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Introduction about Enrolled Agent by Hi-Educare Academy

Enrolled Agent is a tax professional who works under the government. Detail Information about Enrolled Agent Course Pattern, Career Opportunities, Exam Guidance.

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Introduction about Enrolled Agent by Hi-Educare Academy

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  1. Introduction about Enrolled Agent Enrolled Agent is the tax expert who knows every link about tax. An enrolled agent is the tax professional who works under the government and represents taxpayers. He handles all the issues related to collections, audits, or tax appeals. The enrolled agent first started in 1884 at the time of civil war when people faced the problem of fraudulent claims. Then, congress took an initiative to solve this matter to check on the claims by people and represent the data to them. An enrolled agent has special knowledge in every aspect of the tax terms. The enrolled agent act as the advisors and they manage all the tax return reports of partnerships, estates etc. Enrolled agent as a career option Firstly if you want to pursue as an enrolled agent in your career then, know that you cannot pass the Special Enrolment Exam (SEE) with any shortcut. Be a smart planner, make your schedules, and ensure you work as per them. Clearing SEE is not everyone’s cup of tea you have work smartly to clear it. The practice is the secret to SEE. Practice previous year’s exam papers as much as you can. Know what your weak spots are. When you practice, examine the patterns of questions. Think like you are an examiner. Don’t expect easy questions. Course pattern of Special Enrolment Exam (SEE) People who want to continue their career as Enrolled Agents have to clear special enrolment exam that gives them unlimited rights over the federal government. SEE is a three-part special enrolment examination that every person has to pass. Well, they also have to give the IRS background check. For qualifying this Exam you need to take Enrolled Agent Training. Exam pattern of the EA exam The exam is multiple choices in which every question has four possible answers, and you have to choose one. The exam paper is based on the new tax law that was regulated last year. It has 100 questions out of which 85 questions are scored ones and the others are experimental ones. And the exam has five sections, and the candidates have to complete the exam in 3.5 hours. All the questions have equal weight. The syllabus is divided into five sections. You can give EA in any month of the year except March and April. You have to pay for each part of the exam for $109 through Prometric. The location of the centre lies in around 8000

  2. centres or throughout the world. For applying for the exam, the candidates require a Preparer tax identification number (PTIN). You have to apply for the PTIN online then only you will be able to schedule your exam. For a candidate to pass the EA exam, the minimum grade is 105. The grading is done from 40 to 130 out of which if you score 104 or less than that you consider it fail. The exact score of the exam cannot be known as it is kept secret and only told those who fail the exam. The candidate can give the exam only four times a year. The EA exam has three parts: Individuals  Businesses  Representation, Practices, and Procedures The candidates are allowed to give the exams in any order. Now, let’s talk about the syllabus in the Individual section. There are five sections in this part.  Section 1 consist of 17 questions of Preliminary Work and Taxpayer Data  Section 2 consist of 21 questions of Income and Assets  Section 3 consist of 21 questions of Deductions and Credits  Section 4 consist of 14 questions of Taxation and Advice  Section 5 consist of 12 questions of Specialized Returns for Individuals – Estate Tax and  Gift Tax The second part of Businesses has three subsections. Section 1 consists of 28 questions of business entities.  Section 2 consists of 39 questions of Business Financial Information.  Section 3 consists of 18 questions of Specialized Returns and Taxpayers The third part Representation, Practices, and Procedures has four subsections that include.  The section 1consists of 25 questions of Practices and Procedures  Section 2 consists of 24 questions of Representation before the IRS  Section 3 consists of 19 questions of Specific Types of Representation  Section 4 consists of 17 questions of Completion of the Filing Process Now, you know the basic syllabus and structure of the Enrolled Agent paper. Tips for the EA exam When you are aware of the syllabus and the exam pattern now, so the next step that takes you toward the success is knowing how to study for the same.  Once you sign up for the exam after choosing a suitable location for the exam, now it’s time  to tie up your socks and get to study. You can find a lot of study material from reference while studying for the Special Enrollment  Examination. So gather all the content you have to study peacefully. Visit the official website of the National Association of Enrolled Agents to have the study best study sources.

  3. Make a smart plan to study. Study in a way that you can study the whole syllabus covering  every topic of the syllabus before the exam. For clearing SEE, you have to start studying as early as possible, and this is not your  college exam where you can consider a few days ago and clear it. Taxing is a problematic concept that needs time. Don’t cram up at last, instead understand  the concepts and work on them. Try coaching for the exams where you can have an idea of the structure fi the exam, and  also you can clear all your doubts Don’t study without proper diet mind cannot work correctly if you are not on poor diets and  not taking required exercise. Passing rate of the EA exams In EA, the passing rate of each part varies. Since the last few years, we have observed that only 60% of the candidates can clear the part2 businesses, whereas approximately 75-80% of the candidates clear part 1 individual of the exam. The most natural part of the syllabus, i.e. Representation, Practices, and Procedures, is mostly cleared by all. The passing rate of this part is above 90%. Most of the candidates go first for part 3 of the examination as there are more chances to clear it. Conclusion Now, you know everything about the Enrolled Agent and its exam. So if you want to become an EA, then set your goal and start to work for it. FAQs  1. How much does it cost to become an enrolled agent? For every part of the EA exam, you have to pay separately. Each exam cost $109 that you have to pay while scheduling your exam. 2. Is the enrolled agent exam difficult? The enrolled agent exam needs time and conceptual knowledge. The most challenging part of the EA exam is part 2. So, we suggest you go for part 2 at last. 3. What is required to become an enrolled agent? You require to clear the special enrolment exam (SEE) or work for IRS for five years to learn the interoperation of taxation laws. 4. How long should I study for the enrolled agent exam? At least a 100-hour study plan is mandatory for studying for the enrolled agent exam for each part of the exam. However, it depends on your knowledge, but it can take around 6-7 months to explore properly.

  4. 5. Is there a demand for enrolled agents? If we talk in money language, even the EA fresher earns up to $23000 per year, but it varies from company to company. But yes, we can say, EA has always been in demand. 6. What is the pass rate for the EA exam? The pass rate of the EA differs for each part of the exam. Accordingly, part 2 of the exam is not cleared by more than 60% of the candidates. 7. What are the benefits of becoming an enrolled agent? EA enjoy the unlimited rights over the taxes because they prepare taxes for the public. Moreover, this is one of the most respected certified jobs. 8. How do I register for the enrolled agent exam? Register online by visiting the official website and then register yourself and schedule your exam.

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