Enrolled Agents

What are the powers an EA can exercise?

An Enrolled Agent (EA), being an IRS certified tax professional, has the authority to exercise several powers related to tax matters.

They are briefed below:

Represent Taxpayers: EAs can represent taxpayers before the Internal Revenue Service (IRS) for tax-related matters, including audits, collections, and appeals.

Prepare Tax Returns: EAs are authorized to prepare and file tax returns for individuals, businesses, estates, trusts, and other entities.

Advise on Tax Matters: EAs can provide tax advice, guidance, and planning services to help taxpayers optimize their tax situations and comply with tax laws.

Correspond with IRS: EAs can communicate on behalf of taxpayers with the IRS, including written and verbal correspondence.

Attend IRS Interviews: EAs can attend interviews, meetings, and hearings with IRS officials to represent and assist taxpayers.

File Notices and Documents: EAs can file notices, forms, and documents with the IRS on behalf of taxpayers.

Appeals and Mediation: EAs can represent taxpayers in IRS appeals and mediation proceedings to resolve tax disputes.

Tax Court Representation: EAs can represent taxpayers in certain cases before the United States Tax Court.

Limited Practice Rights: EAs have limited practice rights before the IRS, allowing them to represent taxpayers in tax matters regardless of who prepared the tax return.

It’s important to note that while EAs have substantial authority in tax matters, there are certain limitations and specific procedures that they must follow to effectively represent taxpayers. Additionally, EAs must adhere to ethical standards and professional conduct guidelines established by the IRS.

How to pass the Enrolled Agent exam in first attempt?

Preparing for the Enrolled Agent (EA) exam involves several steps:

Understand the Exam: Familiarize yourself with the EA exam format, sections, and content areas.

Study Materials: Use reputable study materials, such as Surgent Uplift Review Courses, textbooks, and online resources specifically designed for the EA exam.

Create a Study Plan: Organize your study schedule, allocating sufficient time to cover all exam topics and sections.

Focus on Tax Content: The EA exam covers tax-related topics, so ensure you thoroughly understand tax laws, regulations, and concepts.

Practice Questions: Solve practice questions and sample exams to get comfortable with the question style and assess your knowledge.

Simulate Exam Conditions: Practice under timed conditions to simulate the actual exam environment.

Review and Revise: Continuously review your notes and study materials to reinforce your understanding.

Join Study Groups: Participate in study groups or forums to discuss challenging concepts and learn from others. At Uplift Pro, whatsapp groups are formed with students and faculties for 24/7 study support.

Seek Professional Help: Consider taking a review course or seeking guidance from experienced EAs to clarify doubts and get expert insights. Check with www.upliftprofessionals.in/us-ea-course.

Stay Updated: Stay informed about any updates or changes to tax laws that might be relevant to the exam.

Remember, consistent and focused preparation is key to success on the Enrolled Agent exam.

For more Information/Assistance, contact:

www.upliftprofessionals.in

Jobs as US Tax Professionals are experiencing a boom. Let’s find out why.

Evolving Tax Laws: The US tax landscape is constantly changing due to updates in tax laws and regulations. This creates a high demand for tax professionals or Enrolled Agents who can navigate these complex and ever-changing rules. Tax professionals are needed to interpret new legislation, ensure compliance, and help individuals and businesses optimize their tax strategies accordingly.

Increased Complexity: The tax code in the United States is notoriously intricate and convoluted. As a result, many individuals and organizations find it challenging to understand and comply with tax laws on their own. Tax professionals bring expertise and knowledge to navigate through the complexities and ensure accurate reporting, reducing the risk of penalties or audits.

Tax Planning and Optimization: Tax professionals are instrumental in helping individuals and businesses minimize their tax liabilities and optimize their financial outcomes. They analyze financial data, identify potential deductions, credits, and exemptions, and devise tax strategies that align with their clients’ goals. As tax laws become more complex, the need for skilled professionals or Enrolled Agents who can maximize tax savings becomes increasingly valuable.

Increasing Regulatory Scrutiny: Tax authorities, such as the Internal Revenue Service (IRS), are placing greater emphasis on tax compliance and enforcement. This heightened scrutiny has led individuals and businesses to seek the expertise of tax professionals or Enrolled Agents to ensure accuracy and compliance with tax laws. Tax professionals play a crucial role in minimizing the risk of audits, handling tax disputes, and representing clients before tax authorities.

Business Expansion and Globalization: With the global economy becoming increasingly interconnected, businesses are expanding their operations across borders. This expansion introduces additional tax complexities, including international tax laws, transfer pricing, and cross-border transactions. Tax professionals or Enrolled Agents with expertise in international tax matters are in high demand to navigate these complexities and ensure compliance.

Retirement of Experienced Professionals: The retirement of experienced tax professionals has created a skills gap in the industry. As seasoned tax professionals leave the workforce, there is a need to fill these positions with new talent. This demand for skilled tax professionals contributes to the job boom in the industry.

Overall, the combination of evolving tax laws, increasing complexity, regulatory scrutiny, globalization, and the retirement of experienced professionals has created a strong demand for US Tax Professionals, leading to a job boom in the field.

In order to be a Certified US Tax professional and represent clients before the IRS (Internal Revenue Service) US, one needs to be an IRS Certified i.e.; US Govt Certified Tax Agent or Enrolled Agent. A 3 part exam (SEE) is required to be passed to get your Enrolled Agent certification. Get end to end support from Uplift Professionals in your pursuit to be a highly demanded Enrolled Agent.

For more Information/Assistance, contact:

www.upliftprofessionals.in

Enrolled Agents (EAs) are tax professionals who are authorized by the U.S. Department of Treasury to represent taxpayers before the Internal Revenue Service (IRS). In India, tax professionals can obtain certification as a Chartered Accountant (CA), Certified Public Accountant (CPA), or Cost and Management Accountant (CMA) to specialize in tax-related services. These certifications are recognized and highly valued in the Indian tax industry. Moreover, there are self-trained personnel who can prepare and submit various tax returns. But except the CPA, none of the above certificate holders can deal with US taxation. In this regard, EA is the highest credential provided by the IRS who can handle each part of US taxation and can represent their clients as an individual or corporate in front of the IRS. Enrolled agent, like attorneys and Certified Public Accountants (CPAs / US CPA), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

All fortune 500 companies which have their shared services, International Banks, Financial Institutions, Big 4 and other accounting companies need EA’s in their system. New FATCA (Foreign Accounting Tax Compliance Act) rules stipulate that all the Indian banks and Financial Institutions also need to submit reports on transactions entered by US investors. EA’s will be a prime resource to handle these work processes.

The future of EAs as tax professionals in India will depend on various factors such as the economic environment, regulatory changes, and advancements in technology. However, as we see several MNCs including the Big 4s, BPOs, KPOs, etc. which are operating in India but follow the US taxation system under the IRS, there will always be a demand for qualified and experienced tax professionals like an EA who can provide accurate and timely tax advice and compliance services. As such, individuals with the relevant qualifications and expertise in taxation can expect to have a successful career in global India’s US tax industry. Job seekers with EA qualification are the most preferred resources by these companies.

Job Sectors for EAs – Present and Future

Public Accounting Firm (PAF)

In this sector, EAs can play the role of Tax Return Preparer and represent clients in front of the IRS concerning any tax-related issues. In addition, PAFs often offer higher salaries and work flexibility.

US Taxation

Many MNCs, including Big 4s as well as BPOs, KPOs, or any organization which follows US taxation and is accountable to IRS, are great places for EAs to venture. Attractive packages are offered to EAs more than an average commerce graduate.

Banking Sector

Banks under federal regulations hire EAs to review the rules and tax compliance. In return, EAs get a good salary, benefits, and job security.

Investment Firm

EAs are hired here because an EA can advise how to minimize the tax burden in various investments, including buying and selling, to maintain clients’ interests.

Law Firm

EAs find an excellent place to work in tax law firms, mainly for the representation of clients before the IRS. The packages of EAs in such organizations vary with the size of the clientele.

Own Business

Nevertheless, this option is open to every EA to start their consultancy firm where the sky would be the limit. Outsourcing for individuals and corporations, trusts, or NGOs can be highly rewarding regarding money and freedom.

Examples of Job Positions for EAs in India

in.linkedin.com/jobs/enrolled-agent-jobs

Summary

There is a wide scope of job opportunities for EAs who wish to pursue this field. Many opportunities lie in the US as the course deals with US taxation. Indian ITES – BPO and KPO industry servicing International and US Financial and Accounting domain is growing leaps and bounds. All these firms including BIG4, require knowledgeable and skilled resources to service their US and International clients on US taxation. Enrolled Agent being the highest credential awarded by IRS for US taxation practice; Job seekers with EA qualification are most preferred resources by these companies. As we all know, irrespective of the state of the economy, be it stable, inflation, or recession, taxes are there to stay with various reforms with increasing numbers of taxpayers. In this scenario, one can interpret the importance of an EA with continuous professional education (CPE). Thus, EA appears as a future-proof job type in all economic conditions of the country. A great feature in the EA journey is there are no eligibility criteria from the academic and experience corners. Apart from getting hired in good companies, EAs by virtue of learning US Taxes, Audits, Business Tax, an EA used to get ample opportunity to step into the awesome career in USA taxation as an entrepreneur. Since, the taxes and tax payers will be there in any given situation, an Enrolled Agent is always considered a “recession proof” job in the financial service market. So, why hesitate? Jump into the process and become an EA by 2023.

For more Information/Assistance, contact:

www.upliftprofessionals.in

If you are willing to specialize in the tax domain, an Enrolled Agent (EA) certification is a significantly rewarding professional credential to build up your career. Being an EA, you will have tremendous opportunities to boost your career and earning potential. Once you have taken the decision to pursue the EA course, you might want to know the steps to complete your EA sojourn. Here, we are going to discuss the 10-step guide to help you learn the entire procedure to become an EA.

1. Understanding the EA Certification

An EA is a licensed tax professional Under the US federal government who is endorsed to represent the taxpayers in all tax related matters in front of the Internal Revenue Service (IRS). They are, thus, privileged technical experts to handle matters related to collections, examination, audits, appeals, etc. which come under the purview of the IRS.

The clientele of EAs covers individuals, corporations, estates, partnerships, trusts, NGOs, and many more. The U.S. Department of Treasury grants EAs unlimited representative rights before all administrative levels of the IRS. Therefore, the EA credential carries significance. Of course, this privilege comes after you meet the EA requirements and pass the EA exam. Furthermore, being the holder of a federal license, EAs can work across the states as well.

2. Benefits of being an EA

In a clear distinction, EAs possess unlimited representation rights before the IRS than a non-EA tax preparer at the national level. When people want an accredited tax professional, EAs are the ultimate option to serve the purpose at the multi-state level.

3. EAs in Comparison to Other Certifications

The nearest neighbour certification of EA is a Certified Public Accountant (CPA) having more opportunities and potential. But CPA has more stringent requirements to sit for the 4-part relatively tough CPA exam. Besides that, to get a CPA license, mere passing the exam is not enough, one must take a separate exam for the licensure process. EA, on the other, is a simpler single-window process of passing the exam and obtaining the license at the same time.

4. Cost, Duration, and Pass Rate

All 3 above parameters are much better and affordable in comparison to other international finance/accounting courses.

5. Obtaining a Preparer Tax Identification Number (PTIN)

This is the first procedural step to becoming an EA. This can be generated through online application in specific format furnishing required information at the IRS website. The approximate time to get the PTIN is about 6 weeks and after obtaining it, the PTIN has to be renewed on annual basis.

6. The EA Exam (SEE)

The EA exam known as Special Enrolment Exam (SEE) has the following 3 parts which can be taken in any order.

• Individual
• Business
• Representation, Practices, and Procedures.

Each part of the EA exam includes 100 multiple-choice questions (MCQs). However, the IRS does not score all these questions. Instead, they only score 85 of the 100 MCQs. The other 15 MCQs are considered experimental and not counted in your score. You will have 3.5 hours to take each exam part. As you think about when and how you will prepare for the exam, you should also know about the defined testing window. You can only take the EA exam between May 1 and February 28 of the following year.

7. Selection of a Review Course/Study Partner with a Study Plan

EA exam preparation is most proficiently done with the help of good study material with an add-on mentoring system. Mind it, it is critical passing the EA exam on the first attempt. For example, the Uplift-Gleim EA package having Gleim EA review supported with live online classes by seasoned EA faculties can be a good economic option.

8. Scheduling the EA Exam.

Once you got confidence in your preparation, you go for booking your exam slot at your nearest Prometric Centre. For this, first, you must register yourself at Prometric ( https://www.prometric.com/test-takers/search/irs) and create your account. Next, you can log in to your account to schedule your exam (date, time, etc.) completed by paying the exam fees. You will receive the confirmation mail in your registered Email ID.

9. Enrolment after Exam

Upon passing the EA exam, the next step is to apply for enrolment to the IRS within 1 year of passing the 3 exam parts and you will be notified within 60 days. An important part of this process is the background check. With no dues left in your tax returns.

10. Maintaining the EA Status-Ethical Standards and CE Requirements

Once you got your EA status, you must complete 72 hours of Continuing Education (CE) every 3 years. It means you need to fulfill 16 hours of CE each year, in which at least 2 of the 16 annual hours must focus on an ethics-related topic.

Additional Tips (IRS)

How can I check on the status of my Enrolled Agent application? (Updated 3/1/22)

Form 23 – Application for enrolment to Practice Before the IRS – generally takes 60 days for processing (90-120 days for former IRS employees). If you have not received a response after 60 days, send an email to epp@irs.gov and include your full name and address or call 855-472-5540, Monday – Friday 7 a.m. to 5 p.m. CST.

The EA credential can verify your credibility, open doors to new careers, and attract work opportunities. Tax preparers, accountants, and those wanting to move into tax preparation can gain confidence with an EA license.

For Further Information/Assistance, Contact: www.upliftprofessionals.in/Enrolled_Agents

An Enrolled Agent (EA) is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service (IRS) by either passing a three-part comprehensive IRS test covering individual or business tax returns or through experience as a former IRS employee. Achieving “EA” status is considered the highest credential awarded by the IRS and is legally recognized throughout all U.S. states.

EAs can provide advisory services and prepare tax returns for anything that is required to report under the IRS. They include entities such as individual taxpayers, corporations, trusts, and estates. Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. Now, the question is how much an EA earns? Let us have a look at the salary an EA used to draw.

Enrolled Agents Salary in Global Perspective:

The average tax preparer’s salary is $48,564. Entry-level tax preparers make around $45,000 and can expect their salary to increase to $50,615 after gaining several years of experience. If you are looking to speed up your salary gains without making a big career change, the best thing you can do is earn a professional designation, like the EA awarded by the IRS.

(Source-Gleim)

Salary of an EA at different Career Levels

(Source-Gleim)

Enrolled Agents Salary in India:

Indian ITES – BPO and KPO industries like (TCS, Wipro, and Infosys) servicing the International and US Financial and Accounting domain is growing by leaps and bounds. All these firms including BIG4, require knowledgeable and skilled resources to service their US and International clients on US taxation. The average salary for an Enrolled Agent with 2-4 years’ experience is ₹450,000 (approx.) per year. A mid-career Enrolled Agent with over 5-9 years of experience earns an average total compensation of ₹706,931 based on 5 salaries.

Summary

According to the 2022 Robert Half Salary Guide Opens in new window, hiring trends in accounting firms are increasing who are looking to fill entry-level positions. Firms are especially interested in candidates with technology skills that can be applied to growing areas like cloud systems and data analysis. Managers are looking for new ideas and are prepared to provide the necessary on-the-job training to prepare new hires for success. The same is true for certified tax professionals. Hence, this is a great time to go into accounting, and becoming an EA will help you land an even bigger starting salary than you could without it.

For further information/assistance, contact: www.upliftprofessionals.in/Enrolled_Agents