If you are considering a career in finance or accounting, then you might be curious to know how much money enrolled agents can make? Enrolled agents are the tax representatives who work in accounting firms for both large and small. They even work for individuals, some of the most well-reputed corporations in the USA. Let’s determine how lucrative the career as an enrolled agent can be? Learn more about the salary packages of enrolled agents.
Before getting into those details let’s have an idea about who are enrolled agents and what actually they do? Unlike other tax professionals, an enrolled agent has got a special privilege to perform legal accounting services while other non-enrolled tax professionals can not.
Enrolled agents are federally licensed tax practitioners who are specialized in all aspects of US taxation. They are commonly known as America’s tax experts. They are the only category of taxpayer representatives who receive unlimited rights to practice from the federal government. Enrolled agents are also licensed by IRS-Internal Revenue Service and awarded the highest credential by the IRS as well as recognized across fifty U.S. states. To become a certified agent one can opt for an enrolled agent course and that will be a standard option to achieve your accounting career goals.
There are many enrolled agent programs available in India, but choose wisely and always go for genuine enrolled agent courses that can lead to success in your career. iLead Tax Academy is one such trusted enrolled agent course training institute in Hyderabad that has been offering result-oriented enrolled agent programs.
Enrolled agents can represent, advise, and prepare tax returns for individuals, corporations, and trusts. Enrolled agents are needed in small and large public accounting firms, corporate accounting departments, law firms, investment, revenue firms, in private practice and banks.
Enrolled agents are needed in various accounting firms, like
What’s more, enrolled agents very frequently fill their role of both tax attorneys and tax accountants. In most cases, clients call upon experienced enrolled agents in complex tax situations, where audits can be done without any faults and accurately. As a tax preparer, an enrolled agent is the most qualified person to define and explain the choices made during tax preparation.
An Average Enrolled Agent Salary
How much do enrolled agents earn? What are the salary packages of enrolled agents? Well, according to the payscale, the national average salary for an EA is just over $50,000, when you include bonuses and commission as well. However, the actual enrolled agent salaries may vary a little bit when you consider all these variables. It depends on your years of experience, the scope of your responsibilities, your previous company’s size, all these factors could affect your earnings.
When compared to EAs CPAs make more money like closer to $70,000 annually. But in the long run, geographical constraints and corporate salary caps often limit CPAs salaries.
One major reason EA salaries across the USA are so widespread is that enrolled agents could hold various positions. Your education, type of enrolled agent course that you have taken, EA certification, and experience level also matters in regard of the salary packages of enrolled agents. The more you are specialized, you might make more. Generally, big chains pay their more experienced EAs between $20-$30 per hour on average, which comes around $40,000 to $50,000 annually.
Reasons why one should become an Enrolled Agent
EAs have got the highest credentials among IRS. Individuals who obtain this status must adhere to some ethical standards and they have unlimited tax practice rights. They are unrestricted to
Types of tax matters that they can handle
Representing as taxpayers
They can represent clients before IRS offices.
If you are really interested in becoming a tax preparer or already if you are into it then it makes a good sense to work towards becoming an EA. There are several enrolled agent programs for tax preparers. Without completing basic and minimum or even not having basic EA certification you may lose basic tax representation rights for clients whose returns you are preparing.
If you can not talk to the IRS on behalf of your clients, you may also lose them and with the IRS examinations on the rise, this is becoming more important. The iLead’s enrolled agent course program includes online training for the individuals where one can gain knowledge on US tax law and our study material will aid you in cracking the EA agent special exam. One can earn EA certification easily with our dedicated, comprehensive, and industry-specific training programs.
Ways to Become an Enrolled Agent
- Qualifying a three-part comprehensive IRS test called SEE (Special Enrollment Exam) along with passing a background check.
- With experience as a former Internal Revenue Service (IRS) employee, you should work for at least 5 years in a position requiring experience in interpreting the tax code.
Any graduates with any background such as B.Tech, MBA, working professionals not necessarily from the finance domain with dedicated three months of effort to prepare for the enrolled agent course.
The enrolled agent aspirants need to pass all three parts of SEE that prominently deals with USA taxation.
- Individual taxes
- Business taxes
- Tax representation
Candidates can schedule their three exams at any time and any order and it is also not mandatory to spear all three exams in a single sitting. Also, note that the exam window of EAs is closed during March and April months because these months are busy tax filing seasons in the USA.
Taking US taxation course training is proved to be beneficial and has more chances of clearing the exam. iLead is pleased to offer you the opportunity to upgrade your career by obtaining EA certification. Offering real-time US taxation course training from the professional EA experts, involving exam-oriented MCQs, material handouts, model papers, case studies, and much more.
Individuals looking to become an enrolled agent of IRS, follow these steps for how to take a SEE special enrollment exam.
1. Check for the candidate information bulletin—this bulletin gives you all the needed information regarding the examination and the whole process for becoming a certified enrolled agent.
2. Register & Schedule your exam– Before scheduling an exam appointment one must register for every part of the examination.
3. Go through Exam content outlines– Review all the details and full-detailed exam specifications to become familiar with the rules of each part of SEE.
4. Prepare for Exam– Know all the information and needed test content and scoring information, ID policies, test center regulations, registration, and scheduling issues, contact information…
5. Take your SEE exam confidently.