{"id":1295,"date":"2023-02-15T19:17:01","date_gmt":"2023-02-15T19:17:01","guid":{"rendered":"https:\/\/eaexam.co\/passfast\/?p=1295"},"modified":"2023-06-09T12:57:39","modified_gmt":"2023-06-09T12:57:39","slug":"examining-ea-study-material-what-you-need-to-know-to-ace-part-2","status":"publish","type":"post","link":"https:\/\/eaexam.co\/passfast\/examining-ea-study-material-what-you-need-to-know-to-ace-part-2\/","title":{"rendered":"Examining EA Study Material: What You Need To Know To Ace Part 2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1295\" class=\"elementor elementor-1295\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-53c0005d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"53c0005d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6dcc6175\" data-id=\"6dcc6175\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-687169db elementor-widget elementor-widget-text-editor\" data-id=\"687169db\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 28-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abdd2b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abdd2b6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-422dd3d\" data-id=\"422dd3d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bb54ef2 elementor-widget elementor-widget-text-editor\" data-id=\"bb54ef2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The second part of the IRS <a title=\"Your Comprehensive Guide To Passing The Enrolled Agent Exam Easily\" href=\"https:\/\/eaexam.co\/passfast\/your-comprehensive-guide-to-passing-the-enrolled-agent-exam-easily\/\">enrolled agent exam<\/a> focuses on businesses. It covers EA study material topics such as business entities, accounting methods, depreciation, cost recovery, business deductions, employee compensation, and retirement plans.<\/p>\n<p>Specifically, the exam tests knowledge of the tax treatment of different types of business entities, including partnerships, S corporations, and C corporations. It also covers accounting methods, including cash and accrual accounting, and the rules for calculating depreciation and cost recovery.<\/p>\n<p>Additionally, the exam tests the ability to identify and calculate business deductions, such as advertising expenses, employee compensation, and rent expenses.<\/p>\n<p>Finally, the exam covers the rules for employee compensation and retirement plans, including contributions and distributions. Overall, the second part of the exam assesses an individual&#8217;s knowledge of taxation related to businesses and their finances.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1329\" src=\"https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/EASEAL_L.gif\" alt=\"EA study material\" width=\"125\" height=\"87\" \/><\/p>\n<h3>EA Study Material Topics Detail<\/h3>\n<h4>Part 2 \u2014 Businesses: EA Study Material<\/h4>\n<ol>\n<li>Business Entities and Considerations\u2013 30 questions<\/li>\n<li>Business Tax Preparation \u2013 37 questions<\/li>\n<li>Specialized Returns and Taxpayers \u2013 18 questions<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>Here&#8217;s a more detailed <a title=\"EA Study Topics: Crushing Part 3 on Your First Attempt\" href=\"https:\/\/eaexam.co\/passfast\/ea-study-topics-crushing-part-3-on-your-first-attempt\/\">EA study<\/a> material topics breakdown of the second part of the IRS <a title=\"How To Pass The EA Exam On The 1st Attempt?\" href=\"https:\/\/eaexam.co\/passfast\/how-to-pass-the-ea-exam-on-the-1st-attempt\/\">EA exam<\/a>:<\/p>\n<ol>\n<li>\n<p><strong>Business Entities:<\/strong> This topic covers the different types of business entities, including sole proprietorships, partnerships, S corporations, and C corporations. It also covers the tax treatment of each type of entity.<\/p>\n<\/li>\n<li>\n<p><strong>Accounting Methods:<\/strong> This EA study material topic covers the different accounting methods that businesses can use, including cash and accrual accounting. It also covers the rules for changing accounting methods.<\/p>\n<\/li>\n<li>\n<p><strong>Depreciation:<\/strong> This topic covers the rules for calculating and claiming depreciation for business assets, including the different methods of depreciation, such as straight-line and accelerated depreciation.<\/p>\n<\/li>\n<li>\n<p><strong>Cost Recovery:<\/strong> This EA study material topic covers the rules for claiming cost recovery deductions for business assets, including the Section 179 deduction and bonus depreciation.<\/p>\n<\/li>\n<li>\n<p><strong>Business Deductions:<\/strong> This topic covers the different types of business deductions that are available, including advertising expenses, employee compensation, rent expenses, and other ordinary and necessary expenses.<\/p>\n<\/li>\n<li>\n<p><strong>Credits for Businesses:<\/strong> This EA study material topic covers the various tax credits that are available to businesses, including the research and development credit and the work opportunity credit.<\/p>\n<\/li>\n<li>\n<p><strong>Accounting Periods and Methods:<\/strong> This topic covers the rules for choosing an accounting period and method for tax purposes.<\/p>\n<\/li>\n<li>\n<p><strong>Employee Compensation:<\/strong> This EA study material topic covers the rules for paying and reporting employee compensation, including the calculation of payroll taxes.<\/p>\n<\/li>\n<li>\n<p><strong>Retirement Plans:<\/strong> This topic covers the different types of retirement plans that businesses can offer, including 401(k) plans and Simplified Employee Pension (SEP) plans. It also covers the rules for contributions and distributions.<\/p>\n<\/li>\n<li>\n<p><strong>Business Tax Returns:<\/strong> This EA study material topic covers the different types of tax returns that businesses may need to file, including Form 1120 for corporations and Form 1065 for partnerships.<\/p>\n<\/li>\n<li>\n<p><strong>Partnership Taxation:<\/strong> This topic covers the rules for partnership taxation, including the allocation of income and deductions among partners and the reporting of partnership income on individual tax returns.<\/p>\n<\/li>\n<li>\n<p><strong>S Corporation Taxation:<\/strong> This EA study material topic covers the rules for S corporation taxation, including the requirements for electing S corporation status and the calculation of income and deductions.<\/p>\n<\/li>\n<li>\n<p><strong>C Corporation Taxation:<\/strong> This topic covers the rules for C corporation taxation, including the calculation of income and deductions and the rules for calculating the Alternative Minimum Tax.<\/p>\n<\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-1413\" src=\"https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips-120x300.png\" alt=\"EA study material time management tips\" width=\"120\" height=\"300\" srcset=\"https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips-120x300.png 120w, https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips-410x1024.png 410w, https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips-768x1920.png 768w, https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips-614x1536.png 614w, https:\/\/eaexam.co\/passfast\/wp-content\/uploads\/2023\/02\/ea-study-material-4-time-management-tips.png 800w\" sizes=\"(max-width: 120px) 100vw, 120px\" \/><\/p>\n<h4>SEE: Part 2 \u2014 Businesses &#8211; EA Study Material Domains<\/h4>\n<p><b>EA Study Material Domain 1: Business Entities and Considerations 30 Questions\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">1.1. Business Entities\u00a0\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Sole proprietorships\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partnerships and qualified joint ventures (QJV)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Corporations\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">S corporations\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">LLCs\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Tax-exempt entities and associations\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Entity type default classifications and elections\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Employer identification number\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Accounting periods (tax year)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Reporting requirements (e. g., Forms W-2, W-4, Form 1099)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Hobby versus business determination and loss limitations\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">1.2. Partnerships\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Partnership income, expenses, distributions, and flow-through (e. g., self-employment income) -Family partnerships\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partner&#8217;s dealings with partnership (e. g., exchange of property, guaranteed payments)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Contribution of property and\/or services to a partnership (e. g., partnership&#8217;s basis, property\u00a0 subject to indebtedness)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Basis of partner&#8217;s interest\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Disposition of partner&#8217;s interest\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partnership formation (e. g., partnership agreement, general vs limited partners, capital\u00a0 contributions)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Dissolution of partnership (e. g., sale, death of partner)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Filing requirements, due dates, penalties, and audit notice requirements\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partnership cancellation of debt\u00a0\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partnership level audit and opt-out\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">1.3. Corporations in general\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Filing requirements, due dates, and penalties<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Earnings and profits\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Shareholder dividends, distributions, and recognition requirements\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Special deductions and credits (e. g., dividends received deductions, charitable deduction) -Liquidations and stock redemptions\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Accumulated earnings tax\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Estimated tax payments\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Corporate minimum tax credit\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">1.4. Forming a corporation\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Services rendered to a corporation in return for stock\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">IRC section 351 exchange\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Transfer and\/or receipt of money or property in addition to corporate stock -Transfer of property subject to indebtedness\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Controlled groups\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Closely held corporations\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">1.5. S corporations\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Requirements to qualify (e. g., qualifying shareholders)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Election procedure\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Income, expenses and separately stated items\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Treatment of distributions\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Shareholder\u2019s basis (e. g., loan basis, distributions and losses in excess of basis, services for stock)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Revocation, termination and reinstatement\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Debt discharge\u00a0<\/span><\/li>\n<\/ul>\n<p><b>EA Study Material Domain 2: Business Tax Preparation 37 Questions\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">2.1. Business Income\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Gross receipts and other income\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Cost of goods sold (e. g., inventory practices, expenditures included, uniform capitalization\u00a0 rules)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Net income\/loss and at-risk limitations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Cancellation of business debt\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2.2. Business expenses, deductions and credits\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Officers and employees\u2019 compensation (e. g., deductibility, fringe benefits, rules of family\u00a0 employment, statutory employee, necessary and reasonable)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Business rental deduction, including self-rentals\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Depreciation, amortization (start-up and organizational cost), IRC section 179, depletion, bonus\u00a0 depreciation, and correcting errors\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Business bad debts\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Business travel, meals, and gift expenses\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Vehicle use and expenses\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Interest expense\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Insurance expense\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Taxes (e. g., deductibility of taxes, assessments, and penalties; proper treatment of sales taxes\u00a0 paid, excise)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Employment taxes\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Casualties, thefts, and condemnations\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Qualified business income(QBI) (e.g., SSTB, calculations, phase out, UBIA)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Eligibility and deductibility of general business credits (e. g., disabled access credit, R &amp; D credit,\u00a0 small business healthcare tax credit, foreign tax credit)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Net operating loss deduction\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Home office\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2.3. Business assets\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Basis of assets\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Disposition of property or assets\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Like kind exchange\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Converted property\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Capitalization and repair regulations (e. g., elections)\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2.4. Analysis of financial records\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Proper business type, the use of classification codes, and year to year comparison -Income statement<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Balance sheet (e. g., proofing beginning and ending balances, relationship to income statement\u00a0 and depreciation)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Method of accounting and changes (e. g., accrual, cash, hybrid, Form 3115)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Depreciation recovery (e. g., recapture, IRC sec 280F)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Pass-through activity (e. g., K-1, separately stated items, non-deductible expenses) -Reconciliation of tax versus books (e. g., M-1, M-2, M-3)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Related party activity\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Loans to and from owners\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2.5. Advising the business taxpayer\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Reporting and filing obligations (e. g., extended returns and potential penalties, international\u00a0 information returns, Form 1099 series, Form 8300)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Payments and deposit obligations (e. g., employment tax, excise tax)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Record-keeping requirements (e. g., mileage log, accountable plans)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Selection of business entity (e. g., benefits and detriments)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Comingling (e. g., personal usage of business accounts, separation of business and personal\u00a0 accounts)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Advice on accounting methods and procedures (e. g., explanation of requirements) -Transfer of property in or out of the business\u00a0\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Life cycle of the business (e. g., formation, dissolution)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Type of industry (e. g., specified service business owners)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Worker classification (e.g., independent contractor versus employee, outside sales, full-time\u00a0 versus part-time)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Deductions and credits for tax planning (e.g., timing of income and expenses, NOL, depreciation\u00a0 versus IRC section 179 versus bonus depreciation)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ACA compliance\u00a0<\/span><\/li>\n<\/ul>\n<p><b>EA Study Material Domain 3: Specialized Returns and Taxpayers 18 Questions\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">3.1. Trust and estate income tax\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Trust types (e. g., simple\/complex, grantor, irrevocable, tax shelters, foreign)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Distributable net income and accounting income\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exclusions, exemptions, and deductions<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Fraudulent trusts\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Income (e. g., allocations, corpus versus income)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Separately stated items (e.g., items reported on the K-1)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Filing requirements, tax years, and penalties\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3.2. Exempt organizations\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Qualifying for and maintaining tax-exempt status (e. g., IRC 501(c))\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Applying for IRS tax-exempt status (e. g., Form 1023, Form 1024)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Filing requirements (e. g., Form 990 series)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Unrelated business taxable income\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3.3. Retirement plans\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Employer and employee contributions\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Reporting requirements\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Plans for self-employed persons (e. g., SEP and SIMPLE)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Prohibited transactions\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Qualified and non-qualified plans\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Non-discrimination rules\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3.4. Farmers\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Farm income (e.g., livestock, crop insurance proceeds, subsidies, patronage dividends,\u00a0 conservation payments)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Depreciation for farmers\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Disaster-area provisions (e.g., drought, flood, other weather-related conditions) -Farm rental (e.g., Form 4835)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Farm tax computation (e.g., Schedule J, Schedule SE, estimated tax)\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3.5 Rental Property\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Real estate professional qualifications\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Commercial rentals versus residential rentals\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mixed used property\/vacation home\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Passive loss limitation (e.g., special $25,000 allowance, MAGI limits)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rental income (e.g., deposits, pre-paid rent, not rented for profit)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rental expenses (e.g., allocation between personal and rental, repair versus capitalized)<\/span><\/li>\n<\/ul>\n<p>Overall, the <a href=\"https:\/\/www.irs.gov\/tax-professionals\/enrolled-agents\/see-sample-test-questions-part-2\" target=\"_blank\" rel=\"noopener\">second part<\/a> of the IRS enrolled agent exam requires a thorough understanding of many EA study material domains such as tax laws and regulations related to businesses and their finances.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e0390fd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0390fd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c351abf\" data-id=\"c351abf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7221d58 elementor-widget elementor-widget-video\" data-id=\"7221d58\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/Q1y8c_MZYvE&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 28-02-2024 *\/\n.elementor-widget-video .elementor-widget-container{overflow:hidden;transform:translateZ(0)}.elementor-widget-video .elementor-wrapper{aspect-ratio:var(--video-aspect-ratio)}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{height:100%;width:100%;display:flex;border:none;background-color:#000}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-wrapper{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .elementor-open-inline .elementor-custom-embed-image-overlay{position:absolute;top:0;right:0;bottom:0;left:0;background-size:cover;background-position:50%}.elementor-widget-video .elementor-custom-embed-image-overlay{cursor:pointer;text-align:center}.elementor-widget-video .elementor-custom-embed-image-overlay:hover .elementor-custom-embed-play i{opacity:1}.elementor-widget-video .elementor-custom-embed-image-overlay img{display:block;width:100%;aspect-ratio:var(--video-aspect-ratio);-o-object-fit:cover;object-fit:cover;-o-object-position:center center;object-position:center center}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-custom-embed-image-overlay{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-custom-embed-image-overlay img{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .e-hosted-video .elementor-video{-o-object-fit:cover;object-fit:cover}.e-con-inner>.elementor-widget-video,.e-con>.elementor-widget-video{width:var(--container-widget-width);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>If you want to ace part 2 of the EA exam, you must first understand all of the EA study material domains that you will be tested on.<\/p>\n","protected":false},"author":1,"featured_media":1421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/posts\/1295"}],"collection":[{"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/comments?post=1295"}],"version-history":[{"count":26,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/posts\/1295\/revisions"}],"predecessor-version":[{"id":2195,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/posts\/1295\/revisions\/2195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/media\/1421"}],"wp:attachment":[{"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/media?parent=1295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/categories?post=1295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eaexam.co\/passfast\/wp-json\/wp\/v2\/tags?post=1295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}