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 is minimum transfer price calculated?

    A company that transfers goods between multiple divisions needs to establish a transfer price so that each division can track ... Read Full Answer >>
  2. What is the effective interest method of amortization?

    The effective interest method is an accounting practice used for discounting a bond. This method is used for bonds sold at ... Read Full Answer >>
  3. What does an unfavorable variance indicate to management?

    In managerial accounting, an unfavorable variance is discovered when a company's management performs a comparison between ... Read Full Answer >>
  4. Is there a way to include intangible assets in book-to-market ratio calculations?

    The book-to-market ratio is used in fundamental analysis to identify whether a company's securities are overvalued or undervalued. ... Read Full Answer >>
  5. What are some of the limitations and drawbacks of using a payback period for analysis?

    Limitations, or disadvantages, of using the payback period method in capital budgeting include the fact that it fails to ... Read Full Answer >>
  6. What are common concepts and techniques of managerial accounting?

    The common concepts and techniques of managerial accounting are all the concepts and techniques that surround planning and ... 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. Economics

    Calculating Net Realizable Value

    An asset’s net realizable value is the amount a company should expect to receive once it sells or disposes of that asset, minus costs from its disposal.
  6. Professionals

    What Does an Investment Banker Do?

    An investment banker works for a financial institution that helps companies, governments and agencies raise money by issuing securities.
  7. Retirement

    Roth 401(k) Vs. Roth IRA: Which One Is Better?

    It all depends on your age, your income - and your plans for your retirement nest egg.
  8. Investing Basics

    Calculating Unlevered Free Cash Flow

    Unlevered free cash flow (UFCF) is the free cash flow of a business before interest payments.
  9. Taxes

    Understanding Write-Offs

    Write-off has different meanings depending on the context in which it is used, but generally refers to a reduction in value due to expense or loss.
  10. Economics

    What are Capital Goods?

    Capital goods are assets with a useful life of more than one year that are used for the production of income.

You May Also Like

Hot Definitions
  1. American Dream

    The belief that anyone, regardless of where they were born or what class they were born into, can attain their own version ...
  2. Multicurrency Note Facility

    A credit facility that finances short- to medium-term Euro notes. Multicurrency note facilities are denominated in many currencies. ...
  3. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  4. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  5. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  6. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!