Discussion:Become an enrolled agent
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Discussion Forum Index --> Business Growth Community --> Become an enrolled agent
| 21 August 2007 | |
| Hi, I'm fairly new to this forum and found a lot of useful info here. I am currently a licensed financial advisor and a real estate appraiser. I'm thinking to become an enrolled agent. The way I think is that I will have better knowledge on tax issue to my help clients for better tax strategy. Also, I could start my own tax prep/planning business as well. I have done some research about enrolled agent, and I want to find out more about what is the benefit to become an enrolled agent? Will there be a plus for people to know if I'm an enrolled agent? And how people compare CPA vs. enrolled agent out there. Thanks! | |
| 21 August 2007 | |
| use the SEARCH field to the left
<<---------------- type in "enrolled agent"
Most of your questions have been answered already. | |
| 21 August 2007 | |
| Since you are a financial advisor, could you tell me the difference between a ChFC and a CFP? | |
| 21 August 2007 | |
| well, the requirement to take the test is pretty much the same, required 3 yrs of experiance, and CFP is global reconized | |
| 21 August 2007 | |
| similarly, the CPA is better recognized, but you will find that the EA definately knows taxes, even if there isn't a big marketing campaign behind them | |
| August 21, 2007 | |
| Same standing with IRS as well. I'd also suggest joining NATP, far and away the best pro org I've been part of. | |
TheTinCook (talk|edits) said: | 21 August 2007 |
| Why not get a JD and pass the bar? That way you can practice before the tax court as well. | |
| 21 August 2007 | |
| that's true Kevin, I talked to many people that they don't what is EA about, and do you think become an EA will help me on the field?? | |
| 21 August 2007 | |
| CPA is also good on accounting, but you are not required to know accounting to be an EA, than how EA give advice to business? | |
| 21 August 2007 | |
| why did you get into financial planning?
Because you studied it? Or because you were interested in it and already had a knack? | |
| 21 August 2007 | |
| (by the way, the ChFC has to take 2 more courses than the CFP, but the CFP must take a comprehensive final exam and the ChFC doesn't) | |
| 21 August 2007 | |
| both.
And I did worked as tax preparer in a local CPA firm for 2 years. that's why i'm interested to study more in tax. | |
| 21 August 2007 | |
| Another question: Does having the CFP or ChFC designation mean that the holder is smarter than the financial advisor without either designation? | |
| 21 August 2007 | |
| I am trying to make a point.
If you are smart enough to do financial planning, and you are smart enough to do taxes (both of which involve giving advice about something very dear to people - their money), then why don't you think you are smart enough to give them advice about their business (the way they make their money)? | |
| 21 August 2007 | |
| or do you think business people really care how to do a journal entry and what goes in the debit column and what goes in the credit column?
By the way, you can take some basic accounting or bookkeeping classes at your local community college or even online. Similarly, you can borrow some business law books from your local public library if that area interests you. These won't make you a CPA, but they will give you the basics that you are worried about. | |
TheTinCook (talk|edits) said: | 21 August 2007 |
| It seems like most of the sch C business people I've done returns for know nothing of accounting beyond money in=good and money out=bad. | |
| 21 August 2007 | |
| Anyway, my point is that the designation (ChFC vs CFP, or EA vs CPA) doesn't mean you are any smarter, it only shows the public that you have met a certain level of knowledge and passed a test to prove it. The practitioner without any designations may well be smarter, but just doesn't have the piece of paper to prove anything.
And so, my dear Scarecrow, They have one thing you haven't got: a diploma. Therefore, by virtue of the authority vested in me by the Universitartus Committiartum E Pluribus Unum, I hereby confer upon you the honorary degree of ThD. That's... Doctor of Thinkology. | |
| 21 August 2007 | |
| (bonus question: was the scarecrow smarter once he got his diploma?) | |
| 22 August 2007 | |
| Great Kevin, I see your point. And I think it's always good to have that piece of paper to prove I'm at that level of knowledge. Here is my other question for your advice. I was planning to take few tax courses (it might take up to 1 yr to finish), than take exam prep course before taking the EA exam. Or should I just go take the EA prep course than take the exam? I feel that only taking the prep course to pass the exam (if i lucky enough) may not be enough knowledge, what's your suggestion?? | |
TheTinCook (talk|edits) said: | 22 August 2007 |
| Buy the Gleim guides and cds for the EA exam. You should also get last years exam from the IRS website.
Both of these tools should give a good assement of where your strengths and weaknesses are. You should also be aware that they do not offer the exam from march through may. | |
| 22 August 2007 | |
| Yes, I would take a few tax courses as well as an EA prep course before sitting for the exam. Realize that the tax courses will teach you "how to" and the exam tests basic law and facts, not necessarily how to. But if you have never done a corporate return or a partnership return, exposure through a class on these subjects will help you understand the exam questions a little better.
On one of the other threads you found while searching, there were links to EA study courses and links to Thomson's EA exam site. | |
| 22 August 2007 | |
| yes, i have done corp and partnership returns before, I found the hardest part is to close the book for the business, thats why i wonder how EA do tax for business without much of accounting knowledge. | |
| 22 August 2007 | |
| Level of knowledge will be up to you in the tax business.It does not matter what letters you have after your name. Experience, knowledge and how you deal with people will be key to your sucess. CPA have more prestige than EA per public perception. That is why I think the average CPA tax preparer makes more money than the average EA tax preparer. I recommend CPA. It jumped started my career. | |
