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PODCAST

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

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All Episodes

03:51

Enrolled Agent Exam [Part 2] 62, Home Office —...

Finance Exam Prep ·

2026/06/28

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 simplified home office deduction is calculated at $5 per square foot, with a maximum of 300 square feet, capping the deduction at $1,500. - The actual method

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02:42

Enrolled Agent Exam [Part 2] 61, Home Office...

Finance Exam Prep ·

2026/06/27

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 Home Office Deduction requires passing both the "regular use" and strict "exclusive use" tests. - To qualify, the home office must be the principal place of

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03:33

Enrolled Agent Exam [Part 2] 60, Vehicle Expenses —...

Finance Exam Prep ·

2026/06/26

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 standard mileage rate offers simplicity, while the actual expense method requires detailed record-keeping of costs like gas, insurance, and depreciation. - The

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04:04

Enrolled Agent Exam [Part 2] 59, Meals — 50% vs 100%...

Finance Exam Prep ·

2026/06/25

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 default business meal deduction is 50%, a common starting point for exam questions. - Meals for company-wide employee events, like holiday parties, are an

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03:21

Enrolled Agent Exam [Part 2] 58, Travel Expenses —...

Finance Exam Prep ·

2026/06/24

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 'tax home' is defined as your main place of business, which may be different from your family's residence. - Travel expenses are only deductible if you are

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03:14

Enrolled Agent Exam [Part 2] 57, Change of Accounting...

Finance Exam Prep ·

2026/06/23

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: - When a taxpayer must file Form 3115 to request a change in accounting method. - How to calculate the Section 481(a) adjustment to prevent duplication or omission of

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02:49

Enrolled Agent Exam [Part 2] 56, Hybrid Accounting...

Finance Exam Prep ·

2026/06/22

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 hybrid method is a combination of cash and accrual accounting permitted by the IRS. - A business with inventory must use the accrual method for all purchases and

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05:09

Enrolled Agent Exam [Part 2] 55, Cash vs Accrual...

Finance Exam Prep ·

2026/06/21

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 core difference between cash basis (income when received, expenses when paid) and accrual basis (income when earned, expenses when incurred). - How the

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02:17

Enrolled Agent Exam [Part 2] 54, Lower of Cost or...

Finance Exam Prep ·

2026/06/20

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 Lower of Cost or Market (LCM) method requires inventory to be valued at the lesser of its historical cost or current market value. - For tax purposes, "market"

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03:45

Enrolled Agent Exam [Part 2] 53, Inventory Methods —...

Finance Exam Prep ·

2026/06/19

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 FIFO method assumes the first units purchased are the first ones sold, typically resulting in higher taxable income during inflationary periods. - How the

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03:04

Enrolled Agent Exam [Part 2] 52, Business Casualty...

Finance Exam Prep ·

2026/06/18

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 calculate a business casualty loss: the lesser of the property's adjusted basis or the decline in its fair market value, minus insurance proceeds. - That

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03:19

Enrolled Agent Exam [Part 2] 51, Bad Debt Deduction —...

Finance Exam Prep ·

2026/06/17

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 business bad debts are valuable ordinary deductions, while nonbusiness bad debts are treated as short-term capital losses. - The critical difference in timing:

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03:37

Enrolled Agent Exam [Part 2] 50, Involuntary...

Finance Exam Prep ·

2026/06/16

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 calculate realized gain, recognized gain, and deferred gain in a §1033 transaction. - The critical tax impact of failing to reinvest the full amount of

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03:32

Enrolled Agent Exam [Part 2] 49, Like-Kind Exchanges...

Finance Exam Prep ·

2026/06/15

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 post-TCJA rule restricting §1031 exchanges exclusively to real property held for business or investment. - The non-negotiable 45-day identification period and

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03:56

Enrolled Agent Exam [Part 2] 48, Section 1231 — Sale...

Finance Exam Prep ·

2026/06/14

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 net Section 1231 gains are treated as long-term capital gains, while net losses are treated as fully deductible ordinary losses. - How to correctly net gains

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03:27

Enrolled Agent Exam [Part 2] 47, Section 1250...

Finance Exam Prep ·

2026/06/13

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 key difference between Section 1250 recapture for real property and Section 1245 recapture for personal property. - Why ordinary income recapture on Section 1250

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02:38

Enrolled Agent Exam [Part 2] 46, Section 1245...

Finance Exam Prep ·

2026/06/12

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: - Section 1245 recaptures depreciation on personal property as ordinary income. - The recapture amount is the lesser of the gain realized or the total depreciation

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03:52

Enrolled Agent Exam [Part 2] 45, Alternative...

Finance Exam Prep ·

2026/06/11

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: - When the Alternative Depreciation System (ADS) is mandatory for property such as foreign use and tax-exempt use property. - The consequences of a real property trade

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02:55

Enrolled Agent Exam [Part 2] 44, Listed Property —...

Finance Exam Prep ·

2026/06/10

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: - Listed property like vehicles and computers requires strict, contemporaneous written records to substantiate business use. - To claim accelerated depreciation

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02:38

Enrolled Agent Exam [Part 2] 43, Section 179...

Finance Exam Prep ·

2026/06/09

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 two primary limitations on the Section 179 deduction: the overall investment limit and the business taxable income limit. - How to calculate the reduction in the

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