How to Become an Enrolled Agent With the IRS, 90 Days to Tax Mastery!
Becoming an enrolled agent with the IRS is typically as easy as passing 1, 2, 3 exams, and paying 1, 2 in fees! In this blog post, you’ll learn how to become an enrolled agent with the IRS, and of how you can likely pull off the feat within just 90 days, greatly boosting your resume, putting yourself apart especially if you are in an unrelated tax field, like Finance or Wealth Management, and putting some new letters next to your name! I would highly recommend going for this certification for a few reasons that can be very profitable over the long run:
For those in tax, they know what this is, and it shows your serious
It is well respected by CPA’s
It greatly increases your knowledge of taxation
It is very fun and interesting to learn so much about income tax!
You will be certified to represent tax payers before the IRS
You will know more about general tax law and tax forms than say 96% of Financial Advisors, which is no mean feat.
It allows you to basically walk in to entry level tax gigs at TurboTax and H and R Block
It is a great stepping stone to becoming a CPA
If that’s not enough, than tax is not for you, but seriously I would highly recommend it!
How to Become an Enrolled Agent, Go as Fast as Possible And Get Your License in Just 90 Days
To become an Enrolled Agent, it is a somewhat simple, yet also arduous process, depending on the type of person that you are and how easy or hard it is for you to study for and take exams. Basically, the difficulty of the EA exams are similar to something like the Series 7 exam, or the 2-15 insurance exam, they are definitely NOT the CPA exam, the CFP exam, or the Bar exam, however they definitely can trip you up a little bit if you aren’t careful. Here are the three exams:
Exam 1 – Individuals – This is definitely among the easiest, as it is basically just basic income tax returns, 1040s, individual things like filing statuses, what you can write off and what you cannot write off, and the like. The hardest sections in this portion of the exam material include retirement accounts, tax credits and basis of property, other than that, its a pretty smooth ride towards the individuals portion of the exams.
Exam 2 – Businesses- This is said to be the hardest of the three exams, which again I found this more interesting and therefore much easier than the audit section of the exams, but a lot of this is due to me being a CFP and having a very strong business background, including having a Finance Degree, being very well educated in tax, finance and wealth management, and by currently working towards my Chartered Financial Consultant certification. Again, for someone less experienced with business and finance however, this will definitely be the hardest section.
Exam 3 – Audit – This one is said to the be the easiest of the exams, which I always find kind of strange, since I have 0 base in audit, tax law or the inner workings of the IRS, however I have a very strong background in filing tax returns and in business taxes, LLC’s, accounting, etc. So I have found this to be the hardest so far, but to each his own I guess.
Pass Rates for The Enrolled Agent Exam
The pass rates for the EA exam are actually pretty high, much higher than even the series 7 exam or different parts of the CFP exam, in that they are something like 70% passing rates, compared to just 50 or 60% for the Series 7 and the CFP exams. I would highly recommend taking this certification and passing the exams quickly, it is cheap and fairly easy for such a powerful certification!
Final Thoughts on How to Become an Enrolled Agent in Just 90 Days
Have any of you tried to take the EA exam, or are there any Enrolled Agents out there reading this as we speak? Leave a comment down below and let us know, and remember to subscribe.
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