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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/

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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
August 17 · 3 min
Enrolled Agent Exam [Part 3] 12, Furnishing Information to the IRS
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: - Under Circular 230 Section 10.20, you must promptly submit records upon a lawful IRS request. - If you don't possess requested records, you must notify the IRS and identify who you believe has them. - An exam trap is choosing an answer that only states you don't have the records, which is an incomplete duty. - Information may be withheld if you have a good-faith belief it is privileged, but the privilege must be formally asserted. - Remember the 'PIP' mnemonic: Promptly respond, Inform and Identify, or assert a valid Privilege. 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 16 · 3 min
Enrolled Agent Exam [Part 3] 11, Circular 230 and the Office of Professional Responsibility
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 Secretary of the Treasury's authority to regulate practitioners comes from 31 U.S.C. section 330, with Circular 230 containing the specific rules of conduct. - The Office of Professional Responsibility (OPR) is the IRS body responsible for interpreting and enforcing the rules of Circular 230. - Practitioners must promptly return all client-provided records upon request, even if fees are unpaid, though state law may permit withholding practitioner-created work product. - Contingent fees are generally prohibited but are permitted in three specific circumstances: IRS examinations, claims for refunds of interest and penalties, and judicial proceedings. - Sanctions for violating Circular 230 range from a public censure to suspension or permanent disbarment from practice before the IRS, and can also include monetary 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
August 15 · 2 min
Enrolled Agent Exam [Part 3] 10, PTIN Application Renewal and Compliance
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: - Who is required to obtain a PTIN, including the rules for nonsigning preparers. - The annual PTIN renewal window and the importance of personal tax compliance in the application process. - The key distinction between a nonsigning preparer who needs a PTIN and someone providing purely clerical assistance. - The severe consequences under Circular 230 for using another person's PTIN or allowing yours to be used improperly. - A simple mnemonic to connect the compensation requirement with the need for a PTIN on the exam. 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 14 · 2 min
Enrolled Agent Exam [Part 3] 09, Continuing Education Requirements
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 72-hour total continuing education (CE) requirement for each three-year Enrolled Agent enrollment cycle. - The annual minimums: at least 16 hours of CE per year, which must include 2 hours of ethics. - How CE requirements are prorated at two hours per month for an EA's initial enrollment period. - What constitutes qualifying CE content and the requirement to use IRS-approved providers. - The four-year record retention rule for all completed continuing education documentation. 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 13 · 3 min
Enrolled Agent Exam [Part 3] 08, Enrollment Renewal and Form 8554
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 three-year EA renewal cycle is based on the last digit of your SSN, grouped as 0-3, 4-6, and 7-9. - Form 8554 is the application for renewal, and the standard filing window is from November 1 to January 31. - Failing to renew by the deadline results in inactive status, with a late renewal option until April 30 before termination. - Inactive retirement status exempts you from CE but prohibits you from practicing before the IRS. - You must notify the IRS of any change of address within 60 days to remain in good standing. 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 12 · 3 min
Enrolled Agent Exam [Part 3] 07, Becoming an Enrolled Agent and Form 23
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: - You must file Form 23, the Application for Enrollment, within one year of passing the final part of the Special Enrollment Examination (SEE). - The application requires a non-refundable user fee, which is currently $140. - All applicants undergo a rigorous suitability check, which includes a personal tax compliance review and a criminal background check. - Authority to practice as an Enrolled Agent begins only after your Form 23 application is formally approved by the IRS, not when you pass the exam. - A Preparer Tax Identification Number (PTIN) is a prerequisite that you must have before starting the enrollment application process. 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 81–92 of 92 episodes