Editor's Note: Shulman would replace Mark Everson, who left the IRS in April to become president and CEO of the American Red Cross, a position which he was ousted from due to a "personal relationship" with a subordinate.

Shulman is currently vice chairman of the Financial Industry Regulatory Authority, previously known as the National Association of Securities Dealers. He also has served on the bipartisan National Commission on Restructuring the Internal Revenue Service, the White House said.

The nomination requires Senate approval.

Treasury Secretary Henry Paulson said Shulman's "energy, creativity, strong management skills and technology experience will ensure that the IRS fully serves its mission to provide America's taxpayers top-quality service."

The IRS' acting commissioner is Linda Stiff.