In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the difference between an enrolled agent (EA) and a certified public accountant (CPA) in retirement planning. The CPA and EA deal with tax at a certain level but differ in their education, scope of work, geographical limitations, and ethical standards.

Listen in to learn how we utilize an EA to do tax strategy beyond just tax filing as part of retirement planning. You will also learn why we consider the current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes in a client’s formal tax strategy meeting.

In this episode, find out:

• The key educational and certification differences between an EA and a CPA.
• Scope of work – the wide range of duties of a CPA as opposed to an EA’s taxation-only focus.
• Understanding the continuing education both a CPA and EA have to do to maintain their status.
• Geographical limitations – a CPA is state-specific, while an EA is federally licensed.
• The specific ethical standards both a CPA and an EA must adhere to.
• A formal tax strategy – looking at your current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes.

Tweetable Quotes:

• “It’s powerful to understand the intricacies of doing good tax planning ahead of time, not just tax filing.”- Radon Stancil   

“A CPA is going to be required and held to a certain standard how much continuing education they have to do; an EA is required to complete 72 hours of continuing education to maintain their status.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.