Enrolled Agent???

[TheGoodnShawn]

Hello Folks,

I have decided take the Enrolled Agent Exam. I have another two quarters of school before I will have my Master's in Accounting, but I want that EA in my list of credentials as well.

Study Tips?

- I have the Previous year's Tax Book, Pub 17, Ernst and Young Tax Guide, and a Federal Taxation "Comprehensive Volume" text book.

I am trying to decide if these sources will be enough to fully cover the exam. I have been looking at Tax Mama's website along with Gleim's....but I haven't decided to purchase any additional products at this point

Does anyone have any tips or pointers concerning this? I plan to study for the rest of the summer before I make any additonal moves towards the exam.....

Any suggestions will be appreciated

Thanks

[Jiggers]

EA Exam

Shawn,

Do you have any working experience with a firm: CPA, EA, Other?

Besides Pub 17, I recommend those pubs relating to partnerships, corporations (C & S), Estates, gifts, basis of assets, deductible expenses for businesses, and something on ethics.

I had corporate experience before starting to work for a CPA firm in 81. Learned a lot at the CPA firm about taxes. Took the exam in the fall of 85 and passed all 4 parts. Harded exam I had ever taken.

I relied solely on the IRS pubs. When I signed up for the exam, I received a large box of the various publications that the IRS recommended reading. I don't know if they still do that yet. You can read and print most IRS pubs on the internet at www.irs.gov now.

The day before I took the exam I checked into a hoel where the exam was given. I don't know if they still give them at hotels, but I would go to one near the exam. I then used every available moment reviewing the pubs, espeically those that pertained to the part of the test that I was goint to take next. Did the same during the lunch break.

There are companies that will help you study for the exam. I also would check with your local chapter of NAEA (National Association of Enrolled Agents) in Atlanta. There has to be a local chapter or Georgia state chapter. Those members can help you.

[Joe Btfsplk]

My study technique

I took the CPA test long after I finished college and had to re-study a lot of accounting books, but a significant thing that helped was to study the old CPA tests, none of which I probably ever could have passed. One thing that helped was analyzing the type questions they asked: some came up every year, some came up about half the time and others only came up about once every five years. I boned up on one category that hadn't been on the test for about five years--and sure enough, it was on the test I passed. I aced the test with a score in the 90s.

But before I even attempted to pass the practice part of the test, I waited to make sure I could pass the other parts. Then I focused on the hard part on which I got my best score.

I think the EA test would be somewhat similar in preparation techniques. Analyzing the old tests should give you a clue as to what you need to bone up on. Another thing is luck and if you don't pass it the first time because they focus too much on your weak points, the next time might dwell on your strongest areas of knowledge.

[solomon]

Go to the

Thompson Prometric web site and look at the subject areas covered. Thompson Prometric is now giving the tests. Consider Gleim as the CD has a section with test questions in the exact format as it is given on a computer by Thompson.

[Corduroy Frog]

Partnerships & Corporations

Shawn, you're probably closer than you think.

In particular, focus on basis in partnerships and S corps when property other than cash is contributed, and receivables either already in or coming into the entity. Non-cash distributions as well as capital.

The often-discussed differences in tax income and GAAP are overblown, but you should know what they are. (depreciation, meals, expenses recognized but not realized, etc.)

Good luck!

[JoshinNC]

basis, basis, basis

I went to the IRS site and printed out last year's test. I took it over and over until I could get 95% right. I passed all but one section the 1st sitting (missed by 2 points!). Went back last year and finished up.

My enrollment is being processed as we speak.

Good luck!

BTW, do you attend Strayer U? I think we took a class together before. I'm currently taking Corporate and Partnership Law. Fun, but challenging. Now I know why I don't want to be an attorney!

[geekgirldany]

I am currently studying for my EA. I took the Part 1 exam at the beginning of this month. I failed by 3 points. I used the Gleim study materials and they are very good. I bought the whole package. I believe it is $600. Since I did not pass the Part 1 on the first sitting they have gave me unlimited use of the online version until I pass. So if I don't pass this year I will have access in 2008. They have personal counselors that are more there to help you setup your study habits and tell you what to do before the testing. The study materials explain why you answered the questions right or wrong. I think this helps in understanding what the question really wants. Overall I am very happy with Gleim.

I found my mistake in taking the first test is that I focused more on what I thought I didn't know than studying all the Units again. There were several questions on alternative minimum tax, estimated taxes, and adoption credits that I just blanked out on. Plus I was nervous as everything The rest of the year is me trying to pass the EA Exams.

I took a break and will retake part 1 in August. Hopefully Part 2 in November and then Part 3 in January. The good thing about Thomson handling the tests is that you can schedule it on any day you like. I am going on Saturdays because the traffic isn't that bad going to Dunwoody. Plus I get them in the afternoon at 1pm. You don't have to take all three parts at the same time either which is great.

I would suggest going with some sort of study guides. I went with Gleim but there are several more out there. I will also add that by me studying for the exam I have learned alot and I am now able to recall more facts or limitations on certain deductions/credits than I could before.

[New York Enrolled Agent]

Shawn

I think Josh has a good idea. Get the 2005 exam - I believe the URL below will work for you. Even though the exam has changed into 3 parts, I would anticipate that the current exam would have questions much like previous exams. Good Luck to you and Dany & others in studying.

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

As soon as you pass ( Josh this is for you also), call NAEA at 202-822-NAEA
You get a 50% discount on your dues as a brand new first year EA.
NAEA only has members who are enrolled agents and all its resources go towards advocating for & promoting EAs.

[Luis Mopeo]

I went to the IRS site and printed out last year's test. I took it over and over until I could get 95% right. I passed all but one section the 1st sitting (missed by 2 points!). Went back last year and finished up.

My enrollment is being processed as we speak.

Good luck!

BTW, do you attend Strayer U? I think we took a class together before. I'm currently taking Corporate and Partnership Law. Fun, but challenging. Now I know why I don't want to be an attorney!

Using the prior year test was how I studied as well. Then I attended a seminar geared toward passing the test. That was invaluable.

[JoshinNC]

I recieved my enrollment card today!

Now to call NAEA.

thanks to all for your support!

[DTS]

Josh

Congratulations!! Nice accomplishment.

Dennis

[JAinNC]

Congratulations.

[oceanlovin'ea]

Way to go Josh.

Isn't it a great feeling?

Linda F

[Bird Legs]

Josh

Congratulations and best wishes for the future.
Now try to explain to your clients what an E A is.

[dsi]

NAEA is a great organization. I belong to 4 of them and the rewards are golden.