01-16-2025, 03:54 AM
(This post was last modified: 01-16-2025, 04:06 PM by Jonathan Whatley.
Edit Reason: Formatting
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So I might have missed something, but everything I've read makes me think OP should go for the Enrolled Agent + CFP route.
"Then I will work for a few years at either a dedicated tax firm or a financial planning firm that also files taxes on behalf of its clients."
Enrolled Agents are federally licensed tax practitioners authorized to represent taxpayers before the IRS in all tax matters and specialize in tax preparation, tax planning, and representation (before the IRS). CPAs have a broader range of expertise while EAs specialize solely in tax-related matters. In the tax field, CPAs and EAs share significant overlap, but the main distinction is that EAs cannot audit financial statement. Becoming an EA is significantly easier than becoming a CPA: pass a three-part exam and no education requirements (you can bypass the exam if you have five years of relevant IRS work experience). $259 per section * 3 = $777.
https://www.irs.gov/tax-professionals/en...nformation
https://www.irs.gov/tax-professionals/en...-questions
My friend got his EA last year. He is currently working as a tax preparer at a public accounting firm while he works on getting the required work experience for his CPA. Rather than getting an Accounting masters* (despite his company offering tuition reimbursement), he just started the Franklin University's $99 per credit hour Advanced Accounting certificate (30 Credits $2,970 total, paid upfront). The format is online and is comprised of Eight 6-week courses. The Miles CPA Review program is included in that price so it seems like a pretty good deal.
https://www.franklin.edu/franklinworks-m...credential
https://www.milescpacredits.com/
*He was advised by his managers that a Masters in Accounting is basically useless if you have a CPA +supposedly most Accounting masters are designed for non-accounting majors trying to satisfy the 150 hour requirement (education requirements differ per state). I don't know if that is true but that's why he is doing the Franklin program and a part time Masters in finance.
"Then I will work for a few years at either a dedicated tax firm or a financial planning firm that also files taxes on behalf of its clients."
Enrolled Agents are federally licensed tax practitioners authorized to represent taxpayers before the IRS in all tax matters and specialize in tax preparation, tax planning, and representation (before the IRS). CPAs have a broader range of expertise while EAs specialize solely in tax-related matters. In the tax field, CPAs and EAs share significant overlap, but the main distinction is that EAs cannot audit financial statement. Becoming an EA is significantly easier than becoming a CPA: pass a three-part exam and no education requirements (you can bypass the exam if you have five years of relevant IRS work experience). $259 per section * 3 = $777.
https://www.irs.gov/tax-professionals/en...nformation
https://www.irs.gov/tax-professionals/en...-questions
My friend got his EA last year. He is currently working as a tax preparer at a public accounting firm while he works on getting the required work experience for his CPA. Rather than getting an Accounting masters* (despite his company offering tuition reimbursement), he just started the Franklin University's $99 per credit hour Advanced Accounting certificate (30 Credits $2,970 total, paid upfront). The format is online and is comprised of Eight 6-week courses. The Miles CPA Review program is included in that price so it seems like a pretty good deal.
https://www.franklin.edu/franklinworks-m...credential
https://www.milescpacredits.com/
*He was advised by his managers that a Masters in Accounting is basically useless if you have a CPA +supposedly most Accounting masters are designed for non-accounting majors trying to satisfy the 150 hour requirement (education requirements differ per state). I don't know if that is true but that's why he is doing the Franklin program and a part time Masters in finance.
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