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Average income really varies from state to state or city to city. On average enrolled agents make approximately 50% more than a tax professional without any credentials.
The main advantage in becoming an enrolled agent is that you now have the right to represent any tax payer in front of the IRS. So you can settle audits, liens, levies, and the list goes on. Since tax are seasonal, this advantage really opens the door to more steady work year round.
Also, just having earned the designation makes you or your own practice more credible and ultimately more valuable.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoHow much an Wnrolled Agent earns is dependent on his/her golas and the amount and type of work they wish to perform. If you are solely going to prepare tax returns and you are new at it, you can expect to wait 3-5 years to see any realy bottom line.
Representation is where the money is for Enrolled Agents supplemented by preparation. Handling cases for clients/taxpayers who are in deep with the IRS can be extremely lucrative but you usually work on retainer with an agreed upon hourly rate. Some EA's I know earn $250. That's more than most CPA's!
The Enrolled Agent Exam is also much more difficult than the CPA exam. The exam deals only with in-depth tax knowledge than any other exam out there. There are only 2 rankings higher than an EA as far as tax is concerned. First is a Tax Attorney, which requires years of study and a lot of money. The other title is a USTCP. The exam for ths designation is only given every 2 years in November and very few hold the title. It also allows you to represent taxpayers in tax court.
Either way, like anything else, if you really want to make a good living, work hard and more importantly, work smart.
Bobby D
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Do enrolled agents go to the IRS or do the IRS go to the enrolled agent?
In most cases the IRS will communicate with the tax payer and then the tax payer could seek the help of an enrolled agent, accountant, attorney, etc.
Do enrolled agents visit peoples homes to verify deductions?
You are confusing an enrolled agent with an IRS employed tax agent. Enrolled agents are not employed by the IRS. Yes, IRS agents can personally visit and ask to verify tax related matters.
Do enrolled agents have to be a CPA?
No, Enrolled Agents do not have to be CPAs. In fact, to become an enrolled agent there are no minimum education requirements. What is required is that you pass the SEE (Special Enrollment Examination) which is a 3 part test created by the IRS. Upon successful completion of all 3 parts, you have to file Form 23 and undergo a tax suitability check (to make sure you are current with your tax obligations). For more information about how to become an enrolled agent, check out the information found at Fast Forward Academy: http://fastforwardacademy.com/index-page-benefits-to-become-an-enrolled-agent.htm
What is an Enrolled Agent in taxation?
An enrolled agent is a person who has earned the privilege of practicing representing taxpayers before any office of the Internal Revenue Service. An enrolled agent can negotiate with the IRS during examinations and appeals, and act in place of a taxpayer signing consents and executing agreements on their behalf. An enrolled agent is the only professional granted a right to practice directly from the U.S. government. Attorneys and certified public accountants (CPA) have state licenses, which limits their practice only to the states where they are licensed. Unlike a CPA or Attorney, an enrolled agent holds a federal license and has the right to represent any taxpayer in any state regarding federal tax matters. An enrolled agent is considered a tax specialist, which sets them apart from attorneys or CPA's who do not always specialize in taxes. The practice of enrolled agents before the IRS is not limited and they may represent taxpayers before the IRS, performing the same tasks as an Attorney or CPA. The capabilities of an enrolled agent extend beyond just preparing returns to areas such as representing clients in cases involving audits, collections, and appeals.
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What is the function of an enrolled agent?
Enrolled agents are allowed to take the place of a taxpayer at the IRS. They keep confidentiality between themselves and their clients and generally assist people with their taxes.
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While there is no age restriction to be an enrolled IRS agent, for entry at the GS-5 level, you must have a bachelor's degree or higher in accounting from an accredited college or university that included at least 30 semester hours in accounting.
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