Revenue Agent

Posted in Finance, Accounting and Economics Terms, Total Reads: 605
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Definition: Revenue Agent

An Accountant working for the U.S. Internal Revenue Service (IRS) is a Revenue Agent. IRS is the revenue service of the United States Federal Government. It is under the Department of the Treasury and primary responsibility is to collect taxes and administer the Internal Revenue Code. The Revenue Agent’s job is to have a thorough examination and also conduct an audit of the individual’s , businesses and corporations financial records. A Revenue Agent is required to ensure that tax liabilities of the individual’s, businesses and corporations are met. Revenue Agents generally hold a bachelor’s degree or an associate degree in accounting. They are recruited by the Internal Revenue Service or by local or state government entities.

The Revenue Agent after completing his audit is required to make an IRS agent’s report called as Revenue Agent’s Report(RAR). The Revenue Agent’s Report is basically a computation of the tax liability of the assessed. After making all the adjustments to the taxable income (of the assessed) the RAR computes whether the tax is overpaid or underpaid or the correct amount is paid. If overpaid assessed will be entitled to a refund and if underpaid he will be liable to pay additional taxes. Revenue Agents can gain specialization in a variety of divisions. The Revenue Agents have an exclusive domain of working on the suspected criminals including drug dealers and money launders records. Senior Revenue Agents work mostly on the complicated tax returns of individuals and businesses.

Revenue Agents can apart from the taxation area can also gain expertise in many areas and have a variety of titles like International Examiners (IE), Computer Audit Specialists (CAS), Employment Tax Specialists (ETS), Financial Products and Transaction Examiners (FPTE). The agents who become a specialist in this field can also be required to provide a testimony in the court of law.

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