Imagine the scenario whether you may or may not be a commerce or law graduate, you may or may not have experience in tax return preparation but you want to explore the tax return preparation industry with a zeal to heighten your career in this arena. What should you do? The answer is ‘blowin in the wind’-go for an Enrolled Agent (EA) course and get the EA license in 6-9 months.
What is an EA? EA is an authorized expert by the federal government who can prepare and present all tax-related documents and represent before the Internal Revenue Service (IRS) on behalf of any client from individuals to corporate.
Reasons to become an EA
Unlimited Representation before the IRS
The IRS permits EAs to represent a taxpayer without limitations. By fulfilling the required formalities an EA can be present in the IRS National Database. This helps to handle any type of tax matter (even audits, collections, and appeals), represent clients before any IRS office, and represent any taxpayer in any state in a hassle-free manner
Argue tax law
On behalf of the taxpayer, an EA can disagree with the IRS on a tax return either prepared or not prepared by him/her or anyone which a non-EA tax preparer cannot do.
An EA can talk with the IRS in an audit on a tax return he/she prepared or prepared by anyone else and can talk with the IRS collections office which is not permitted for a non-EA tax return preparer.
A licensed EA can handle any kind of tax-related appeal to the IRS not permitted for a non-EA tax return preparer.
The Department of Treasury regulates the EA designation with an IRS stamp, so all 50 states recognize and respect it. The EA’s universal acceptance and esteem stand makes the credential unique and in sharp contrast with the CPA license which is granted by the individual state board of accountancy thus making the CPA taxation practice in limit.
On average, EAs earn about 10% more per return than an unenrolled tax preparer. For example, at entry-level, an EA with up to 5 years’ experience, can get an average salary of $42,000, at mid-career (5-10 years) it is approximately $50,000 and at a later stage (10-20 years, it can be more than $55,000 respectively. Mind it, you do not have to possess any academic qualification to obtain it.
EA credential gives you recession-proof job security. If taxes are there even in a recession laden country, EAs are there to serve. Therefore, demand for EA is indefinite and increasing fast in developing and developed countries at a greater pace.
In comparison to other accounting courses, EA costs are lower. For this, one must pay for a PTIN number ($30.75), pay at least $609 ($203 per part) in exam fees, and a $140 enrollment fee post exam brings your EA expenses to under $800. That total is considerably much lower than what you would spend on other accounting certifications.
EAs are in high demand, which means you will have a lot of flexibility when it comes to finding a job. You can work for yourself or a firm. You can also choose to work part-time or full-time which is great for prioritizing work/life balance.
Work from home
You can usually work from home as an EA if that is your preference. Remote working is great for taking care of families while managing jobs. You will be able to set your own hours, and you will not have to commute.
Among so many reasons to be an EA, few are cited here. Employees considering a career change can take an ambitious leap to become an EA. For others wanting to increase their earnings or knowledge about tax law can pursue EA from a reputed institution. Since EAs are upskilled to handle more complicated returns, they possess the calibre to do more things for their clients which increases the earning potential of EAs accordingly.
Therefore, if certain obstacles prevent you from earning the CPA, but you plan to specialize in tax, you can get the EA license and be just as capable in the domain. So, why wait? Get your dose of motivation to become a highly-paid EA.
For Further Information/Assistance, Contact: www.upliftprofessionals.in/Enrolled_Agent