7 Tips to Clear Enrolled Agent Exam in First Attempt
EA stands for Enrolled Agent. EAs are usually tax practitioners who are authorized federally in the areas of taxation. EA’s main role will be to represent the taxpayers before the IRS, a United States Federal Agency responsible for the collection of taxes, and look over the proper enforcement of tax laws in the country.
Enrolled Agents get their license to practice from the IRS (Internal Revenue Service). Enrolled Agent is the highest title so far given by the IRS with recognition in over 50 states in the US.
Enrolled Agents is the only credential that comes with the right to practice from the United States Government directly. Other credentials like Attorney, Certified Public Accountant (CPA) do not have the federal license that the Enrolled Agent holds.
Enrolled Agent exams are mainly focused on knowing and understanding of tax matters. With proper planning and preparation, it is very easy to clear the SEE exam on the very first attempt. This blog will take you through some amazing study and preparation tips and tricks to get you that federal license.
Contents
Choosing an Excellent Enrolled Agent Review Course
Don’t Let the Tough Parts Scare you
Make Use of the IRS Data Sources
Choosing an Excellent Enrolled Agent Review Course:
With the increasing popularity and demand for Enrolled Agents, the number of EA review courses available online is infinite. Finding the perfect Enrolled Agent Review Course mainly dedicated to the SEE exam will be a critical step.
Courses offered online are either in live or self-study formats. A stellar review course and material usually are written by authors who analyzed all the past exam papers and created the materials in a condensed manner to take off the burden from the candidates. A good review course offers maximum coverage of all the chapters, topics, and sections of the syllabus of the Enrolled Agent Course.
Try finding a good Enrolled Agent Training institute that can provide you with the following:
- A trial version of the recorded videos for self-study and reference.
- A customized study plan based on your schedule.
- Study material with updated tax laws as per Internal Revenue Service (IRS)
- Faculty to clear doubts anytime
- Mock test kit for each and every topic and chapter.
- Guidance for exam application and enrolment.
A solid review course can help you drill through the tax topics to become familiar with the updated tax codes. An Enrolled Agent Review course can help with the following:
- Tracking Progress: Enrolled Agent Review Course Usually provides you with a login portal and website, where you can log in to take your mock test and practice test. This way once you are done taking the mock tests, it will be easy to keep the track of progress based on benchmarking.
- Exam Coaches can help you with finding shortcuts and strategies to make problem solving even more efficient, faster and effective.
- Adaptive Learning: Every candidate’s preparation speed will be different when it comes to exams, so it is mainly that the review course molds as per the capacity of the student of the candidate.
Examining the Previous Exams
Most of the courses in any field per se, do follow the previous exam pattern to an extent. So, the more you review the previous exam patterns and ask questions, the more familiar you will be.
Sometimes the exam questions tend to repeat the same as the previous exams. Referring to the previous exam questions and also analyzing the weightage given to each topic, will give an idea of the questions and also the depth of knowledge required during your preparation.
In today’s world, it is not enough to pass the exam; you must be able to apply what you know in a practical way.
Questions asked in the SEE exam, will mirror the actual life simulations of an Enrolled Agent.
Taking Mock Test:
As always, we do emphasize the need of taking mock tests. Taking mock tests will deepen your knowledge of each and every section and chapter. You will get to understand the practical use of the formulae and the concepts you learned before.
By taking mock tests, you can gauge your proficiency in a particular topic and understand your progress. The mock test score will help you benchmark the progress you made so far and what score you can expect in your final test.
So, make sure that you are taking a mock test and practicing the question at the end of every chapter and topic. Once you are done with your preparation, revisit the mock test and revise the questions you made a mistake in.
Don’t Panic:
Before you take the Enrolled Agent exam, you should know that the pass percentage or pass rate of this SEE exam is 70-74%. So, the chances of you clearing the exam are great.
Compared to many other finance-based exams like Chartered Accountant (CA), Certified Financial Accountant (CFA), and Certified Public Accountant (CPA), the Enrolled Agent exam is by far easy.
With proper planning and preparation, most of the candidates clear their exams on the very first attempt. So, keep your cool, believe in yourself, and crack the test.
Don’t Let the Tough Parts Scare you:
The main fear caused by Enrolled Agent candidates is when they come across a question in taxation questions asked on topics that they did not encounter in their practice tests or mock tests. This situation can discourage even a well-prepared candidate. So, what are you going to do in this situation, how are you going to solve those questions?
Let me help you with that, Candidates should always remember that basics are very important when it comes to the aspects of taxation. Fundamental knowledge of tax entities can help you insert the concept and formulae at the right point. So, try remembering the concepts related to that particular question, check with your knowledge on a tax basis, and solve them.
If you are not good at introducing theoretical concepts into practice for problem-solving, make sure you put more effort to practice.
Even after all these steps, if you are not able to solve the questions then, you can guess the answer and move to the question.
Keep Updated on the Tax Laws👨⚖️:
Tax laws are ever changing. With a minute change in the political and social situation around the world, tax laws are ones that get updated and upgraded.
With the ever-changing tax laws, so does the syllabus of the Enrolled Agent Course. So regularly visit the Internal Revenue Service (IRS) portal and check out the changes updated.
Make Use of the IRS Data Sources:
One mistake most candidates preparing for the Enrolled Agent exam make is not taking advantage of the study materials available on the Internal Revenue Service (IRS) website.
The first thing everyone preparing for the Enrolled Agent exam does is get a review course and use the material from some unknown publications. Even after getting the expensive publication questions, solutions to the questions are not very well explained. Mostly they are worded questions.
Materials available on the IRS website will give you detailed info and explanations for each question. Once you visit the website you will find publications from various previous years with perfect explanations of each chapter. You will be able to find all the needed material for your preparation for all three parts.
