EA exam

[powerage]

Just wondering if I have a shot or not. This is my fourth season preparing taxes, and I like to think I'm pretty good, though I constantly learn many things every day. I have read TTB from front to back 2 or 3 times now, plus I have spent numerous hours with Pub. 17 on the computer, and have gone through the Drake training and earned CPE credits. For some strange reason, I like taxes. Well, more like a love/hate relationship.

I am thinking about starting my own, home based tax business, staying here in Florida, and doing out of state returns if needed. And being an EA is instant credibility.

Is the EA exam really that hard? I mean, I just got a 2-15 (health, life, variable annuity) license here in Florida, and I was told that exam was really hard, and I passed it first try. And to digress, I'll be going for my 2-20. Everyone needs car insurance here.

Oh yea, about the one thread I started...if I was in California, and it was my personal return, I would take that medical deduction in a heartbeat. I don't believe there is a court case yet about that.

[veritas]

You sound like a great

candidate. I would study circular 230.

You read TB twice? Wow!

Was that the deluxe version?

[Corduroy Frog]

Go for It!!

...if you read TTB cover-to-cover twice, and can remember it all, you'll pass on your first attempt. I'll admit to being dumb enough to look up the same issue in the TTB 3-4 times during tax season, after failing to remember the results for as long as a couple weeks!

If I may add words of warning, it would be to learn partnerships, corporations, pass-through entities. In particular questions which may involve receivables and other items on the books when interests pass or begin. And treatment of non-cash contributions by partners or shareholders, and ultimate fate of same.

It is not terribly difficult, if you have experience doing moderate returns.

Best wishes for you to pass!

[Uncle Sam]

EA Exam

NAEA has an arrangement with Gleim to do an online coaching course.
There are even scholarships out there for people who apply for it who need it.
Contact www.naea.org

[AJsTax]

powerage

I just finished the SEE three weeks ago. I would highly recommend using one or more of the great study guides available. I used Gleim, Fastax and Taxmama. Each has their good and bad points. They will help you learn the type of questions (some are worded really strange) and how to eliminate wrong answers. Part one is not bad if you have done a lot of personal returns and keep up on the changes. Part two is the worse, lots of questions on partnerships and S-Corps. Three is a lot of Cir230 and is all over the place. Lots of questions that I had not run into, even with three study guides. And I set aside time every day to do some of the questions.
Of course the exam is supposed to change some in the new testing cycle. This cycle closes soon. And we sign an agreement when we take the test not to reveal any of the questions so no one can give us a list to study like they did in the past. But, the old lists of questions and answers are still available at IRS and help if you remember the changes in amounts, etc. Go to the prometric.com testing site and find your way to the SEE page and at the bottom you will find several links, one of them containing a list of all the subjects covered on each part of the exam.
If you like this material as much as you say, (I too read the TTB) you will have no trouble.

[Lion]

Now?

You mention you might go out on your own. Who are you with now? If a tax firm such as HRB, find out what's available from your current employer. HRB has an excellent SEE study course with an excellent text, and if you're lucky an excellent instructor, all for your $20/year fee. Or, your current employer might have an educational reimbursement plan.

You could take part I to see how you do. Probably great with a few years under your belt. Then, you'll have a feel for the way the questioning goes. Depending on your experience with business entities, you'll have a feeling for what you need to study for part II. And, has been mentioned, study Circular 230 for part III. When you check the list of topics covered on the Prometric site, you'll know if any are your weak spots. If so, get the IRS pubs on those topics.

[geekgirldany]

I just wanted to add to take your time also. Don't be in a rush to take the test and not study properly. Take your time a study, study, study

[powerage]

Thanks

Thanks for the help and information y'all! I think I'll be okay with the exam, but I have heard it is very tough.

Though I do work for a chain, y'all might be a little surprised on the company. They are very well known and respected in a different field, especially here in Florida. They are a great company to work for, but I would rather have my own small tax business and I won't have to worry about bank products. And my clients will hopefully be a little more well heeled, and that way I can charge a price that is fair to myself and the client.

I'm just thinking about this though. This also could be my last year as a paid tax pro. One season at a time.

[snowbird]

The last year that the IRS administered the examination was 2005 ... however, the type of question have probably not changed. Here is a link to the exams... do a few.

http://www.irs.gov/taxpros/agents/article/0,,id=137267,00.html

[geekgirldany]

I just wanted to add on this thread my experience today telling a customer that I am a "enrolled agent". She thought I was working for the IRS. I said to her "I am now an enrolled agent with the IRS". To which I got "your a what!!!! what do you mean your an agent for the IRS?". I then went on to explain. I guess I will stick to "enrolled to practice before the IRS"... that seems to go over better.

[powerage]

great, word problems

I'd rather write out a complicated return by hand than deal with word problems when it comes to taxes.