Tag: ea exam

Creating An Estate Plan For Your Clients

When creating a financial plan, it is important to engage in some sort of estate planning.  Estate planning is the preservation and distribution of wealth after the estate owner's death. However, accomplishing such goals usually requires number of actions well before the time of the clients passing. Having a well prepared will, is the most fundamental act of estate planning, and yet thousands of persons die each year without having done so. These people die, leaving the distribution of the assets to be determined by state laws and the courts, instead of formalizing some sort of distribution plan, with the assistance of family members and an enrolled agent. For larger estates, avoidance or minimization of estate taxes is an important consideration, and something that you should discuss with your clients, well before they are on their death bed. These objectives can be accomplished, but they call for careful planning and implementation prior to the owner's death.

The use of various trust instruments, distribution of assets through gifts, proper titling of property can result in smaller taxable estates. However turning out such a program will take time and should be an ongoing process is various assets are acquired. As you'll learn in fast forward academy ea review, when discussing estate planning and taxes, you'll often need to require the assistance of a tax attorney or an attorney with experience in handling large estates.  When discussing estate planning with a client, it is important to remember their wishes and creating a plan that will minimize the taxable burden to carry out the wishes of the estate.  Often individuals have questions about when they should engage in estate planning or if they should include estate planning as a component of their financial plan.  The answer to this question will vary, however in general you always want to include some sort of estate planning into a financial plan.  As your clients assets grow and/or they get older, you will want to spend more time and resources to develop an estate plan for your client.

Why Accounting Students May Want To Become Enrolled Agents

If you are a junior or senior in college and pursuing a degree in finance or accounting and are not sure of what you will do once you graduate, you may want to consider getting your enrolled agent certification.  As an enrolled agent, you are recognized by the IRS as someone who has demonstrated his or her knowledge of corporate and individual tax preparation and administrative procedures.  The great thing about getting your enrolled agent certification  is you can earn it while you are in college and are not required to have a college degree like if you were taking the CPA exam.  

The only thing you have to do to become an enrolled agent is the capability to pass a multiple choice test, which addresses business taxation, personal and common tax administration procedures. Courses such as the lambers ea review, can help you to prepare for the actual exam and cover all of the topics on the actual exam.  If you spend a few weeks preparing using one of the enrolled agent courses, you can be sure that you will pass the exam on your first attempt.  Though one of the great things about the enrolled agent exam is the fact that even if you don't pass the exam on your first try, the sections that you did get a passing score, carry over.  Thus, when you are preparing to take the exam a second time, you may only have to focus on one or two of the sections, since your passing score on the third section would carry over.  Once you pass the enrolled agent exam and get your certification back from the IRS, it is fairly easy to get a part time job in the industry.  Being an enrolled agent, while you are still in college, can not only be great experience but also help you stand out when applying for other jobs since you will have that experience as well as certification.