Flashcards · Finance & Accounting
EA Flashcards
Free flashcards for the Enrolled Agent (SEE) exam: flip each card to reveal the definition. Built from the EA glossary as a study aid, these are concept checks, not real exam questions. Tax law changes yearly, so confirm current rules with the IRS.
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All 22 terms
- Enrolled Agent (EA)
- A tax practitioner federally authorised to represent taxpayers before the IRS; the highest IRS credential.
- SEE
- Special Enrollment Examination - the three-part exam to become an EA.
- Part 1 - Individuals
- The SEE part covering individual income tax (income, deductions, credits, basis).
- Part 2 - Businesses
- The SEE part covering business entities and their tax; the broadest part.
- Part 3 - Representation
- The SEE part covering practice before the IRS, ethics and procedures.
- PTIN
- Preparer Tax Identification Number - required to prepare returns and to sit the SEE.
- Circular 230
- The Treasury Department rules governing practice and ethics before the IRS.
- Unlimited representation rights
- The right to represent any taxpayer on any tax matter before any IRS office.
- Form 23
- The application for enrollment to practise as an EA, filed after passing the SEE.
- Form 8554
- The form used to renew EA enrollment every three years.
- Form 2848
- Power of Attorney, authorising a representative to act for a taxpayer before the IRS.
- Enrollment cycle
- The three-year period over which EAs renew and complete continuing education.
- Continuing education (CPE)
- 72 hours per three-year cycle (including 6 ethics hours) to keep EA status.
- Scaled passing score
- 500 on a 200-800 scale is needed to pass each SEE part.
- Carryover period
- The three years a passed SEE part stays valid before enrollment.
- Basis
- The amount (usually cost, adjusted) used to figure gain, loss or depreciation.
- Pass-through entity
- A business (e.g. partnership or S corporation) whose income is taxed to its owners.
- Schedule K-1
- The form reporting each partner's or shareholder's share of pass-through income.
- Self-employment tax
- Social Security and Medicare tax paid by the self-employed on their net earnings.
- Independent Office of Appeals
- The IRS office where taxpayers can dispute an examination result.
- Statute of limitations (assessment)
- Generally three years from filing for the IRS to assess additional tax (longer for major understatements or fraud).
- Disbarment
- The most severe Circular 230 sanction - barring a practitioner from practice before the IRS.