Revenue Agent

AAA

DEFINITION of 'Revenue Agent'

An accountant who works for the U.S. Internal Revenue Service (IRS). A revenue agent's job is to examine and audit the financial records of individuals, businesses and corporations to make sure that tax liabilities have been met. These individuals can be employed by the Internal Revenue Service or by local or state government entities. Typically, revenue agents hold a bachelor's degree or, in some cases, an associate's degree in accounting.

INVESTOPEDIA EXPLAINS 'Revenue Agent'

Some revenue agents work exclusively on the records of suspected criminals, including drug dealers and money launderers. Those agents who specialize in this field may be required to provide testimony in a court of law. Senior revenue agents generally examine the most complicated tax returns involving individuals or businesses. Revenue agents can specialize in a variety of divisions. These specialists can have many areas of expertise and a variety of titles, such as financial products and transactions examiners (FPTE); international examiners (IE); employment tax specialists (ETS); and computer audit specialists (CAS).

RELATED TERMS
  1. Corporate Agent

    A type of trust company that acts on behalf of corporations and ...
  2. Back Taxes

    Taxes that have been unpaid in the year that they were due. Taxpayers ...
  3. Office Audit

    An examination of a taxpayer's records by the Internal Revenue ...
  4. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. Loophole

    A technicality that allows a person or business to avoid the ...
RELATED FAQS
  1. How does transfer pricing help business?

    Transfer pricing involves the trade of goods or services between two related companies, and both can come out the winner. ... Read Full Answer >>
  2. How do I calculate my effective tax rate using Excel?

    Your effective tax rate can be calculated using Microsoft Excel through a few standard functions and an accurate breakdown ... Read Full Answer >>
  3. How important are contingent liabilities in an audit?

    Contingent liabilities, when present, are very important audit items because they normally represent risks that are easily ... Read Full Answer >>
  4. How does quantifying fixed overhead volume variance show whether a company is profitable ...

    Fixed overhead volume cannot definitively prove a company is profitable, but it can be used to provide an excellent indication ... Read Full Answer >>
  5. What does inventory turnover tell an investor about a company?

    The inventory turnover ratio determines the number of times a company's inventory is sold and replaced over a certain period. ... Read Full Answer >>
  6. What is a deferred tax liability?

    A deferred tax liability is an account that is listed on a company's balance sheet and occurs when its taxable income is ... Read Full Answer >>
Related Articles
  1. Insurance

    Getting A Job As The Tax Man

    If you'd like the IRS to pay you some money for a change, consider a career working in taxes.
  2. Taxes

    How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  3. Professionals

    Studying For The CFP Exam

    Learn the tips and tricks of the trade before heading into this test.
  4. Taxes

    Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  5. Investing Basics

    Explaining Write-Downs

    A write-down is a reduction in the book value of an asset because it is overvalued compared to the market value.
  6. Investing Basics

    The Top 5 Skills Every Actuary Needs

    The actuary profession is growing fast. Here's a look at the majors and top skills one needs to become a successful actuary.
  7. Economics

    What are Noncurrent Assets?

    Noncurrent assets are property that a company owns that will last for more than one year.
  8. Personal Finance

    What Skills Do You Need For An Investment Banking Job?

    Aspiring for the best paid investment banking jobs? Here is the list of top skills that investment banks look for in job candidates.
  9. Mutual Funds & ETFs

    Top Skills Hedge Funds Look For In Job Candidates

    Lucrative salary, high perks, and best quantitative brains at work. What are the top skills a candidate needs to get a job at a hedge fund?
  10. Investing Basics

    How Much Do CPAs Make?

    If you're considering becoming a CPA, here's what you might expect to earn.

You May Also Like

Hot Definitions
  1. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  2. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  3. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
  4. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  5. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  6. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
Trading Center