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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 · 3 min
Enrolled Agent Exam [Part 3] 61, Collection Due Process and Equivalent Hearings
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 Collection Due Process (CDP) rights are triggered by a Notice of Federal Tax Lien or a Final Notice of Intent to Levy. - A timely CDP hearing request using Form 12153 must be filed within 30 days of the notice date to suspend collection actions and the collection statute of limitations. - Following a timely CDP hearing, a taxpayer has the right to petition the U.S. Tax Court if they disagree with the determination. - An untimely request, filed after 30 days but within one year, results in an Equivalent Hearing, which does not stop collection or allow for a Tax Court appeal. - The crucial exam distinction is that only a timely CDP hearing preserves the right to judicial review by the Tax Court. 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 · 3 min
Enrolled Agent Exam [Part 3] 60, Assessment Lien Levy and Collection Sequence
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 collection process begins with an assessment, followed by a Notice and Demand for Payment, which is a prerequisite for liens and levies. - A statutory "secret" lien arises automatically after non-payment, while a Notice of Federal Tax Lien (NFTL) is filed to make the lien public and secure priority against other creditors. - A levy is the actual seizure of assets and requires a "Final Notice of Intent to Levy" sent at least 30 days prior, triggering Collection Due Process (CDP) hearing rights. - The Collection Statute Expiration Date (CSED) is a 10-year clock that starts at assessment but can be suspended by events like an Offer in Compromise or bankruptcy. - Differentiating between a lien release (debt satisfied) and an NFTL withdrawal (procedural correction) is a critical distinction tested 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
Saturday · 3 min
Enrolled Agent Exam [Part 3] 59, Fast Track Settlement and Alternative Dispute Resolution
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: - Fast Track Settlement (FTS) is a voluntary mediation process used to resolve tax disputes after issues are developed but before a 30-day letter is issued. - An independent Appeals Officer facilitates the FTS process but does not impose a decision; the goal is a mutually agreed-upon settlement. - Participation in FTS is consensual; both the taxpayer and the IRS must agree to enter the program and can withdraw at any time. - If FTS fails to produce an agreement, the taxpayer's right to a traditional appeal is fully preserved, with no loss of rights. - FTS is generally ideal for resolving factual disputes quickly, while the traditional Appeals process may be better for complex legal arguments. 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] 58, Statutory Notice 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: - The 90-day clock to petition the Tax Court starts from the date the Statutory Notice of Deficiency is mailed, not received. - Taxpayers with an address outside the U.S. are granted a 150-day window, instead of 90 days, to file a petition. - The IRS is legally prohibited from assessing the proposed tax deficiency during the 90 or 150-day petitioning period. - Enrolled Agents can represent clients in all administrative matters before the IRS but cannot file a Tax Court petition unless separately admitted to practice before the court. - Missing the petition deadline results in the tax being assessed and forfeits the right to challenge the liability before paying it. 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 · 3 min
Enrolled Agent Exam [Part 3] 57, Independent Office of Appeals Conferences
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 Independent Office of Appeals' primary role is to settle disputes based on the "hazards of litigation," not to re-examine a case. - That ex parte communications—private discussions between Appeals and the originating IRS function about the merits of a case—are strictly prohibited. - Why introducing significant new information at an Appeals conference will result in the case being returned to the examiner for review. - The difference between a Form 866 closing agreement, which settles total tax liability, and a Form 906, which settles only specific issues. - What happens after an impasse is reached at Appeals, leading to the issuance of a Notice of Deficiency and the option to petition the U.S. Tax Court. 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] 56, Thirty-Day Letter and Written Protest
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 30-day letter is a preliminary notice from the IRS Examination Division proposing changes to a tax return and offering the right to appeal. - For proposed deficiencies of $25,000 or less in a single tax period, a taxpayer can use a simplified "small case request" to appeal. - A formal written protest is required for amounts over $25,000 and must include a statement of facts, a statement of law, and a declaration under penalties of perjury. - Partnerships and S corporations must always file a formal written protest, regardless of the amount in dispute. - Failing to respond to a 30-day letter will result in the IRS issuing a 90-day letter, also known as a Statutory Notice of Deficiency, which allows the taxpayer to petition the Tax Court. 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 29 · 2 min
Enrolled Agent Exam [Part 3] 55, Audit Reconsideration and Reopening Issues
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: - Audit reconsideration is an option when a taxpayer has been assessed tax but did not participate in the original audit and has new information to present. - Eligibility requires that the tax assessment is still unpaid; if fully paid, a formal refund claim is the correct procedure. - A taxpayer cannot request reconsideration if they have signed a formal closing agreement (like Form 870-AD) or if a court has issued a final ruling. - Submitting a request for audit reconsideration does not automatically suspend IRS collection actions like liens or levies. - The reconsideration process does not extend or suspend critical legal deadlines, such as the window to file a petition with the U.S. Tax Court. 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 28 · 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
September 27 · 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
September 26 · 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
September 25 · 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
September 24 · 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
September 23 · 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

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