Tax preparation companies can help guide you through the most complex tax issues. At King Financial Services, our Enrolled Agents are seasoned tax professionals who work with individuals and small businesses in Euless, TX and beyond to get the best results for their unique situation. Sandra King is the President-Elect over the Texas Society of Enrolled Agents, with decades of experience helping tax payers.
Business Insider shares that you should: Hire a professional if…
- You don’t have the time and patience to deal with it. If you feel that the significant time you’d need to devote to doing your taxes would be better spent elsewhere, you might want to outsource. It’s probably more prudent than rushing through your filing and making a mistake.
- You have a complicated tax situation with dependents, investments, or significant assets or charitable contributions, or you own a business. Nearly every financial transaction comes with some kind of tax consequence, and the more transactions you have, the more things you need to take into consideration. People who own businesses, freelance, or are self-employed in particular might want the help of a professional to iron out their atypical tax situations — deductions for home offices, business meals and travel, and vehicles are also audit red flags.
- You’re planning to itemize your deductions. Since the Tax Cuts and Jobs Act increased the standard deduction, fewer filers are itemizing deductions. But if you have major medical costs, a mortgage, or make large charitable donations (among other factors) you might save more money itemizing your deductions than taking the standard deduction. But itemizing can be tricky to navigate on your own, especially if it’s your first time.
- You’ve had a major life change in the last year. Did you get married? Buy a house? Have a baby? These all impact your tax filing, and, at least the first time you document them on your taxes, you might want someone to show you how best to do it.
- You don’t trust yourself to cover all your bases. If the idea of entering numbers and talking about dependents and deductions makes you break out in a cold sweat, you might want to leave the preparation to a professional.
What Is An Enrolled Agent?
Enrolled Agents are America’s tax experts. According to the IRS:
An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.
Most people know, filing your own tax returns can be a complex and tedious process. This is especially true if you are a business owner, independent contractor, or need to itemize your deductions one by one. Luckily, working with an experienced tax preparer or financial advisor can help you to navigate this difficult process in order to get the best results in your filing.
It is important to choose a qualified tax professional for your tax issue. Not all tax professionals have the same background, knowledge, expertise, or privilege. Enrolled agents have very few restrictions when working with their clients. Enrolled agent status is the highest credential you can receive from the IRS, and gives them unique powers when it comes to the tax preparation process.
They are able to represent clients in any state and can communicate directly with the IRS on their client’s behalf. This can make it simple for individuals in difficult circumstances. If you need help with your individual or business taxes, an EA can help you.
What Does an Enrolled Agent Do?
Enrolled agents represent taxpayers before the IRS at all administrative levels (examinations, collections and appeals). This means, if you have a tax issue, a notice from the IRS or are currently being audited, you can work with an enrolled agent to handle all direct interactions with the IRS, provide information and explanations on your behalf, and enter into an agreement with the IRS.
The only tax issues an enrolled agent cannot represent you for, are ones that take place in tax court. In order to represent a taxpayer in tax court, you must be a licensed attorney or have passed the “U.S. Tax Court Non-Attorney” exam. Your enrolled agent can help you find a professional to help you in tax court, if you are in that position.
Additionally, enrolled agents are authorized to advise and prepare tax returns for individuals, partnerships, corporations, estates, trusts or any other entities with tax-reporting requirements. In fact, enrolled agents are the only federally licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.
Enrolled agents have privilege with the taxpayers they represent, under certain conditions. This privilege allows for confidentiality between the enrolled agent and taxpayer in circumstances where the taxpayer is being represented in situations involving audits and debt collection. It is important to note, this privilege does not apply to the preparation and filing of a tax return, and does not apply to state tax matters.
Enrolled Agent vs. Other Tax Professionals
One of the most obvious differences between EAs and other tax professionals is the process to become certified. There are two different ways an individual can become an EA. The first way is to work for the IRS in a position that requires you to interpret the tax code. The other, more frequently utilized path, is to pass the Special Enrollment Exam (SEE) and a background check.
The SEE is a three-part exam the IRS administers directly. It covers tax concerns for individuals and businesses as well as other practices and procedures. You do not need a college degree or any speciality schooling in order to take the exam.
Another major difference between EAs and other tax professionals is their unlimited practices. EAs are able to represent anyone on any matter relating to taxation, collection or appeals. The only other professional with representation freedom like this is a certified public accountant (CPA). EAs also have federal licenses, which means they can represent clients in any state or US territory.
Are Enrolled Agents The Highest Tax Expert?
According to the IRS:
An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.
Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.
Why Hire an EA?
Enrolled Agents (EAs) are the only federally licensed tax practitioners and the ONLY tax professionals who are defined in the US Tax Code who have unlimited rights to represent taxpayers before the IRS. They ARE the tax experts.
EAs advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements.
Many EAs are also licensed in other financial fields, from insurance to investment advisors, and can provide a more holistic view of your financial assets.
Professional Tax Help in Euless, Texas
The team at King Financial Services is here to help you resolve even the most difficult tax issues. We understand how difficult of a position it is to owe the IRS money. Not only do we help you get the most out of your tax returns, we also help you find solutions that fit your specific needs. We are home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, discrete.
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping.
King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
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