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A revenue agent ensures the accuracy of business tax returns for their government agency, with duties varying based on level of government and experience. They review and audit business tax returns, uncover fraudulent reporting, and specialize in auditing tax returns for specific industries. Local agents ensure compliance with city-specific tax laws and audit financial records.
A revenue agent is an accountant responsible for monitoring the accuracy of business tax returns. He or she may work for his or her country’s government at the federal, regional or local levels. The duties of a revenue agent vary based on the government agency they work for, as well as the amount of experience and expertise.
Individuals and businesses of any size must file tax returns with federal and local governments showing their earnings and expenses each year. A tax examiner will generally be tasked with reviewing individual income tax returns, while a revenue agent is responsible for reviewing and auditing business tax returns. An agent working for the federal government is typically employed by their country’s official revenue agency, such as the United States Internal Revenue Service, Canada Revenue Agency, or French Revenue Agency, and must verify the accuracy of tax returns federal companies.
An IRS agent needs to keep up with changing tax laws to ensure that tax returns are completed and processed properly. He or she is responsible for uncovering any fraudulent reporting or withholding income on tax returns. Computer databases track searches and trends of tax offenders so a federal agent can be on the lookout for suspicious business returns. Once a federal income tax return is audited and found to be accurate, it is used by agents at the regional and local levels of city government.
Small business tax returns are often audited by entry-level federal agents. As their career progresses, an agent often advances to work with the tax returns of large corporations. Some agents specialize in auditing tax returns for a particular industry, such as retail, construction, or real estate.
A revenue agent who works at a state or regional government level is responsible for auditing the tax returns of companies and corporations based in their state or region. An agent uses information compiled by a federal government revenue agent, as well as your state or region’s specific income and sales tax laws and requirements, to determine the accuracy of tax returns filed by area businesses. A local agent may also be responsible for auditing individual tax returns.
A local government revenue agent may have different roles than agents at the federal, regional, or state level. It uses information gathered by federal and regional tax returns and determines whether local businesses are complying with city-specific tax laws, such as utility or school taxes. A local agent can also audit the financial records of local businesses to ensure that all revenue is being properly recorded.
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