Do you know your tax, accounting, & financial professionals? You should! There are a number of different tittles and ranks in the tax, accounting, & financial professions. Below is a list of these professionals and the general ranking from most competent to least competent. This is just a general reference. Please consult with your tax, accounting, or financial professional to discover their individual knowledge, experience, and/or credentials.

1. EA, Enrolled Agent - Is a federally licensed tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of Treasury with unlimited rights to represent taxpayers before all administrative levels - examination, collection, and appeals - of the Internal Revenue Service. It is the highest designation given by the IRS and enrolled agents help with U.S. tax administration. Continuing education requirements are 72 CE credits in a three year period or 24 CE'credits per year.

2. CPA, Certified Public Accountant - Is a state licensed financial professional that is well versed in taxes with rights to practice in their state or states of licensing. CPA's, licensed by the state of Illinois Department of Financial and Professional Regulation continuing professional education requirements are 120 CPE credits in a three year period or 40 CPE credits per year. State dependent, this requirement could be much lower in another state. For example, registered CPA's in Illinois have no CPE credit requirements!

3. ASFP, Annual Filing Season Program - Program participants must complete 18 CE credits per year to participate in this program. ASFP members have limited rights to represent tax payers before the IRS.

4. CFP, Certified Financial Planner - Continuing education requirements are 30 CE credits in a two year period or 15 CE credits per year.

5. NTP, Non-credentialed Tax Preparer - There are no continuing education requirements! No representation rights before the IRS on taxpayers behalf!

For more information, please go to MY BLOG and/or TAX TIPS pages. Thank you.

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