Enrolled Agent (EA) Overview History FAQ

Enrolled Agent (EA) Overview To become an Enrolled Agent, individuals must pass a comprehensive three-part exam administered by the IRS. The exam covers a wide range of topics, including individual and business tax returns, tax planning, and ethics. Once individuals pass the exam, they must also undergo a background check …

Electronic Filing: Definition, Options, Advantages

Electronic Filing: Definition, Options, Advantages There are several options available for electronic filing, depending on the country and the specific requirements of the tax authorities. Some common methods include: Option Description Online Filing This method allows taxpayers to file their returns directly through the tax authority’s website. It typically involves …

Electronic Federal Tax Payment System (EFTPS) Overview

What is Electronic Federal Tax Payment System (EFTPS)? The Electronic Federal Tax Payment System (EFTPS) is a free, secure, and convenient way for individuals and businesses to pay their federal taxes electronically. It is offered by the U.S. Department of the Treasury and allows taxpayers to make tax payments online …

Backup Withholding Definition How It Works and Who Is Subject

Backup Withholding Definition: How It Works and Who Is Subject Backup withholding is a tax withholding method used by the Internal Revenue Service (IRS) in the United States. It requires certain payers to withhold a specific percentage of payments made to individuals or entities and remit it to the IRS. …

Amended Tax Return: Filing Requirements, Process, and Deadlines

Amended Tax Return: Filing Requirements, Process, and Deadlines An amended tax return is a form that you file with the Internal Revenue Service (IRS) to correct any errors or omissions on your original tax return. It allows you to make changes to your income, deductions, credits, or filing status. However, …

90-Day Letter: The Process And Implications

What is a 90-Day Letter? The 90-Day Letter outlines the specific adjustments made by the IRS and provides the taxpayer with a deadline of 90 days to either agree with the proposed changes and pay the additional taxes, or to dispute the findings and request a hearing with the IRS …