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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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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
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

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