I know that EA's can represent taxpayers in front of the IRS in any state, compared to CPAs who are only licensed in the state they live in. One competitive advantage of having both or just the EA is if you live close to the border of another state and might have to represent them there. (For example, I live in Rhode Island and it's about 45 minutes from one side of the state to the other)
And an update on my exam today: I PASSED! I had been pretty sick with bronchitis the past two weeks and I didn't think I was going to pass because of it. However I went to reschedule and they said I'd have to pay another $105 to reschedule, so I decided to take it anyway. I'm glad I did!
I'm using fastforward academy and got the unlimited practice tests, but I havent been using them much. The information in the book is sufficient, and I find the practice tests MUCH HARDER than the exam itself (which can be a good thing)
My advice for studying? Everyone is different but here's what works for me:
Don't take too much new information at once: I always confuse myself.
I read 1 chapter a day or every 2 days until I get to the end, I then go back and reread the chapters, stopping this time when I get to the practice questions and seeing how I do.
I then take the time to go through and memorize important information, Form names and uses, different penalties, basically anything with a numerical value attached to it (for Part 1 I memorized the charts for earned income credit, credit for elderly and disabled, filing requirements, social security, etc they're all important and the test is much easier if you have all the numbers committed to memory)
The day before the test I go through the chapters rereading them a third time and focusing on trouble areas. My idea is to spend an hour on a paragraph that makes NO SENSE and looking at it until I get it, because I know that if I don't there's going to be 5 or 6 questions dedicated to that paragraph. Now, if there are a lot of questions dedicated to it I'm GLAD because I spent the time understanding it and now that's 5 questions closer to a passing score!
I hope that helps, and GOOD LUCK!!! 🙂
Enrolled Agent - August 2012
AUD - 01/05/13 (waiting)
REG - 01/26/13
BEC - 02/16/13
FAR - 04/20/13