Tools commonly used in the Federal Government-Finance & Taxation industry for day-to-day tasks and operations.

• TreasuryDirect
• IRS e-file
• Financial Management Service (FMS)
• Pay.gov
• Electronic Federal Tax Payment System (EFTPS)
• Fedwire
• Automated Clearing House (ACH)
• Financial Institutions Examination Council (FFIEC) software
• Financial Crimes Enforcement Network (FinCEN) software
• Government-wide Accounting and Reporting Modernization (GWA) software

Common products and services typical of NAICS Code 921130-03, illustrating the main business activities and contributions to the market.

• Taxation policies
• Public debt management
• Financial institution regulation
• Fiscal policy development
• Budget analysis
• Revenue forecasting
• Financial reporting
• Economic research
• Financial analysis
• Risk management

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Government Financial Manager (CGFM): This certification is offered by the Association of Government Accountants (AGA) and is designed for professionals working in federal, state, and local government financial management. The certification covers topics such as financial reporting, budgeting, and internal controls.
• Certified Public Finance Officer (CPFO): This certification is offered by the Government Finance Officers Association (GFOA) and is designed for professionals working in government finance. The certification covers topics such as budgeting, debt management, and financial reporting.
• Certified Government Financial Manager Federal (CGFM-F): This certification is offered by the Association of Government Accountants (AGA) and is designed specifically for professionals working in federal government financial management. The certification covers topics such as federal financial management, auditing, and budgeting.
• Certified Defense Financial Manager (CDFM): This certification is offered by the American Society of Military Comptrollers (ASMC) and is designed for professionals working in defense financial management. The certification covers topics such as budgeting, accounting, and financial management.
• Certified Financial Manager (CFM): This certification is offered by the Institute of Management Accountants (IMA) and is designed for professionals working in financial management. The certification covers topics such as financial analysis, risk management, and internal controls.

A concise historical narrative of NAICS Code 921130-03 covering global milestones and recent developments within the United States.

• The Federal Government-Finance & Taxation industry has a long and complex history, dating back to the earliest forms of government. One of the earliest examples of government finance was the creation of the Roman Treasury in 509 BC. In the United States, the first federal tax was implemented in 1791 to help pay off the country's Revolutionary War debt. Throughout the 19th and 20th centuries, the industry continued to evolve, with the creation of the Internal Revenue Service in 1862 and the establishment of the Federal Reserve System in 1913. In recent years, the industry has faced significant challenges, including the 2008 financial crisis and the COVID-19 pandemic, which have led to increased government spending and changes in tax policy. In the United States, the Federal Government-Finance & Taxation industry has undergone significant changes in recent history. In the 1980s and 1990s, the industry saw a shift towards deregulation and privatization, with the Tax Reform Act of 1986 and the Gramm-Leach-Bliley Act of 1999. The 2008 financial crisis led to increased government intervention in the industry, with the Troubled Asset Relief Program (TARP) and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. More recently, the COVID-19 pandemic has led to increased government spending and changes in tax policy, as the government seeks to support individuals and businesses affected by the pandemic.

The anticipated future trajectory of the NAICS 921130-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Federal Government-Finance & Taxation industry is expected to experience growth in the coming years due to the increasing demand for financial services and the need for efficient tax collection. The industry is also expected to benefit from the growing adoption of technology in financial services, which will lead to increased efficiency and cost savings. However, the industry may face challenges due to changing regulations and political uncertainty. Overall, the industry is expected to remain stable and continue to provide essential financial services to the government and the public.

Recent groundbreaking advancements and milestones in the Federal Government-Finance & Taxation industry, reflecting notable innovations that have reshaped its landscape.

• The Financial Management Line Of Business (Fmlob): This initiative aims to improve the efficiency and effectiveness of financial management across the federal government by standardizing financial management processes and systems. The FMLoB has already achieved significant cost savings and improved financial reporting.
• The Digital Accountability and Transparency Act (DATA Act): This law requires federal agencies to report their spending data in a standardized format, which makes it easier to track and analyze government spending. The DATA Act has led to increased transparency and accountability in government spending.
• The Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool: This tool helps financial institutions and government agencies assess their cybersecurity risk and develop a cybersecurity strategy. The tool has been widely adopted and has helped improve cybersecurity across the industry.
• The Federal Financial Management Improvement Act (FFMIA): This law requires federal agencies to implement financial management systems that comply with federal financial management standards. The FFMIA has led to improved financial management across the federal government.
• The Integrated Award Environment (IAE): This initiative aims to streamline the federal government's award process by consolidating multiple award systems into a single platform. The IAE has already achieved significant cost savings and improved the efficiency of the award process.