Revenue Officer

What Is a Revenue Officer?

The term revenue officer alludes to an individual who collects revenues on behalf of the government or another agency. Revenue officers typically collect monies as taxes and/or duties. The specific obligations of a revenue officer rely upon the particular organization that utilizes the individual. Revenue officers ought not be mistaken for revenue agents. A few companies hire a chief revenue officer to monitor revenue generation.

Obligations of a Revenue Officer

A revenue officer is generally employed by a government agency, like the Internal Revenue Service (IRS) in the United States or the Canada Revenue Agency (CRA) in Canada. State and local taxing agencies may also utilize revenue officers. At times, these officers may also be called collectors.

As verified above, revenue officers are primarily engaged with the collection of obligations owed to the agencies for which they work. For instance, excise tax revenue officers in Canada have a greater amount of an audit, advisory, and legal job. The primary responsibility of revenue officers who work with the IRS, then again, is collecting delinquent or back taxes and late tax returns from taxpayers. An IRS revenue officer also:

• directs face-to-face meets with taxpayers
• obtains and analyzes financial information to ascertain the ability to pay the tax bill
• plans payment plans to assist those with tax arrears pay them over the long run
• garnishes wages and holds onto personal property to pay off delinquent taxes

A revenue officer with the IRS is also responsible for filing extensions on statutes of limitations for tax collection and initiating administrative and judicial actions. This position is frequently mistaken for that of a revenue agent, who is instead tasked with directing audits of tax returns.

Many scammers claim to be IRS revenue officers and claim to have the ability to arrest individuals they are attempting to coerce.

Special Considerations

While they are government employees, IRS revenue officers don't carry firearms or have the authority to arrest taxpayers. One of the primary duties of these individuals is to assist with creating a payment plan for collecting any unpaid taxes. The officer will attempt to make an unannounced, in-person visit with the delinquent taxpayer. This is known as a field audit.

Job Outlook

The Bureau of Labor Statistics (BLS) gathers examiners, collectors, and revenue agents into one category. According to the agency's Occupational Outlook Handbook, these professionals earned an average annual salary of $55,640 each year in 2020. This figure translates to $26.75 each hour. The number of jobs in this field in 2019 totaled 56,900. Job growth in this field is expected to decline by 4% until 2029.

Revenue Officers versus Revenue Agents

Revenue officers cover the more troublesome tax cases. At the point when the IRS can't collect via letters, calls, tax levies, or garnishments, they send revenue officers. They generally don't have any accounting training. In any case, they in all actuality do have circumspection on seizing and selling assets to cover tax liabilities, as well as lien discharges. They can also approve or dismiss installment plans.

While a revenue officer actually collects taxes, revenue agents are the ones who handle tax audits with the IRS. The job of a revenue agent is to determine tax liability via an audit. The audit that agents carry out is also known as an examination. As such, these individuals work straightforwardly with taxpayers, their representatives, tax preparers, and tax lawyers.

IRS revenue officers carry two forms of official identification: a pocket commission and a standardized federal identity credential known as a HSPD-12 card.

Revenue Officer versus Chief Revenue Officer

A few organizations appoint a chief revenue officer to regulate all revenue-generating elements of a business. They are also responsible for supervising the strategy for profitable revenue generation over the company's long term. Their purpose is to align and enhance the whole customer experience fully intent on increasing revenue. They report to the chief financial officer (CFO).

The job of a CRO was brought into the world in Silicon Valley to capitalize on new revenue opportunities created by digital products and services, particularly the software-as-a-service (SaaS) industry. CROs are typically data-driven and educated, which is essential given that they work in companies that utilize a many individuals with product and engineering backgrounds.

Since the chief revenue officer is tasked with primary or shared responsibility for operations, sales, corporate development, marketing, pricing, and revenue management, works that stretch out across different teams in many companies, a decent CRO must maintain a fantastic communication framework across the various organizational capabilities and share best practices among the revenue stream managers to maximize revenue production.

Highlights

• Revenue officers ought not be mistaken for IRS revenue agents, who are responsible for auditing taxpayers.
• A portion of the obligations of a revenue officer incorporate meeting taxpayers and garnishing wages.
• Revenue officers are responsible for collecting taxes and duties owed to a government or agency.
• Although they are government officials, revenue officers don't carry firearms and can't arrest taxpayers.
• A corporations appoint a chief revenue office to direct the company's ability to generate and collect revenues.

FAQ

The amount Do Revenue Officers Make?

The average annual salary of a revenue officer is $123,250. This ranges from $20,500 on the low finish to $301,000 on the high end. The majority of revenue officer salaries, be that as it may, range somewhere in the range of $50,000 and $188,000.

How Might I Become a Revenue Officer?

A bachelor's degree is required and a concentration in mathematics, statistics, and economics will assist you with turning into a revenue officer. You should be knowledgeable in subjects related to international affairs and global and domestic economics and politics. There is no specific job that you want to have before turning into a revenue officer.