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Author santosh Categories USA Taxation Course

Tax Preparation in the US? How an Enrolled Agent Helps With This & Role of an EA in Filing Taxes?

Most of us, at some point, need some kind of professional during tax filing. The IRS reports that the paid tax preparer reviewed more than half of the 150 million individual tax returns approximately filed every year. Many of these tax returns were filed with the help of a registered enrolled agent. 

If you are looking for tax preparation services or need an expert help, iLead Tax Academy –the No #1 enrolled agent training institute in Hyderabad offers reliable US tax consultancy services at very cost-effective prices.

We offer tax e-filing and annual returns filing services for all clients in varied sectors. Our expert CPAs and enrolled agents help you get your biggest refunds on time. In addition, if you want to pursue an accounting career, iLead offers the best enrolled agent training course in Hyderabad where you can embrace a recession-proof career.

In this article, we’ll take a look at what absolutely a registered enrolled agent is, what they can do for you, and why you should hire one to help you deal with your tax matters.

What is an Enrolled Agent and Why Should You Hire One?

An accredited enrolled Agent is a tax adviser who will represent you before the IRS-Internal Revenue Service, when you file your tax return, conduct an audit, resolve payment and recovery issues, or appeal a fine (for example). 

 Enrolled agents can get certified in 2 different ways:

  1. SEE Exam 

They can take a Special Entrance Exam (SEE), which covers all aspects of individual and corporate tax law, as well as issues related to tax representation, practice and procedures. Registered agents must also complete 72 hours of continuing education every three years to maintain their registered agent status. 

  1. IRS Working Experience     

If they have worked in the IRS for five years or more, they can obtain registered agent status without passing the SEE exam. Many registered enrolled agents are former IRS agents, so this option seems very popular. However, current IRS employees cannot be certified as registered agents. 

All registered agents also successfully passed the background check. It is safe to say that when you contact a registered agent, you are talking to someone who has a thorough knowledge of tax laws. 

What can a registered enrolled agent do? 

Registered agents have so-called unlimited exercise rights (sometimes called unrestricted representation rights). This means that they can help anyone, individual, business, and any other organization in any aspect of taxation. 

Enrolled agents can:

  • Help you with tax planning
  • Provide tax advice and also help you navigate through complicated tax rules
  • Prepare & file your tax returns
  • Deal with audits, payments, or collection issues
  • Assist you to deal with any other tax concerns

The iLead team can help you with tax filing and any other tax matters. This means you will quickly receive complete and accurate books to use for any need. Accounting aspirants also get the best training with the comprehensive US taxation course in Hyderabad 

What is the difference between CPA, Registered agent & an attorney

Registered enrolled agents are not the only professional tax preparers with unlimited practice rights – they also have Certified Public Accountants (CPAs), attorneys, and accountants. So what’s the difference? The first significant difference is that registered agents are pure tax professionals focused solely on tax compliance issues, while most accountants and lawyers are not. So, if you think your taxes are too complicated to file using online software and you need professional help, consider hiring a registered agent. 

CPAs do not necessarily specialize in taxes. They provide a range of services covering the entire accounting profession, including corporate finance, wealth planning, financial planning and reporting. If you need an expert to teach you how to position your business to minimize taxes, talk to a CPA who has tax filing and compliance experience. 

Even lawyers do not necessarily specialize in tax compliance. If you are merging or closing a business, considering a deal, getting a lawsuit, or looking for help with anything else that goes beyond pure tax or accounting advice, seek attorney’s help. 

How can I be sure that my tax advisor is legal?

 If you are not sure about the legality of a particular tax advisor or tax preparer, the IRS recommends that you find one at the Better Business Bureau. You can also personally request the IRS to verify the identity of the registered agent by sending an email to [email protected] with the agent’s name, address (if applicable) and agent number. 

Avoid hiring someone who bases their commission on a percentage of your income tax refund – most licensed professional tax preparers will never charge you such a fee. Also make sure they issue an electronic file as the IRS requires tax preparers to electronically file more than 10 clients. 

Never submit a tax document to the IRS without first verifying it, and make sure the originator signs the documents and includes a Taxpayer Identification Number (PTIN). Licensed Registered Agents, CPAs, and Attorneys have PTINs and are required by law to include them on all returns they are paid to complete. Also, never sign a blank statement.    

If your compiler asks, this is one of the most reliable signs that you are dealing with a tax preparation scam. 

So how can I hire a registered agent? 

Enrolled agents are committed  tax professionals who can help you with tax planning, prepare tax returns for you, and represent you in tax court if you run into problems with the IRS. If you have a tax issue that doesn’t require the involvement of a CPA or attorney, your best bet is to hire a certified enrolled agent. But how exactly are you going to hire him?     

In addition to keeping records, Bench can put you in touch with a Certified Registered Agent. Log into our network of accountants, ask to be contacted by a registered agent and we will help you set up correctly. You can also find the National Association of enrolled agents from the IRS directory.

The Takeaway    

Taxation is not always easy, especially if you are a freelancer or small business owner with special tax needs. A CPA or registered EA expert can help you navigate the tax code, make sure you fill out your taxes correctly, and save you a lot of tax season stress. 

Author santosh Categories USA Taxation Course

Seek a Successful Career in Accounting with the Help of the Best of Enrolled Agent Training Course!

Most accounting professionals wish for nothing just to pursue their careers as registered enrolled agents. Many are still wondering what they can do in this profession. A registered agent is a person who represents a taxpayer with the IRS.

You should be aware of how an individual can make life happen by considering what is so important and investing efforts into it.

A successful life depends on your job or a better career. So why not do a famous job and live a wonderful life, a registered agent is one of the reputable and recognizable job profiles in the world these days.

Understanding Enrolled Agent & EA Training Course   

Before you understand everything you can do with an enrolled agent training course, what is a registered agent? Registered agent as indicated means a person authorized by the federal government to act as an agent. This means they have the right to visit the taxpayer’s location at the IRS. Registered agents, CPA, and attorneys are some of the professional licensees authorized to represent a taxpayer on the IRS.

This profession began in 1884 when claims for losses were made in the Civil War. Now to become a registered agent you have to complete a certification which you can complete through iLead’s comprehensive US taxation course in Hyderabad for registered agents.

What can a registered agent do?

The Registered Enrolled Agent provides assistance to the taxpayer as he has extensive knowledge and understanding of the internal levels of the law. They offer useful strategies that come in handy when addressing the unique circumstances of tax problems. Enrolled agents have received appropriate training, which includes tax issues, IRS rules, and situations in which a taxpayer may find themselves.

Here are some circumstances where one needs assistance of an enrolled agent:

Tax Evasion

Tax evasion is a serious criminal offense if you are guilty of tax evasion. In the worst case, you may even end up with imprisonment. A tax professional not only represents you in front of the US tax law in the court but might also explain the real reason behind the failure to help minimize the amount of the penalty.

Tax Fraud

Any person who has committed a tax fraud such as obtaining loans, fake loans, or even diminished the amount of loans they have not earned is considered tax fraud by law. An EA would help in making corrections throughout  the process of investigation.

Fail to file/pay the tax penalty

Failure to file or pay a tax penalty or any other unpaid tax can result in long-term penalties. This is when a registered agent slips in to help you and then does everything possible to reduce the amount of the fine.

EA Course Exam Details    

The enrolled exam is also known as the Special Entrance Exam (SEE), is a 3-part exam administered by Prometric on interest of the IRS. The time limit for answering all questions is 3.5 hours.

The Special IRS Admission Test (SEE) is the simplest test that allows you to practice with unlimited representation privileges before the IRS. The CPA exam and the Bar Exam are two other ones, and they all have a basic educational qualification that must be completed before you can take the exam.

Enrolled Agent Eligibility

For those who want to try EA, a candidate must first demonstrate a certain tax competence (information, business, and representation) by taking three independent tests. The difficulty is determined by previous experience, but those who want to participate will receive a certificate.

There is no noticeable trend. The order of passing the test has not been established. The only requirement to obtain EA credentials is to go through all three sections to obtain the Registered Agent Certificate. Applicants must have worked in a position that typically ensures compliance with and interpretation of the internal tax code and regulations regarding income, land, donations, labor or excise taxes for at least five years.

What Makes iLead the Best Enrolled Agent Training Institute in Hyderabad?

The content provided by Ilead Tax Academy ensures that students are kept up to date with the latest developments in the field of accounting especially about US tax laws. Regular practice sessions and mock tests to monitor performance levels. Assistance with placement at big 4 companies.

Top EA expert  facilitate the demanding EA test with the best EA Training Course in Hyderabad by offering live lessons and recorded lectures.

Ilead is a one-stop solution for everything related to accounting courses. Contact us to find out more about our courses, packages, and more.

Looking for the best enrolled agent courses training in Hyderabad? Join Ilead  and make your dream of a successful career in accounting come true.

Enrolled Agent vs CPA-Which is Better For You
Author santosh Categories USA Taxation Course

Enrolled Agent vs CPA—Which is Better For You?

When it comes to accounting, one may get easily confused with a pool of acronyms. But with a thorough understanding of certain accreditations is key if you are looking for any tax experts to guide you with this particular case, then iLead is here to help in your decision making. Are you in a dilemma to choose between EA and CPA and which one is better and right for you? Read more to clear your doubts:

A lot of tax professionals wish to advance their careers in accounting and taxation but don’t know which to opt for EA or CPA. CPA and EA certification both are great options to choose which will help you in getting promoted, earn a higher salary, and can guide your career well.

Both the CPA and EA are great certifications that most of the tax professionals want to do in order to advance their taxation careers. Though the CPA and EA help you in seeking a fruitful career you should know the differences between them to move forward and make your decision. Let’s get in detail about the most commonly confused job titles EA and CPA, compare each one and see which one is right for you.

What is an Enrolled Agent?

An enrolled agent or EA is a kind of tax preparer who focuses on managing tax arrangements for private entities as well as businesses. Enrolled agents boast a wide range of knowledge in US tax-related subjects as income, payroll, returns, gift, estate, levies, inheritance, non-profit as well as retirement taxes. Once an individual passes an EA qualifying exam and earns EA certification by the federal government who recognizes them as American tax experts or tax specialists.

EAs are federally licensed tax practitioners who have unlimited rights to represent taxpayers before the Internal Revenue Services (IRS). The Enrolled Agent is licensed and regarded with the highest credentials by the IRS. To become an Enrolled Agent, one has to pass a three-phase comprehensive exam called SEE Special Enrolled Examination involves subjects regarding individuals, businesses, representation, practice, and procedure that covers all aspects of the tax code. For this, you can seek help from any reputed enrolled agent course training institute. 

The second eligibility criteria to become an enrolled agent is respective candidate must work at IRS for at least 5 years in any position where he/she can interpret and apply the tax code. 

If you are thinking to pick the first option and choosing some effective enrolled agent course programs is also plays a crucial role to foster becoming an enrolled agent goal. If so, there is no doubt you can get the best US taxation course from the iLead which is the number one enrolled agent course training institute in Hyderabad.   

With our certified Enrolled Agents course training, you can get expertise in real-time tax scenarios and you can also grab various opportunities in big 4 or tax accounting firms. Our USA taxation online classes are designed according to the current trends, dynamic US tax laws, and accounting requirements, and taught by professional CPAs and EA experts.

Enroll iLead for enrolled agent course or USA taxation online classes to learn US tax laws from certified, experienced and practicing CPA and USA taxation course trainer in Hyderabad and build an awesome career in the USA. 

What is a CPA?

Both are tax credentials, but CPA is regulated on the state level whereas EA on the federal level. One can become a CPA by completing one hundred and fifty hours and passing a four-tier CPA exam which is held by the AICPA. The CPA competitive exam consists of four main parts that are auditing & attestation, financial accounting, business environment and concepts, and Reporting and regulation. 

CPAs have limited scope of practice within their jurisdictions and sometimes it is possible to reciprocity in certain cases. Both EAs and CPAs must uphold stringent ethics and standards. 

In the CPA vs EA match-up, CPAs have more flexibility as well as repertoire rather than EAs. CPAs typically do almost all of their work for public accounting firms of varying sizes. They do not specialize in any particular sector of accounting. Rather they could assist as consultants and legal advisors for all tax, accounting, and financial services for entrepreneurs, businesses, and organizations they may represent. 

CPAs help their clients in addressing their financial goals through financial planning and money management. These goals can be anything from opening a new branch of business to putting down payment for a home. CPAs are the go-to one if you are looking for a broad scope of expertise.

Difference Between an EA and a CPA

Both CPA and EA are credentials that should uphold stringent ethics and standards, EA is regulated on the federal level and CPA is regulated on the state level. 

As CPAs are licensed at the state level means they have limited scope of practice within those jurisdiction. However, CPAs could get reciprocity in certain situations.

Time Requirement Differences

To become a CPA it takes 8 to 9 years because you have to fulfill all the requirements. You should have 150 hours of college credit for any bachelor’s or master’s degree before you can go for the CPA exam.  Some states also require some number of hours worked under the direct supervision of a CPA before allowing the individual to take the exam. You also have to pass the daunting CPA exam that has an extremely low pass rate. 

Compared to CPA, one can become an enrolled agent very easily, it takes far less time. All you have to do is qualify the three-part SEE examination administered by the IRS later apply for the licensure. The exam could be exempted from taking the exam if you have work experience or qualifying employment with the IRS.   

Make a Smart Move in Career through Enrolled Agent Course Training Institute in Hyderabad

iLead’s Certified Enrolled Agents Course training ensures EA certification and expertise in US taxation for working professionals and offering various EA internship programs for freshers as well.  

With the US Taxation course in India, one can explore a career in Big 4, US MNCs, and CPA tax accounting firms. Our USA Taxation Online Classes simplifying career growth in accounting with specifically designed study material, thousands of MCQs, and real-time US tax preparation, etc. 

After doing the US Taxation course in India, you can also get job placement assistance after completion of training and EA certification.

EA vs CPA Career Path Differences

Enrolled agents specialize in tax issues, this includes preparation of taxes for individuals, business entities and also advising clients. You can find job opportunities at the tax preparation franchises or working for a CPA. 

CPAs can work for the government, in the private sector, or for individuals. CPAs can become CFOs, tax specialists, controllers, or auditors. They could work for the state government, small and large companies or corporations in not for profit’s sake or to be self-employed.

Salary Differences

On average CPAs and EAs earn almost the same, but the salary packages vary based on where you are practicing accounting career. Usually speaking, even if you are a CPA your income would quickly outpace that of an enrolled agent. 

The income potential for enrolled agents tends to topple out over time with the peak earnings to be around 60,000 dollars. On the other hand, CPAs have many opportunities to make money. Especially, if you are a CFO for a conglomerate or a partner in a CPA firm, you can easily earn six figures. 

Which is Better?

 After weighing all the pros and cons of each job, now it’s your turn to deciding between becoming a CPA or an Enrolled agent. 

Enrolled agents are not common in the business sector, that means you could choose to work from home. Being an enrolled agent offers more flexibility in terms of lifestyle, freedom to choose where and how much you want to work. 

The overall market has a greater demand for CPAs and EAs. If you want to enjoy working with US taxes and to address challenges involved in keeping up with complicated regulations, then becoming an enrolled agent might be the direction to go. 

Before any decision, it is better to consult a professional who has the expertise and a solid handle on taxation laws, EA experts or CPAs. This allows finding the right fit for you. 

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