Intro to TaxMama EA – Self Study
The United States presently has nearly 700,000 tax professionals registered with the IRS.
There are fewer than 50,000 Enrolled Agents, compared to over 200,000 CPAs. So becoming an EA puts you into a rather elite group of tax pros. In fact, the IRS says that the “Enrolled agent status is the highest credential the IRS awards."
To learn more about EAs and the EA exam, please drop by my website and watch the video – Everything You Wanted to Know About EAs.
There are several Enrolled Agent Exam review courses available to help you pass the exam. But that’s what they are – REVIEWS. They assume you already know everything you need to know about taxes, businesses, representation, and being an Enrolled Agent. You just need to brush up on the questions and answers.
TaxMama’s® course is much more than that. We TEACH you taxation. In six months or less, you will learn more than you could in 3-4 years of college.
- You will learn about tax law – and how to research it.
- You will learn special tricks about preparing business tax returns – even when your clients give you inadequate information.
- You will learn how to reconstruct information and to read between the lines when your clients don’t tell you everything.
- You will learn how to avoid having your clients’ tax returns audited.
- You will learn how to represent clients before the IRS at audits or in tax debt situations.
- You will learn how retain your sense of ethics, even when clients are pressuring you to let them get away with dangerous or illegal tax provisions.
- But you will also learn how to help your clients minimize their taxes.
- You will learn how make good a living as an EA.
- You will have access to study buddies or groups.
- You will be invited to two Live Classes per month.
- You will get videos, MP3s and PDF files for each class – and MORE!
- Oh yes, you will also learn how to pass the IRS Special Enrollment Examination (the SEE), otherwise known as the EA Exam.
TaxMama’s® class comes with two sets of review tools to help prepare you for the Q&A of the EA Exam. Included are the Gleim software (for books, just pay for shipping) and the Fast Forward Academy practice exams (plus a few hundred extra upgraded questions and answers).
TaxMama’s® policy is, if you don’t pass this year, you can come back next year, without paying a dime. (Gleim and FFA have agreed to honor this policy, for at least one year.)
Will you pass? If you do the work, you surely will!
If not…you won’t. Simple as that.
Orientation – Familiarity with Materials, Homework assignments, Study Buddy info, STUDY SKILLS
Lecture 1 – The big Picture – Overview of Business Entities, Pros and Cons of using each Format
Lecture 2 – First piece – Accounting 101 – Understanding the Balance Sheet and Income Statement
Lecture 3 – Favorite piece – Business Income – and how to reconcile it to third party information
Lecture 4 – Juicy piece – Business Expenses – All those luscious write-offs
Lecture 5 – Misunderstood piece- Office in Home – and how it applies to each business entity
Lecture 6 – Fun piece – Discussing the Schedule C Tax Sample and your results – and how to do it better
Lecture 7 – Shared piece – Partnerships – General, Limited, LLCs, JVs and Married Couples
Lecture 8 – Joining piece – Getting into and out of Partnerships
Lecture 9 – Sharing piece – Discussing the 1065 Tax Sample and your results – and how to do it better
Lecture 10 – Incorporated piece – C Corporations – including PSCs and holding companies
Lecture 11 – Custom Piece – Specific Businesses – Farms, truckers, Internet Marketers
Lecture 12 – Trusting Piece – Estate and Trusts
Lecture 13 – Reconciling Piece – Discussing the Form 1120 Tax Sample, reconciling Schedules L, M-1, M-2
Lecture 14 – Small Piece – Small Business or S Corporations – special issues for shareholder-employees
Lecture 15 – Filing Piece – Reconciling Piece – Discussing the Form 1120S Tax Sample and your results – and how to do it better – and reconciling Schedules L, M-1, M-2
Lecture 16 – Freedom Piece – Business retirement plans – and how they work with each entity
Lecture 17 – Billable Piece – Advising the Taxpayer – including filing and paying requirements
Lecture 18 – Exempt Piece – Exempt Organizations – and the new filing rules
Lecture 19 – Making your piece – Pulling it all together – and open to final questions
You will get data from sample clients to input into your own tax software.
You will learn where to get tax software.
You will get profiles of different types of business clients, with respectable levels of complexity.
- Schedule C – Home-Based business
- Partnership – LLC filing as a partnership
- Corporation – Privately held, with employees
- S Corporation – Single owner
Note: We will not be doing sample 1041s or 990s in this class