Taxes can be overwhelming which is why there is such a large market for tax preparation services. There are many different types of tax preparers and each title has certain requirements that must be maintained in order to establish its position. Below is a brief introduction to the different types of tax preparers available as well as some g... Read more
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But the more important question is not what an enrolled agent is, but rather what an enrolled agent can do for you. It’s very obvious that most people get anxious when someone even mentions tax preparation, so I want to get straight to the point. Who They Serve Enrolled agents serve as advisors and representatives to a variety of people or establishments filing taxes, including sole proprietorships, corporations, non-profit organizations, or any legal business entity, including international businesses, non-resident aliens, resident aliens and new immigrants. They can prepare tax returns for an array of filers such as individuals, partnerships, corporations, estates and trusts. Because the taxation process changes every year, they must continually be trained on new strategies and procedures. Simultaneously, they are required by the IRS to have 72 hours of professional education every three years to retain their status as an enrolled agent. What They can Offer Tax preparations are not the only element that enrolled agents may be able to help you with. They can also help with IRS audit responses, collection matters, levies, liens and other IRS procedures. We’re talking about trust, convenience and credibility. For some, it would be like we are handing our yearly migraine off to someone else to handle and it’s worth the price we pay for it. However, this process has also turned out to be quite a double edged sword with the potential omission of very important information. At that point it becomes a “blame-game” and things could get real ugly, real fast. Trust and Insurance It’s not that having an enrolled agent will solve all of the taxation problems and headaches you may have, but they are held to a higher standard than those who may be internally trained by companies or individuals that have no affiliation with the government. It’s can be a much more comforting feeling knowing that there is accountability between the US Department of the Treasury and enrolled agents. However, even with the safeguards that Enrolled Agent Agencies and the government can set up, it is still a good idea to protect themselves as tax preparers from slip-ups that occur. Enrolled agents and agencies are able to protect themselves from litigation by purchasing professional insurance policies that protect them from accidental tax preparation errors.
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