If you’re interested in a career as an enrolled agent, you’re probably wondering what the requirements are. Read on as we discuss what it takes to be an enrolled agent.
What Is an Enrolled Agent, and What Do They Do?
An enrolled agent, or EA, is a tax expert who has passed a rigorous exam to demonstrate their knowledge of the US tax code. They can represent taxpayers before the IRS in all matters, including audits and collections. Enrolled agents can provide tax planning advice and prepare federal income taxes for individuals, businesses, and trusts.
The Steps To Becoming an Enrolled Agent
The process of becoming an enrolled agent isn’t easy, but it’s worth it if you want to have a career as a tax specialist. The requirements and steps are summarized below.
Education
You must complete an accredited course in taxation that’s least 120 hours long. Alternatively, you must have a minimum of 2 years of full-time experience working in taxation.
Exam
You must pass a 3-part exam covering individual and business taxation, representation, and practice and procedures. You should be prepared for a big-time commitment of studying before taking each part of the exam. Online resources exist to help you prepare; take advantage of them.
Experience
You must have a minimum of 2 years of full-time experience working in taxation.
Continuing Education
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The Benefits of Becoming an Enrolled Agent
There are many benefits to becoming an enrolled agent. Some of the key benefits include:
Expertise
As an EA, you’ll have in-depth knowledge of the US tax code and be able to represent taxpayers before the IRS.
Career Opportunities and Security
There are many career opportunities for EAs, including self-employment. Tax laws change every year, so EAs will always have a job. The US Bureau of Labor Statistics estimates that employment for accountants and auditors is expected to grow 11 percent from 2016 to 2026, which is much faster than the average for all occupations because more government regulations on the economy and health care will require more accountants.
Salary
The average salary for EAs is around $60,000 per year. In comparison, the average salary for a tax preparer is $15.38 an hour, so becoming an EA can significantly increase your earning potential in this field of work.
If you want to have a career as a tax specialist, then becoming an EA is the best way to do it. As an enrolled agent, you will be able to represent taxpayers before the IRS in all matters, including audits and collections. You will also provide tax planning advice and prepare federal income taxes for individuals, businesses, and trusts.
Now that you know what it takes to be an enrolled agent, you know that the steps to becoming an enrolled agent aren’t easy. But they’re worth it if you have a passion for taxes.
