ACC 207 - IRS Enrolled Agent Exam

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods

Advanced tax theory and its application in different areas and situations as they relate to passing the IRS Enrolled Agent Exam. Includes individual tax, corporate tax, advanced topics in taxation of individuals, sole proprietorships, partnerships, corporations, fiduciaries, estates, trusts, gifts, representation, practices, and procedures.

Prerequisite(s): ACC 204  and ACC 205  
Corequisite(s): ACC 206
Information: This course is designed for students that have taken ACC 204 , ACC 205 , OR for tax professionals with extensive experience wishing to take the Enrolled Agent Exam. Upon successful completion of this course and it’s corequisite (ACC 206 ) , students will be able to sit for the IRS Enrolled Agent exam.

Prerequisite(s) may be waived with consent of instructor.
    

1. Solve complex scenarios pertaining to Part 1 of the Special Enrollment Examination, which includes Preliminary Work with Taxpayer Data, Income and Assets, Deductions and Credits, Taxation and Advice, and Specialized Returns for Individuals.
2. Solve complex scenarios pertaining to of Part 2 of the Special Enrollment Examination, which includes Business Entities, Business Financial Information, and Specialized Returns and Taxpayers.
3. Solve complex scenarios pertaining to of Part 3 of the Special Enrollment Examination, which includes Practices and Procedures, Representation before the IRS, Specific Types of Representation, and Completion of the Filing Process.

A. Preliminary work and taxpayer data

B. Income and assets

1. Income
2. Retirement income
3. Property, real and personal
4. Self-employment tax

C. Deductions and credits

1. Itemized deductions
2. Credits

D. Taxation and advice

1. Taxation, including AMT
2. Advising individual taxpayer

E. Specialized returns

1. Estate tax
2. Gift tax
3. FBAR

II. Federal Tax Law for Businesses

A. Business entities

1. Different types of entities and considerations
2. Partnerships
3. Corporations and forming a corporation
4. S-Corporations

B. Business financial information

1. Business income
2. Business expenses, deductions, and credits
3. Business assets
4. Analysis of financial records
5. Advising the business taxpayer

C. Specialized returns

1. Trust and estate income tax
2. Exempt organizations
3. Retirement plans
4. Farmers

III. Representation, Practices, and Procedures

A. Practices and Procedures

1. Practice before the IRS
2. Requirements for Enrolled Agents
3. Sanctionable acts
4. Rules and penalties

B. Representation before the IRS

1. Power of Attorney
2. Building taxpayer’s case
3. Taxpayer financial situation
4. Supporting documentation
5. Legal authority and references
6. Related issues

C. Specific types of representation

1. Representing taxpayer in collection process
2. Penalties and/or interest abatement
3. Representing taxpayer in audits/examinations
4. Representing taxpayer before appeals

D. Completion of the filing process

1. Accuracy
2. Information shared with taxpayer
3. Record maintenance
4. Electronic filing