Enrolled Agent???

[Joe Btfsplk]

CPA vs EA

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

Good point. That is why I have not taken the EA test. Becoming an EA is more of an indication of your tax know-how than becoming a CPA, but everyone knows what a CPA is.

I obtained my CPA license to enhance my image, not to enhance my abilities which are not changed by a license. At the time I got the license, I was looking for a new job and thought the CPA would help. I got the new job just before I got the CPA license. However, I later retired from the job and began doing tax and accounting work and the CPA designation seemed to help get clients that would not trust a non-licensed accountant.

[JoshinNC]

IRS.gov

My understanding is that since Prometric took over administering the test, they no longer supply the public with answers to the prior year test.

still answers to the 2005 exam questions. I took Part 2 as administered by Prometric to finish up and it was very similar in nature to the IRS administered exam, except that it was computer based instead of paper (welcome to the 20th Century?).

[Bees Knees]

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

My understanding is that since Prometric took over administering the test, they no longer supply the public with answers to the prior year test.

[JAinNC]

Can you be specific about the rewards?
Thanks

[dsi]

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

[Bird Legs]

Josh

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

[oceanlovin'ea]

Way to go Josh.

Isn't it a great feeling?

Linda F

[JAinNC]

Congratulations.

[DTS]

Josh

Congratulations!! Nice accomplishment.

Dennis

[JoshinNC]

I recieved my enrollment card today!

Now to call NAEA.

thanks to all for your support!

[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.

[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.

[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.

[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!

[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!