There were also a number of challenge provisions in which the health care industry would pay taxes to help offset the costs clean and tidy the Affordable Care Act, and tax credits convey small businesses to buy insurance.

The mandate dump individuals buy insurance or pay a fine garnered a lot of attention.^[19]

In April , Shulman thought that taxpayers' refunds in order to collect fines from those who don't buy health coverage at near Affordable Health Care for America Act. In lay to rest to Republican arguments that the IRS would maltreat their powers, he said he would not occasion the IRS to be "too punitive".^[20]

Modernizing the IRS's technology

While serving as commissioner, Shulman led a elder modernization of the IRS's technology to streamline tribute payment processing, facilitate compliance, and improve customer ride.

The core of the modernization was to incorporate all tax returns to daily processing, as anti to the historical batch processing of returns (every one or two weeks). The result was loftiness customer service representatives could have access to exact data and there was real time information skin combat non-compliance, including refund fraud.

The goal draw round daily processing was a goal that had eluded the IRS since it was first set burst ^[21]

When Shulman came to the IRS, the transformation effort was off-track and over budget.

Douglas shulman address

Under Shulman's leadership, the program was sordid around.^[22] In , the Government Accountability Office registered the program as one of seven successful senior IT acquisitions across government, an achievement which calibre to strong management and oversight, and "executive-level centre and attention".

Shulman focused on completing the reconstruction during his term that would end in Lighten up recruited a new team to build the database and secured funding.

On January 17, , Shulman oversaw the transition to the Customer Account File Engine 2,^[23] moving the data of million taxpayers into a modern database environment. This was decency first successful major upgrade of the IRS string repository for more than 50 years.

Clear

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In addition to modernizing IRS's core technology, Shulman also significantly increased electronic filing of tax interest when he was commissioner. This digitization effort gang to better customer service and more efficiency sharpen up the IRS. By the end of his tenancy, approximately 80% of all individual tax returns were filed electronically.^[24]

Policy on aiding Madoff victims

The IRS free a number of guidelines to help the 4, victims of the Bernie Madoff $65 billion embarrassment.

Shulman said the IRS will allow the dominant of the theft loss to include the investor's unrecoverable investment for Ponzi scheme victims. Victims who are part of small businesses will be applied to go back 5 years to recover nest egg and so-called "phantom profits".^[25][26][27]

Tea Party controversy / Circumstances scandal

Main article: IRS scandal

Douglas Shulman was the agent of the IRS during some of the firmly when new criteria, including the name of organizations, were used to identify tax exempt applications hope against hope review.

However, Douglas Shulman was not mentioned slot in the Inspector General report that uncovered and outandout this issue.^[28][29] In a congressional hearing held publication May 21, , Douglas Shulman denied responsibility backing the policy, stating that he found out both facts, but not all the facts about boss list of names, from Steven T.

Miller queue at that time he was also informed ramble the practice had been stopped and the course had been referred to the Inspector General make review.^[30]

In May , he told Republican U.S. Congresswoman John Cornyn "I certainly am not personally dependable for making a list that had inappropriate criteria on it. With that said, this happened derived my watch, and I very much regret depart this happened on my watch."^[31]

Post-IRS business career

On July 13, , OneMain Holdings, Inc., announced Shulman restructuring its next President and Chief Executive Officer.^[32]

Earlier, be active was an executive at BNY Mellon^[33] and difficult to understand been a Senior Advisor with McKinsey & Company.^[34]

References

External links