Why to Become an Enrolled Agent? Hi-educare Academy

1. Why Enrolled Agent is a better careeroption foryou? Enrolled Agent at aglance: Enrolled agent was formed in the 1880s when the British government was ruling over India. It started at the time of the American civil war, where a case of fraudulent war loss claims arose, in the year 1884. The problem of the general public was of claiming their properties from the government which they lost because of war. Hence, congress appointed some persons with the education power of advocacy, as enrolled agents to help the public in claiming from the government. Gradually, the scope of enrolled agents went on expanding as the taxation policy expanded and became more complex. This made a need for enrolled agents as a career for helping the government and even thepublic. In the year 1913, when the income tax approved, the duties of EAs were defined as claims for monetary relief for those whose fees have been paid unequal, collections of the estate tax, income tax, selection of other sources of charge, etc. EAs also have to learn the advocacy of taxpayers to understand the general public’s tax issues. They have to present their clients to IRS- internal revenueservice. What Enrolled Agents do for Public Accounting as well as PrivateAccounting Public accounting: In general terms, public accounting can be said as an organization of accountants where they serve clients in the category of manufacturers, wholesalers, companies, retailers, sole traders, medium-small sized companies, etc. A public accountant firm’s size ranges from a single person to a company with a massive number of employees working as accountants. Private accounting: Private accounting refers to maintaining accounts of a particular individual, organization, company, retailer, wholesaler, etc. in a nutshell, private accounting is called as internal accounting for an organization or acompany. Enrolled agents in public accounting: Enrolled agents are tax professionals, or we can call them tax attorneys. EA helps the different types of businesses to file tax returns as per the time. They help you to represent your business in front of the IRS. Here in the context of public accounting, a single EA or a firm run by EA, where he or she has other employees who work for that firm; that firm finds clients of different businesses and helps them. In a precise meaning by the term accounting, it refers to performing accounting activities related to accountsonly. Enrolled agents in private accounting: Enrolled agents are persons who have prescribed responsibilities towards taxation and accounting whether they work as firms or companies or whether they work as internal employees of any company. When EA works as a domestic employee, they work for the taxpaying of that business, and they can also perform account practices for that company. In this explanation, by the privateaccounting

2. term, it refers to an enrolled agent who solely does the work of accounts in a single or particularcompany. • How Enrolled AgentsWork? • Duties involved inEA: • They have to represent their clients in front of the Internal Revenue Service at the administrationlevel. • If the EA has passed the tax court exam, can also attend the tax court cases for their clients. • EA practices accounts which are at competing for the level of CPAs. They help the clientsto • do all their books ofaccounts. • Apart from accounting work, they also do auditing for different companies. • EA helps to prepare the business taxes oforganizations. • How to Become an EnrolledAgent? • If you wish to become an enrolled agent, there is no particular qualification for this post. Any person who has a hold on any graduation degree with some knowledge of accounting is eligible for applying for the job. When you are using for the same, you need to know tax- related subjects for this post. There are two ways to become an enrolledagent. • You need to clear the enrollment exam/ EA exam: As you want to be an enrolled agent, you need to obtain a PTIN- Preparer tax identification number. After getting that number you can apply for the examinations, the third thing you need to do is score good grades in the exams. This examination has aspects related to IRC- internal revenue code. So, it is apparent that to clear the analysis, and you need to fulfill all the above threethings. • Internal revenue service (IRS) experience: Any person who has worked with IRS for consecutive five years and this work, must be related to, or we can say the terms of internal revenue code must surround the practice. The applications and interpretations, andothers; • and also work connected to income tax, estate tax,etc. • FAQs: • There are some questions related to the context of enrolled agents, often asked by others. These questions allow you to have a clearer vision of the topic and the career of enrolled agents • . • Q. What is the cost, we need to pay to become an enrolledagent? • As the examination is divided into three parts, any person who pursues the analysis needs to pay fees at every level of theinvestigation. • The testing fees for this exam is almost $182, which approximately becomes INR 12750/- every person who wishes to participate needs to pay this amount to the testingcenter.

3. Q. How much time does it take to become an enrolledagent? There is no particular qualification or work experience, as per the levels of the examination, time is up to you for preparing thesyllabus. Otherwise, it would not take more than 6-12 months for becoming the enrolledagent. But as you have to clear all the three levels, one must take time for the preparation and make a good strategy. Q. Where does an EAwork? Enrolled agents work being an internal employee for a particular company, or they can run their firm/ organization where they appoint other employees who help the EA to serve the desired things to their clients. The choice solely depends upon the EA what they prefer. But the duties in both cases remains thesame.