An Enrolled Agent is a practitioner of taxes that has expertise in tax-related matters. A lot of professionals and accountants see a lot of value in the designation and are opting for the same. However, to become an Enrolled Agent, you must pass the EA exam or the Special Enrollment Exam (SEE). The exam has three parts and completing the same will open new doors for you.
The exams require you to cover a wide range of topics and come out on the top during the exams. However, the myriad of topics can seem a bit overwhelming at first. If you are determined to pass the Enrolled Agent exam in the very first attempt, here are a few tips that will help you jump over the finish line with ease.
The IRS is responsible for creating the Special Enrollment Exam. Individuals with prior accounting knowledge might feel that they do not need the study materials. However, there is quite a bit of difference between taxes and financial accounting. There are a lot of efficient EA review courses out there. These courses help you get familiar with the tax codes and prepare for the SEE exams. Most of the exams are designed in a way that the focus is on strengthening your shortcomings while giving a bit less focus on areas that you are already strong at.
The tax laws see a lot of amendments. While some of the changes are subtle, others can be quite major such as the Tax Cuts and Jobs Act of 2017. As these changes come into effect, the eventually make way into the EA exams as well. Thus, it is important that you keep an eye out for legislative changes and ensure that you cover the additions. Reviewing the material is one of the better ways to go about it.
Sure, the tax laws can get a bit complicated and overwhelming. But at the end of the day, the tests would ensure that an EA can represent taxpayers in front of the IRS. In simple words, the exams cover some of the most commonly faced tax issues and fundamentals of the tax laws. Being clear with the fundamentals will ensure that you will pass the exams. You can apply the fundamental principals later on to more complex issues as well.
The chances are high that you might have to calculate different numbers related to taxes. Numbers such as an individual’s Adjusted Gross Income or deductions for corporations, etc. Thus, memorizing some of the tax calculation formats for individuals and corporates will help you answer questions related to calculations with ease.
5.Getting Familiar with Pro-metric Centers
Your visit to Prometric centers can be a little bit moreoccupying that you might imagine. And if it is your first visit, it can be a bit overwhelming also. You can visit the website of Prometric and look for “What to Expect on Test Day” section. This will help you get familiar with all the activities that you can expect on the day of the exams. In turn, it will help you reduce any kind of wanted stress that might come your way if you are not familiar with the process.
The exam duration for each part is 3.5 hours and you must answer 100 multiple choice questions during the period. During your preparations, ensure that you keep a track of time so that you are better prepared for the exam and are not caught napping. The EA exams are not as complicated as some of the other certification exams. With proper preparation and the above tips, you can pass the exam in the very first attempt.