Internal Revenue Agent

Industry:
Public Sector
Last Updated:
September 12, 2023

Job Description Overview

Are you interested in a career in the Public Sector industry? If so, consider becoming an Internal Revenue Agent. An Internal Revenue Agent job description includes working for the federal government to ensure compliance with tax laws. In this role, you will act as an investigator and auditor, reviewing financial records of individuals and businesses to ensure accurate reporting and payment of taxes. You will also assist taxpayers in understanding their obligations and communicating with them in person, on the phone, or via email. To become an Internal Revenue Agent, you must have a Bachelor's degree in accounting, finance, or another related field, as well as previous experience in accounting or tax preparation. You should also have excellent analytical skills, strong attention to detail, and the ability to work independently. Joining the team as an Internal Revenue Agent offers a rewarding career with plenty of opportunities for growth and advancement.

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Job Duties and Responsibilities

  • Collect taxes owed to the government
  • Investigate tax fraud and evasion
  • Conduct audits of individuals and businesses to ensure compliance with tax laws
  • Determine tax liability and calculate owed taxes
  • Provide guidance and assistance to taxpayers regarding tax laws and regulations
  • Research tax laws and regulations to stay up-to-date on changes
  • Prepare reports and documentation related to tax audits and investigations
  • Communicate with taxpayers and their representatives about audit findings and tax liabilities. 
  • Monitor and enforce tax collection activities to ensure compliance with regulations and laws
  • Analyze financial statements and records to evaluate taxpayers' compliance with tax laws.

Experience and Education Requirements

If you're interested in becoming an Internal Revenue Agent in the Public Sector, you'll need a mix of education and experience. To start, you'll need a bachelor's degree in accounting, finance, or a related field. The degree should include at least 24 semester hours of accounting coursework. Experience-wise, you'll want to have a few years under your belt in accounting, auditing, or work for the IRS. You'll also need to pass a rigorous exam and a background check to ensure you meet the high standards of the IRS. Overall, having the right education and experience can help you make a meaningful difference in the world of tax compliance and enforcement.

Salary Range

Internal Revenue Agents in the Public Sector industry can expect a salary range that varies depending on their experience and location. In the United States, the median salary for an Internal Revenue Agent is around $64,000 per year, with entry-level agents earning around $43,000 and senior-level agents earning upwards of $120,000 per year. However, this can also vary depending on the region and cost of living. 

For example, Internal Revenue Agents in California have a higher median salary of $79,520 per year due to the high cost of living in the state. In other countries, such as Canada, Internal Revenue Agents can expect a median salary of CAD 60,000 per year.

Overall, a career as an Internal Revenue Agent can provide a stable salary with opportunities for growth and advancement through experience and education.

Sources:

  • https://www.bls.gov/ooh/business-and-financial/tax-examiners-and-collectors-and-revenue-agents.htm#tab-5
  • https://www.salary.com/research/salary/benchmark/internal-revenue-agent-salary
  • https://www.payscale.com/research/US/Job=InternalRevenueService(IRS)Agent/Salary

Career Outlook

The career outlook for an Internal Revenue Agent in the Public Sector industry over the next 5 years is good. According to the US Bureau of Labor Statistics, job opportunities for these agents are expected to grow by 4 percent from 2019 to 2029, around the average rate for all occupations. Despite the increasing use of automation and technology, human agents are still needed to oversee and enforce tax laws. As such, the demand for these agents will continue to exist. Furthermore, retirement and turnover will also create job openings. This means that those interested in becoming Internal Revenue Agents can expect decent opportunities in the future.

Frequently Asked Questions (FAQ)

Q: What does an Internal Revenue Agent do?

A: They examine and audit various types of tax returns to ensure compliance with tax laws.

Q: Do Internal Revenue Agents work for the government?

A: Yes, they work for the federal government as part of the IRS.

Q: Do you need a degree to become an Internal Revenue Agent?

A: Yes, you need a bachelor's degree in accounting, finance or a related field.

Q: What kind of training do Internal Revenue Agents receive?

A: They receive on-the-job training and also attend various training programs to acquire or improve their skills.

Q: Is there any growth potential in the field of Internal Revenue Agents?

A: Yes, there is potential for growth as an Internal Revenue Agent can move up to supervisory or management positions, or transfer to other areas of the IRS.


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