What is an Enrolled Agent? - Course Details, Fees, Salary:
Admin 29 Dec, 2023 Introduction
In the complicated world of taxation, the Enrolled Agent (EA) is one course that stands out as a light ray of knowledge and dependability. They act as a function of necessity authorized by the Internal Revenue Service (IRS) and understand tax rules and regulations well.An Enrolled Agent is not just a tax preparer, they are officially granted a power by the United States Department of the Treasury. EAs should navigate the complexity of tax law with honesty, and clarity and maintain legality to their customers' financial interests. Enrolled Agents look for their priceless contributions in the field of taxes.
What is an Enrolled Agent?
A career as an Enrolled Agent (EA) may benefit those who assist customers with their taxes. The Internal Revenue Service (IRS) issues EA licenses. The IRS provides EAs with resources that aren't available to the majority of other tax preparers. These experts are qualified to represent clients in court and before federal taxing authorities and to present cases in disputes. EAs are equipped to deal with almost every circumstance that could occur in the instance of a taxpayer. Let's examine the benefits of earning the enrolled agent certificate for tax preparers and accountants. We will also go over how to get the EA test and enlist as an agent. But before that, we will understand why one should get an Enrolled Agent certification.Why EA Certification?
There are various reasons why you ought to think about becoming an enrolled agent:The EA certificate can help validate your credentials, create opportunities for new vocations, and attract job prospects.
An enrolled agent license can boost confidence in tax preparers, accountants, and those considering a career change in tax preparation.
EAs can fulfill a variety of tasks a client requires concerning tax preparation. EAs are in high demand and have a significant opportunity for financial success because not everyone can offer these services.
The fact that nearly everyone must pay taxes of some kind and that the tax code is always changing increases the job stability for enrolled agents.
The EA certification is a federal designation granted by the U.S. Department of the Treasury that entitles holders to employment across the globe.
Eligibility Criteria of EA
• If you want to pursue EA, you do not need any prior qualifications. Graduates with a basic understanding of accounting are eligible to apply, but they must demonstrate their proficiency in the subject matter related to taxes.• A passport is mandatory, which helps to generate the PTIN- Preparer Tax Identification Number.
• Candidates must write their exam in Prometric centers. In India, there are only three centers in Banglore, Delhi (Gurugram), and Hyderabad.
• The paper weight is 130 marks in which students should score above 105 to clear the papers.
• Candidates can attempt exams throughout the year except in March and April.
Important Note: There are three papers to pursue this course if the candidates take one paper and clear the exam he/she should clear the rest of the paper within 2 years. If not candidates have to re-start from the first paper.
Who is IRS-EA?
An Enrolled Agent is a tax expert who has received a federal license from the IRS to represent taxpayers in front of the IRS. EAs are sometimes referred to as "America's Tax Experts." Every year, continuing education requirements must be met by enrolled agents to maintain their proficiency in tax law and ethics. The Internal Revenue Service (IRS) in all 50 U.S. states grants the designation of EA as its highest certification. As an enrolled agent, you will be allowed to produce tax returns, represent clients before the IRS, exercise unrestricted rights of representation, file appeals on behalf of clients before the IRS, and counsel clients on the tax repercussions of their business activities. Because of this, they are a priceless resource for taxpayers who require help with their taxes.
Steps to Become an EA
The steps to obtain EA Certification are listed below:Check the Specification - The particular requirements that applicants must satisfy to take the EA test are listed on the IRS website. Candidates need five years of experience working with customers to provide tax advisory, compliance, or representation services. Additionally, they must pass a three-part exam covering individual and corporate tax law.
Pay the application fee - You must submit Form 23 and pay the application fee.
Make a Fingerprinting Appointment - The candidate must set up an appointment for fingerprinting after submitting Form 23 and the required application fee. The background check, which is necessary as part of the registration procedure, will be done using fingerprints.
Take and Pass the Enrolled Agent Exam - Individual and corporate tax law issues are covered in the three parts of the Enrolled Agent Exam. To receive their certification, applicants must pass all three exam sections.
Obtain a Personal Tax Identification Number (PTIN)- Candidates must apply for a Personal Tax Identification Number once they have passed the Enrolled Agent Exam. To represent clients before the IRS, you must have a PTIN.
Keep your certification updated - To keep their certification; Enrolled Agents must complete 240 credits hours.
Enrolled agents may represent taxpayers at all administrative levels of the IRS for audits, collections, and appeals. Additionally, they can create and sign tax returns on behalf of taxpayers. Being an enrolled agent is an excellent way to get started if you're considering a career in public accounting or tax preparation.
EA Course Details
The EA’s broad syllabus is particularly aimed at providing potential tax professionals with the necessary skills to understand the complexity of the tax and present taxpayers before the IRS does.Here is the breakdown of the exam syllabus in detail:
Part 1
• Preliminary work Taxpayer Data• Income and Assets
• Deductions and Credits
• Taxation
• Advising the Individual Taxpayer
• Specialized Returns for Individuals
• Business Tax Preparation
• Specialized Returns and Taxpayers
• Representation Before the IRS
• Specific Areas of Representation
• Filing Process
Part 2
• Business Entities and Considerations• Business Tax Preparation
• Specialized Returns and Taxpayers
Part 3
• Practices and Procedures• Representation Before the IRS
• Specific Areas of Representation
• Filing Process
Best Institution & Job Prospects of EA
Enrolled Agent (EA) course provides training for individuals looking to become tax professionals. The course covers a comprehensive curriculum of tax laws and regulations, ethics, tax preparation and planning techniques, and other relevant topics. The program is designed to help participants pass the IRS Enrolled Agent Exam and become licensed to represent taxpayers before the IRS.Bangalore is home to many reputed institutions offering the EA course, with experienced instructors like M Irfat Sir the founder of the NorthStar Academy (NSA). We aim to help students find good career opportunities. We help our peers upskill in their chosen fields. We assist placements by looking at applicants' status, and a 24/7 supporting team. To know more about the EA course we are just one call away, from a user-friendly LMS dashboard. We have weekly webinars and mentoring classes with renowned experts. We aim to do what you wish when building your career path.
The course is ideal for tax practitioners, accountants, and individuals seeking a career change. After completion, graduates can work as tax consultants, and tax preparers, or start their tax preparation businesses.
If you want to keep working in any capacity related to US taxation, the EA course is really helpful. For those who are interested in this profession, there are several work opportunities available. EAs are required in the systems of all Fortune 500 organizations with international banks, shared services, financial institutions, the Big 4, and other accounting firms. Those who enroll will have the chance to work in the following:
• Work as a Tax Professional for one of the Big 4 accounting companies.
• Work with US multinational corporations in India.
• Expand practice to the United States of America.
• Work with Indian businesses that are established in the US, such as Infosys, Wipro, and Reliance.
• Work with the taxation divisions of KPOs and BPOs.
• Engage F&A firms and shared service centers in your work.
• Expand practice to the United States of America.
• Work with Indian businesses that are established in the US, such as Infosys, Wipro, and Reliance.
• Work with the taxation divisions of KPOs and BPOs.
• Engage F&A firms and shared service centers in your work.
Conclusion
In conclusion, becoming an Enrolled Agent(EA) provides a satisfying career in taxes with unique professional development and achievements. The EA profession is not limited to one’s knowledge, it also provides a wide range of job prospects in various industries, including public accounting, international companies, and tax consulting organizations. Individuals can pursue EA after meeting the eligibility criteria and educational requirements. to shape your career in EA professional NorthStar Academy(NSA) is right here to guide you and build your career professionally.FAQ’s
1. Is EA A Self-Preparing Course?
It is better to seek support from the top accounting coaching class, such as NorthStar Academy, rather than trying to study on your own since coaching classes aid you in thoroughly covering the subject and provide several practical examples to ensure you are well-prepared for the tests.
2. How Long Does It Take To Do All Three EA Test Papers?
It must be finished within two years of the first exam's completion date
3. What Is The Exam Pattern For EA?
Each component has 100 multiple-choice questions (MCQs) and lasts for 3.5 hours. There is a 15-minute break after each section (50 MCQs) is finished. As soon as the exam is finished, the results are released, and students can print them off.For more information and daily updates,