EducationCoursesBusinessCareers

Finance Exam Prep

Ran Chen, EA, CFP®

Finance Exam Prep is a daily podcast designed to help future tax and finance professionals pass their certification and licensing exams with clarity and confidence.

Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.

Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.

Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/

Play

Open in

66 episodes
daily
Avg 3 min
English

Episodes 66

Newest Oldest Longest

All20 Unplayed20 In progress0 Played0

Counted on this page — what you have heard stays on this device, so it is not something the list can be paged by.

September 6 · 3 min
Enrolled Agent Exam [Part 3] 32, Frivolous Submissions and Badges of Fraud
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How to identify common frivolous tax arguments tested on the EA exam, such as 'wages are not income.' - The critical difference between negligence (20% penalty) and civil fraud (75% penalty), which hinges on intent. - Key examples of 'badges of fraud' that indicate a taxpayer's willful intent to deceive, like keeping two sets of books or concealing assets. - A practitioner's duties under Circular 230 when a client insists on taking a frivolous position. - The specific civil penalty for filing a frivolous return ($5,000) and how it differs from fraud or negligence penalties. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
September 5 · 3 min
Enrolled Agent Exam [Part 3] 31, Expedited Suspension Procedures
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Expedited suspension is a swift action by the OPR under Circular 230 for serious misconduct. - Key triggers include loss of a professional license for cause or conviction of a tax crime or felony involving dishonesty. - A pattern of willful failure to file federal tax returns is a specific grounds for this procedure. - The suspension is immediate, but the practitioner has 30 days to respond and request a conference with the OPR. - Exam questions focus on distinguishing which specific acts qualify for expedited suspension versus standard disciplinary action. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
September 4 · 3 min
Enrolled Agent Exam [Part 3] 30, OPR Disciplinary Proceedings and Appeals
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The OPR initiates disciplinary action with a formal complaint, and the practitioner must file an answer within the specified time to avoid a default judgment. - The OPR bears the burden of proof in a hearing, which is judged by a 'preponderance of the evidence' standard before an Administrative Law Judge (ALJ). - Sanctions range from a public censure to suspension or disbarment, depending on the severity of the misconduct. - Decisions by the ALJ can be appealed by either party to the Treasury Appellate Authority, which represents the final agency action. - A disbarred practitioner must wait a minimum of five years before they can petition the OPR for reinstatement. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
September 3 · 3 min
Enrolled Agent Exam [Part 3] 29, Censure Suspension Disbarment and Monetary Penalties
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The specific conduct standards—willful, reckless, or grossly incompetent—that can lead to sanctions under Circular 230. - The practical differences between censure (a public reprimand), suspension (temporary ban), and disbarment (minimum five-year ban). - How monetary penalties are calculated, up to the gross income derived from the misconduct, and can be applied to both individuals and firms. - That a firm can be held liable and penalized if it knew or reasonably should have known about a practitioner's misconduct. - The direct impact of sanctions on a practitioner's ability to represent clients before the IRS. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
September 2 · 3 min
Enrolled Agent Exam [Part 3] 28, Incompetence and Disreputable Conduct
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Disreputable conduct includes not just federal tax crimes, but any felony or crime involving dishonesty or breach of trust. - Willfully failing to file your own tax return or attempting to evade taxes is a clear violation under Circular 230. - Using abusive language, threats, or knowingly false accusations against IRS personnel constitutes contemptuous conduct. - Knowingly assisting a person who is suspended or disbarred to practice before the IRS is grounds for sanctions. - Providing a false or misleading opinion, knowingly or recklessly, is a prime example of professional incompetence. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
September 1 · 3 min
Enrolled Agent Exam [Part 3] 27, Firm Compliance Procedures
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Practitioners with principal authority are responsible for their firm's overall compliance with Circular 230. - A violation occurs if a firm leader fails to implement 'adequate procedures' for all staff to follow Circular 230. - Supervisors must identify and take prompt corrective action to address any 'pattern or practice' of noncompliance within the firm. - A supervising practitioner can be disciplined if their failure to act is deemed willful, reckless, or grossly incompetent. - The exam may present scenarios where a leader claims ignorance, but they are still responsible if they 'should have known' about the misconduct. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 31 · 2 min
Enrolled Agent Exam [Part 3] 26, Written Tax Advice Standards
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Why you cannot base written advice on unreasonable factual or legal assumptions. - The 'know or should know' standard for identifying all relevant facts in a client scenario. - When it is and is not reasonable to rely on information provided by a client without verification. - The absolute prohibition against factoring in the 'audit lottery' in your tax advice. - The requirement to apply the law to the client's specific facts, not just state it generally. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 30 · 3 min
Enrolled Agent Exam [Part 3] 25, Competence and Specialist Assistance
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Competence under Circular 230 requires the necessary knowledge, skill, thoroughness, and preparation for a specific client matter. - A practitioner who is not initially competent may accept an engagement if they can become competent through reasonable study or by consulting an expert. - Recognizing the limits of one's own expertise and advising a client to hire a specialist, such as an appraiser, is a key component of competence. - A common exam trap is choosing to immediately decline an engagement when Circular 230 permits taking steps to become competent. - Use the 'Know it, Learn it, or Refer it' framework to analyze your required actions in exam scenario questions related to competence. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 29 · 2 min
Enrolled Agent Exam [Part 3] 24, Standards for Returns and Other Documents
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The minimum standard for any tax return position under Circular 230 Section 10.34 is 'reasonable basis,' which is a position with at least a 20% chance of success. - To avoid substantial understatement penalties, a position with only a 'reasonable basis' must be adequately disclosed to the IRS, typically using Form 8275. - A higher standard, 'substantial authority' (approximately a 40% chance of success), is required for undisclosed positions to avoid penalties. - Frivolous positions, which are patently improper, are strictly prohibited and can lead to severe sanctions for the tax practitioner. - Practitioners have a duty to advise clients about potential accuracy-related penalties and the options available to avoid them through disclosure. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 28 · 3 min
Enrolled Agent Exam [Part 3] 23, Circular 230 Best Practices
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The crucial distinction between aspirational "best practices" in Section 10.33 and sanctionable conduct. - Why clear engagement letters are the best practice for communicating the scope of work with clients. - A practitioner's duty to make reasonable inquiries when client-provided information appears incomplete or questionable. - How to properly advise clients on potential tax penalties without guaranteeing outcomes. - The mnemonic "CLEAR" to remember the core best practices: Communicate terms, Locate facts, Evaluate law, Advise on consequences, and Represent with integrity. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 27 · 3 min
Enrolled Agent Exam [Part 3] 22, Practice of Law and Tax Court Boundaries
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Enrolled Agents are authorized by Circular 230 to represent taxpayers before the IRS, but this does not constitute the practice of law. - Providing legal advice, such as interpreting case law or drafting legal documents like trusts and partnerships, is considered the unauthorized practice of law for an EA. - An Enrolled Agent cannot represent a client in U.S. Tax Court based solely on their EA credential; this is a frequent exam trap. - To practice before the U.S. Tax Court, a non-attorney must pass a separate and difficult examination administered by the Court itself. - Exam questions frequently test the boundary between permissible IRS administrative practice and the unauthorized practice of law through situational scenarios. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 26 · 3 min
Enrolled Agent Exam [Part 3] 21, Negotiating Taxpayer Refund Checks
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Circular 230, section 10.31 strictly prohibits practitioners from endorsing, cashing, or otherwise negotiating any federal tax refund check. - Practitioners are forbidden from directing or accepting any part of a taxpayer's electronic refund into an account they own or control. - Using 'split refunds' to have tax preparation fees paid directly from a client's refund is a direct violation and a common exam trap. - A valid power of attorney does not grant a practitioner the authority to bypass the rule against negotiating a client's refund. - A client's explicit consent to negotiate their refund check does not excuse the practitioner from violating Circular 230. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 25 · 3 min
Enrolled Agent Exam [Part 3] 20, Solicitation Advertising and Enrolled Agent Designations
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The use of "Enrolled Agent" or "EA" is permitted, but claiming to be "IRS Certified" or using the IRS logo is strictly forbidden. - All advertising, including targeted mailings, must avoid false, fraudulent, or misleading claims that create unjustified expectations. - If you advertise specific fees for services, you must honor those fees for at least 30 days after the last publication of the advertisement. - You must retain copies of all direct mail solicitations and a list of recipients for a period of at least 36 months. - Stating past accomplishments is permissible only if it can be factually substantiated and is not misleading. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 24 · 2 min
Enrolled Agent Exam [Part 3] 19, Conflicts of Interest and Written Consent
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A conflict of interest exists under Circular 230 section 10.29 when representation is directly adverse to another client or is materially limited by other responsibilities. - To proceed despite a conflict, the practitioner must have a reasonable belief in their ability to provide competent representation, the representation must not be prohibited by law, and each client must provide written informed consent. - The client's written consent must be confirmed no later than 30 days after the conflict is known. - Practitioners must retain copies of the written consents for at least 36 months after the conclusion of the representation. - Exam questions often use scenarios involving divorcing spouses or feuding business partners to test the application of the three-part waiver rule. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 23 · 3 min
Enrolled Agent Exam [Part 3] 18, Returning Client Records
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Your primary duty under Circular 230 section 10.28 is to promptly return all client records necessary for tax compliance upon request. - A fee dispute does not generally relieve you of the responsibility to return a client's records. - How to distinguish between client-provided records, which must be returned, and practitioner work product, which may be withheld if unpaid. - The narrow state-law exception that may permit retaining records, but still requires providing reasonable access for copying. - That you are always permitted to retain copies of any client records you return, at your own expense. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 22 · 3 min
Enrolled Agent Exam [Part 3] 17, Practitioner Fees and Contingent Fee Rules
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The general prohibition under Circular 230 against charging unconscionable and contingent fees. - The specific exception allowing contingent fees for representing a client during an IRS examination or challenge to an original tax return. - The critical 120-day rule for charging contingent fees on amended returns or claims for refund in connection with an IRS examination. - The exception that permits contingent fees for claims related solely to statutory interest and penalties. - The circumstances under which a contingent fee is allowed for services related to judicial proceedings. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 21 · 3 min
Enrolled Agent Exam [Part 3] 16, Assistance from Suspended or Disbarred Practitioners
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Practitioners are forbidden from knowingly accepting assistance from or assisting anyone disbarred or suspended from IRS practice. - The definition of "assistance" is broad, including any act of "practice" such as return preparation or providing tax advice, not just direct representation. - A disbarred individual can only be employed for purely clerical duties that involve no tax judgment, such as filing or basic data entry. - A common exam trap is the "review and sign" fallacy; a licensed EA cannot cure a violation by simply reviewing and signing substantive work prepared by a disbarred person. - Remember the rule: "No Contact, No Counsel, Just Clerical" to define the strict boundaries for employing a suspended or disbarred person. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 20 · 3 min
Enrolled Agent Exam [Part 3] 15, Prompt Disposition of Pending Matters
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A practitioner must not unreasonably delay the prompt disposition of any matter before the IRS. - Using delay as a strategy, such as hoping an IRS agent will be reassigned, is a clear violation of Circular 230. - A practitioner is not absolved of responsibility just because a client is causing the delay; they must still act with diligence to move the case forward. - Filing for an extension is permissible, but using extensions as a tactic to obstruct or without a valid reason constitutes an unreasonable delay. - The EA exam tests this concept through scenarios that require you to distinguish between reasonable and unreasonable delays. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 19 · 2 min
Enrolled Agent Exam [Part 3] 14, Due Diligence as to Accuracy
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That due diligence under Circular 230 is a standard of 'reasonable care,' not a guarantee of correctness on all filings. - You may rely on client-provided information, but not blindly; you have a duty to make reasonable inquiries if information appears incorrect, incomplete, or inconsistent. - When relying on the work of another person, you are only presumed to have exercised due diligence if you used reasonable care in hiring, supervising, and training them. - How the exam tests your responsibility to probe deeper into questionable information rather than accepting it at face value, an act of 'willful blindness'. - The difference between the general due diligence standard of Section 10.22 and the specific, heightened requirements for certain tax credits. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
August 18 · 3 min
Enrolled Agent Exam [Part 3] 13, Client Errors and Omissions
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Your two primary duties under Circular 230 §10.21 are to promptly inform the client of an error and advise on potential consequences. - You are strictly prohibited from notifying the IRS about a client's error without their explicit permission. - Forcing a client to file an amended return is not your responsibility; the decision to correct a past mistake rests solely with the taxpayer. - Withdrawing from an engagement is not automatically required if a client refuses to correct an error, unless that error impacts the accuracy of current work. - A helpful mnemonic: "Advise, don't advertise." Your role is to advise the client, not to advertise their mistakes to the IRS. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Showing 41–60 of 66 episodes