Revenue agents cope with tax-associated accounting and work for the US Internal Revenue Services (IRS). They also work with equivalent agencies in local and state governments. Like tax collectors, revenue agents audit returns for correctness. After completing required education, candidates accept job of revenue agents.
Responsibilities
The responsibilities of a revenue agent are to deal with complicated income, excise tax returns of businesses, sales, and large corporations. Therefore, the work profile of revenue agents differs in many respects. Entry-level federal revenue agents generally audit tax returns of small enterprises whose market specializations are alike.
Revenue agents work with tax returns of bigger corporations. They develop proficiency in an organization such as retail sales, construction, real estate, finance, insurance, etc. Revenue agents, working for the federal government, should keep complex, lengthy and frequently changing tax code. The arrival of computer technology has minimized efforts and simplified the research process including IRS notices, legal bulletins, tax-related court decisions, etc.
Revenue agents use computer to examine data and identify trends that facilitates pinpoint tax offenders. At the state level, a revenue agent has the same responsibility as his/her counterparts in the federal government. Revenue agents who are working for state use revenue adjustment reports prepared by the IRS to decide on the adjustment in tax calculated for taxable income of a taxpayer by federal revenue agents.
State revenue agents verify the income and sales taxes for their respective states. Revenue agents have different duties and titles at the local level. However, they work for office audits or field audits of financial records of every individual. Like state counterparts, the local agents depend upon the information incorporated in federal tax returns. A local agent ought to be knowledgeable to apply local tax laws concerning income, school taxes or utility fees.
Requirements
A revenue agent has to be honest. Tax collectors, tax examiners, and revenue agents exchange confidential personal and financial information with each other. Therefore, trustworthiness is vital for retaining the confidentiality of businesses and individuals. Revenue agents should have good communication and interpersonal skills because he/she needs to deal with public.
Revenue agents should be able to consult well and cope efficiently with others in potentially challenging situations. Revenue agents require strong organizational, analytical, and time management skills. These agents should be able to work in a team as well as independently because they have to spend ample amount of time away from their respective office. They ought to keep themselves updated with the changes in the tax laws and code.
Development potential within state, federal, and local agencies differs for tax collectors, tax examiners, and revenue agents. Candidates who are interested in taxation may take a licensing exam conducted by the federal government to become revenue agents.
Revenue agents who implement leadership skills and use knowledge to execute the given task successfully may be promoted to the managerial or supervisory collector positions. The responsibility of this position is to oversee the other collector's activities. These top-level agent/supervisors may authorize the more serious actions against businesses and individuals.
Revenue agents who are employed as a fresher will deal with accounting. They are given assignments like consulting auditing manuals and thorough information about concerning industries. After gaining ample experience, revenue agents specialize in an industry, work with larger organizations, and study complex tax returns.
Some of the revenue agents also specialize in auditing the books, evaluating criminal investigations, and suspected criminals like money launderers or drug dealers. Some revenue agents work for grand juries to facilitate safe indictments. A revenue agent has to deal with followings.
Suggest civil penalties and criminal prosecutions