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Successful completion of certain examinations for professional licenses or designations can qualify as CE hours towards your CFP designation. One such designation is the Enrolled Agent (EA). The Certified Financial Planner Board of Standards grants CE hours for passing the enrolled agent exams, not for attending or completing an enrolled agent review course. Related Article Tags: , , , ,
Ever wonder what happens when you receive a 1099 or other tax form after you have already filed your return? Usually these errors are caught by the sophisticated computer system used by the IRS. Related Article Tags: , , ,
You have spent countless hours over the past month focused in preparation for your day of reckoning. Over this period, you feel as if your life has become synonymous with enrolled agent exam review. Now it is time to schedule your exam...so you thought! The problem -- After taking your first enrolled agent practice test, your world is now turned upside down. With a score of 68 per cent correct, you are second-guessing your exam date next week. What a shame, you were full of confidence just the day before and now you are left to wonder just how much enrolled agent preparation is necessary to pass the dreaded EA test. Related Article Tags: , , ,
Why have only a select few tax professionals chosen to earn the EA credential? After all, most have no credentials at all and there are almost ten times as many Certified Public Accountants (CPA) as there are enrolled agents. Perhaps it is because enrolled agents were the only tax professionals required by the US government to demonstrate their tax expertise by passing a difficult qualification exam. Most tax preparers, both experienced and inexperienced, have elected not to take the EA exam because they simply were not required to do so. Related Article Tags: , , , ,
In July 2010, the office of the Treasury Inspector General for Tax Administration (TIGTA) issued its annual audit report on IRS compliance initiatives. TIGTA's audit report covers trends in Internal Revenue Service (IRS) collection and examination activities through Fiscal Year (FY) 2009. Related Article Tags: , , , ,
You just passed the IRS EA exam. Congratulations! Okay... now what the heck is an enrolled agent? Sure, maybe you know what it is if you've been preparing for the EA Exam, or if you happen to be an enrolled agent already, or if you're just one of those geeks who look up things on Wikipedia for fun (you know who you are). But if you'd never heard the term before, you'd probably have no idea what the job required. Related Article Tags: , , , ,
If a taxpayer and the IRS still disagree after the appeals conference, the taxpayer may be entitled to take his case to court. A taxpayer with tax trouble has several options at their disposal to settle a disputed tax bill with the IRS. An enrolled agent (EA) admitted to practice before the IRS can assist taxpayers with all matters and appeals before the IRS. Practice before the tax court is different than practice before the IRS. Related Article Tags: , , , ,
We all know that dealing with the IRS can cause stress. This is especially true for matters related to a tax debt and bankruptcy, and why it may be a good idea to seek the counsel of an IRS enrolled agent. When you are faced with a tax debt, there are possibilities of discharging it through a bankruptcy filing. However, not all tax debts can be discharged. Related Article Tags: , , ,
During the preparation of tax returns or representation of a client for an Internal Revenue Service (IRS) issue, Enrolled Agents should be aware of the Injured Spouse Allocation. The Injured Spouse Allocation is used to protect one spouse's share of an overpayment (IRS refund) from being applied to a past-due obligation. Enrolled Agents should use this tool before considering an offer in compromise if there is a possibility a client's IRS refund may be offset. Related Article Tags: , , ,
It is very likely that an enrolled agent will one day prepare a tax return or offer tax advice to a client with a 403(b) plan. Our enrolled agent course does not cover these plans in detail as the rules have not been heavily tested in past EA exam questions. As 403(b) plans have become more prevalent, it is becoming more important for your enrolled agent education to include coverage of this topic. Related Article Tags: , ,
As a taxpayer, you are entitled to know what Collection Appeal Rights you have with the Internal Revenue Service (IRS). There are some procedures with the help of which you can appeal against IRS collections action. The two main procedures you can use to contest collections initiated by the IRS are Collection Due Process (CDP) and Collection Appeals Program (CAP). Related Article Tags: , , , ,
The IRS plan for return tax preparer registration is scheduled to begin September 2010 and will affect nearly every professional tax preparer in some way. Paid tax preparers must register with the IRS to obtain a Preparer Tax Identification Number, pass an IRS exam and satisfy annual continuing education. Related Article Tags: , , ,
So you think you're prepared for the Special Enrollment Exam. You've studied for weeks. You know the material backwards, forwards, and upside-down. You've purchased every enrolled agent study guide for the test known to man. You even made flash cards. Then comes test day. You walk into the Prometric testing facility, mentally reviewing the last night's cram session, confident as can be, and sit down at your computer. And that's when your palms start sweating. Related Article Tags: , , , ,
In the business section of the enrolled agent exam, the IRS will want to know you have an understanding of the transactions between a business and its' owners. Specific areas that frequent the EA test are transactions between partners and partnerships, and property transactions between shareholders and corporations. Related Article Tags: , , , ,
With the close of 2010 around the corner and 2011 on the horizon, the prospect for IRS career opportunities is looking better than ever. Even with the current economic slump, the IRS will be filling internal revenue jobs within the next months and years and that means more long-term IRS jobs. Related Article Tags: , , , ,
Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living. Related Article Tags: , , , , , , , ,
A bank levy by the IRS is imposed on people to recover the total amount due, while adjusting the amount to the tax due. When you fail to pay your taxes even after you have been served a legal notice, your bank will recover the amount from your checking account and send it back to the IRS. In case your account has insufficient funds to cover your debt to the IRS, your bank reserves the right to freeze your account and recover the entire amount. Related Article Tags: , , , ,
In addition to penalties, a taxpayer may owe interest on an unpaid tax debt. Interest accrues until the taxpayer pays the tax debt in full. There are several circumstances where the IRS will reduce or even eliminate the interest owed. Of course, it will depend on the circumstances of the case. Related Article Tags: , , , ,
(The author of this article is not a tax attorney, CPA, or enrolled agent, and this is not to be considered tax advice. If you need tax advice, you should consult someone who is certified in this arena. Related Article Tags: , ,
This article lists precise dollar amounts, percentages, and productivity figures to demonstrate the high (cost-) effectiveness of corporate wellness programs. Some of the figures on savings that companies realize through the implementation of effective wellness programs are surprisingly high, demonstrating clearly that corporate wellness programs can be great investments. Related Article Tags: , ,
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