I was chatting with a friend of mine (much older gent than I) recently, we were talking about who I used for my tax prep. He informed ME that my accountant was an Enrolled Agent. "A what?" I said, he proceeded to explain to me what I was dealing with. I must admit I hadn't heard the term before, but found out its a good thing, to be using an E.A. for tax prep as apposed to "CPA".
For those who don't know, an E.A. is a licensed individual capable of representing a client in the event of an audit. A CPA is not capable of going before the IRS unless they are also an E.A.. I (as well as many I would guess) use the generic term CPA when talking about taxes etc.....but never thought about the issue of audit counsel.
Am I the only one who has been in the dark? Either way, I feel better now, knowing
For those who don't know, an E.A. is a licensed individual capable of representing a client in the event of an audit. A CPA is not capable of going before the IRS unless they are also an E.A.. I (as well as many I would guess) use the generic term CPA when talking about taxes etc.....but never thought about the issue of audit counsel.
Am I the only one who has been in the dark? Either way, I feel better now, knowing
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