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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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  • Yesterday · 2 min

    Enrolled Agent Exam [Part 3] 54, IRS Summons Authority and Enforcement

    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 four essential "Powell factors" (LIRA) required for a valid IRS summons: Legitimate purpose, Relevant inquiry, Information not already possessed, and Administrative steps followed. - The critical 20-day deadline for a taxpayer to file a petition to quash a third-party summons after receiving notice. - The two-step enforcement process: the IRS must petition a U.S. District Court to compel compliance with a summons. - Key defenses against a summons, including the distinction that the Fifth Amendment privilege applies to individuals but not corporate entities for records. - The specific notice requirements for third-party recordkeepers, which give taxpayers the right to intervene. 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

  • Sunday · 2 min

    Enrolled Agent Exam [Part 3] 53, Information Document Requests and Exam Interviews

    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 determine the relevance of an IRS Information Document Request (IDR) and challenge overbroad inquiries. - The correct procedure for requesting an extension on an IDR and the consequences of non-response, including the risk of a summons. - How to handle privileged information within requested documents by using redaction and a privilege log. - A taxpayer's right to representation during an IRS interview and how to manage an examiner's request to bypass the practitioner. - The professional protocol for escalating disputes with an IRS examiner, starting with their immediate manager. 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

  • Saturday · 3 min

    Enrolled Agent Exam [Part 3] 52, Correspondence Office and Field Examinations

    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: - Correspondence audits are the most common, handled by mail, and typically focus on one or two specific, document-related issues. - Office audits are conducted at an IRS office for more complex issues, and the representative should attend the meeting, preferably without the taxpayer. - Field audits are the most comprehensive type, taking place at the taxpayer's business or representative's office to examine complex returns. - As a representative, always maintain control of original documents by providing copies to the IRS whenever possible. - An audit location can be transferred if there is a valid reason, such as the taxpayer's books and records being kept in a different district. 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

  • Friday · 3 min

    Enrolled Agent Exam [Part 3] 51, How Returns Are Selected for Examination

    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 the IRS primarily uses the computer-based Discriminant Inventory Function (DIF) score to select returns with a high potential for error. - The critical role of Information Matching Programs in flagging discrepancies between taxpayer-reported income and third-party forms like W-2s and 1099s. - Various other selection methods, including examinations of related taxpayers, informant referrals, and targeted IRS campaigns. - The three main types of examinations—correspondence, office, and field—and when each is typically used. - The crucial exam point that selection for an examination does not, by itself, imply the taxpayer has done anything wrong. 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

  • Thursday · 2 min

    Enrolled Agent Exam [Part 3] 50, Reading IRS Notices and Protecting Deadlines

    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: - To differentiate between a hard statutory deadline, like the 90-day rule for a Notice of Deficiency, and a more flexible administrative deadline. - That the first step upon receiving an IRS notice is to verify its authenticity and then pull the client's account transcript for a complete picture. - How to always identify the core four elements of any IRS notice: the notice number, the specific tax period, the proposed change, and the response deadline. - That the 90-day period to petition the Tax Court begins on the date the Statutory Notice of Deficiency is mailed, not when it is received. - Why you must always use a documented delivery method, like certified mail, to respond to the IRS to create a legal record of timely correspondence. 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

  • Wednesday · 3 min

    Enrolled Agent Exam [Part 3] 49, IRS Third-Party Contacts and Direct Contact 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 IRS must generally provide a taxpayer with 45 days' advance notice before contacting third parties about their tax liability. - A valid Form 2848, Power of Attorney, prohibits the IRS from bypassing the representative and contacting the taxpayer directly. - An exception allows the IRS to contact a taxpayer directly if the practitioner is causing unreasonable delays or hindering an investigation. - The practitioner's duty is to instruct their client to refer any direct IRS contact back to them and to reassert their role as the sole point of communication. - Exceptions to the third-party notice rule include criminal investigations, taxpayer authorization, or when notice could jeopardize tax collection or lead to reprisal. 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 22 · 3 min

    Enrolled Agent Exam [Part 3] 48, Taxpayer Bill of Rights and Publication 1

    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: - To distinguish between the Right to Privacy (freedom from IRS intrusion) and the Right to Confidentiality (protection of taxpayer data). - The difference between the Right to Challenge the IRS's position and the subsequent Right to Appeal to an independent body. - That the Right to Finality is not absolute and has key exceptions, such as for fraudulent returns, which eliminate the statute of limitations on assessment. - When to involve the Taxpayer Advocate Service (TAS) under the Right to a Fair and Just Tax System, focusing on cases of significant hardship. - The distinction between the Right to Quality Service (the manner of assistance) and the Right to be Informed (the clarity of information). 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 21 · 2 min

    Enrolled Agent Exam [Part 3] 47, Advising Clients About IRS Communications

    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 decipher complex IRS notices and explain them in simple terms to a client. - The critical importance of deadlines in IRS communications and the consequences of missing them. - Why guaranteeing a specific outcome to a client is an ethical violation and a common exam trap. - The proper steps to advise a client on their options, from agreeing with a notice to formally appealing it. - How to explain the consequences of non-compliance, including liens and levies, to encourage prompt 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 20 · 3 min

    Enrolled Agent Exam [Part 3] 46, Client Interviews and Fact Development

    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 properly verify a client's identity and their legal authority to act on behalf of an entity. - The strategic use of open-ended versus closed-ended questions to uncover facts versus confirm specific details. - The critical difference between a client's conclusion and the underlying facts the IRS requires. - Your professional responsibility under Circular 230 to probe inconsistencies and request substantiation. - The absolute prohibition against coaching false testimony and the importance of documenting unresolved issues. 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 19 · 3 min

    Enrolled Agent Exam [Part 3] 45, Building a Representation Case File

    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 critical difference between Form 2848 for representation and Form 8821 for information access. - Why establishing a clear scope of engagement and identifying all IRS deadlines are the first crucial steps. - How to use IRS transcripts and client notices as the foundation for reconciling tax records. - The importance of creating a detailed chronology of events to build a compelling case narrative. - Key practitioner responsibilities under Circular 230, including documenting advice and protecting client confidentiality. 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 18 · 3 min

    Enrolled Agent Exam [Part 3] 44, Federally Authorized Tax Practitioner Privilege

    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 IRC 7525 privilege extends attorney-client type confidentiality to federally authorized tax practitioners for tax advice. - The privilege is strictly limited to non-criminal, federal tax matters and does not apply to state or local tax issues. - Communications related to tax return preparation are not protected, as the information is intended for disclosure. - There is a significant exception: written communications promoting corporate tax shelters are not privileged. - The privilege belongs to the client, who can waive it by disclosing the confidential communications to a third party. 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 17 · 2 min

    Enrolled Agent Exam [Part 3] 43, Declaration of Representative and Eligibility

    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 the Declaration of Representative on Form 2848 is a sworn statement, made under penalty of perjury, concerning an individual's eligibility to practice before the IRS. - How to identify the correct designation code for different types of representatives, such as Enrolled Agents, CPAs, and attorneys. - The specific, limited representation rights granted to unenrolled return preparers and the common exam scenarios testing these limitations. - The critical requirement that students in tax clinics must be under the direct supervision of a qualified practitioner to represent taxpayers. - The severe consequences of making a false declaration, including violations of Circular 230, monetary penalties, and potential disbarment. 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 16 · 3 min

    Enrolled Agent Exam [Part 3] 42, Revoking and Withdrawing an Authorization

    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 taxpayer is the only one who can 'revoke' a power of attorney; a representative can only 'withdraw'. - Filing a new Form 2848 for the same tax matter automatically revokes a prior one unless a specific box is checked to retain the previous authorization. - A taxpayer can revoke a Power of Attorney by writing "REVOKE" on a copy of the form, signing it, and sending it to the IRS. - A representative must notify both the IRS and the taxpayer when they withdraw from representation. - When multiple representatives are involved, a new authorization can be used to selectively remove one representative while keeping others, but it requires careful documentation to avoid revoking everyone. 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 15 · 3 min

    Enrolled Agent Exam [Part 3] 41, Oral Disclosures and Third-Party Designees

    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: - Oral disclosure authorization is limited to a single conversation and expires when the call ends. - The third-party designee checkbox on a tax return grants discussion authority for one year but does not permit representation in an audit or appeal. - A Form 8655 Reporting Agent Authorization is for specific duties like payroll filings and does not create broad representation rights. - None of these limited authorizations allow a designee to receive a client's refund, sign agreements, or otherwise bind the taxpayer. - The crucial distinction tested on the exam is between these limited consents and the comprehensive powers granted by a Form 2848, Power of Attorney. 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 14 · 3 min

    Enrolled Agent Exam [Part 3] 40, Form 8821 vs Form 2848

    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: - Form 8821 provides "read-only" access to tax information, while Form 2848 grants authority to represent the taxpayer. - Appointees on Form 8821 can be almost anyone, but representatives on Form 2848 must be credentialed practitioners like EAs, CPAs, or attorneys. - Filing a new Form 2848 automatically revokes a prior 2848 for the same tax matters unless specified otherwise. - Form 8821 does not grant the power to advocate, negotiate, or sign agreements on behalf of the taxpayer. - A helpful mnemonic: "8821 is for EYES (to see information), 2848 is for MOUTH (to advocate and represent)." 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 13 · 3 min

    Enrolled Agent Exam [Part 3] 39, CAF Numbers and Authorization Recording

    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 purpose of the Centralized Authorization File (CAF) and how the unique nine-digit CAF number is used by the IRS. - The correct procedure for a new representative to obtain a CAF number by leaving the field blank on their initial Form 2848. - The critical exam distinction between a power of attorney 'recorded' on the CAF for ongoing matters versus one for 'specific use' that is not recorded. - The rule that the IRS will only send copies of notices to the first two representatives listed on a Form 2848, even if more are authorized. - The limitation on authorizing representation for future tax periods, which is generally capped at three years from the date of receipt by 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 12 · 3 min

    Enrolled Agent Exam [Part 3] 38, Form 2848 Power of Attorney

    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 critical importance of precisely matching taxpayer identity information on Form 2848 with IRS records to avoid rejection. - How to correctly specify tax matters by Type, Form, and Year (T-F-Y), and the three-year limit on authorizing future tax periods on the CAF. - The strict signature requirements for joint returns, specifically the "both spouses must file a separate form" rule for joint matters. - The key differences between substitution and delegation of authority and that these powers must be explicitly granted by the taxpayer. - Common exam traps such as using vague language like "all years" and understanding the role of the Centralized Authorization File (CAF). 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 11 · 3 min

    Enrolled Agent Exam [Part 3] 37, Preparer Penalty Assessment and Appeal

    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 an IRS examiner's immediate supervisor must provide written approval before a preparer penalty can be formally proposed. - The first step in disputing a proposed penalty is to respond to the 30-day letter by requesting a conference with the IRS Independent Office of Appeals. - The crucial 'Pay 15 to Stay in the Game' rule: a preparer must pay 15% of the assessed penalty and file a refund claim to be eligible to sue in U.S. District Court. - The key difference between a pre-assessment administrative appeal and a post-assessment judicial refund claim. - That once a penalty is assessed and remains unpaid, the IRS can use standard collection procedures, such as liens and levies, to collect the debt. 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 10 · 3 min

    Enrolled Agent Exam [Part 3] 36, Aiding Understatements and Other Civil 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 IRC 6701 aiding and abetting penalty applies to anyone who knowingly assists in an understatement, with a $1,000 penalty for individual returns and $10,000 for corporate returns. - The IRC 6700 penalty for promoting abusive tax shelters is calculated based on the promoter's gross income derived from the activity. - A frivolous submission under IRC 6702 results in a $5,000 penalty for the taxpayer, but a practitioner who assists can be penalized under IRC 6701. - The IRS can seek an injunction under IRC 7407 to completely bar a practitioner from preparing tax returns for repeated misconduct. - A critical exam skill is distinguishing practitioner penalties (based on their actions) from taxpayer penalties (based on their understatement). 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 9 · 3 min

    Enrolled Agent Exam [Part 3] 35, Disclosure and Use of Tax Return Information

    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 critical difference between criminal penalties under IRC 7216 and civil penalties under IRC 6713. - The specific requirements for obtaining valid, written taxpayer consent before disclosing or using tax return information. - Key regulatory exceptions that permit disclosure without taxpayer consent, such as for peer reviews and court orders. - The special consent rules required when a tax preparer transmits client information to a service provider located overseas. - How to identify common exam traps related to prohibited "uses" versus prohibited "disclosures" of taxpayer data. 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 1–20 of 48 episodes