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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

education courses

All Episodes

03:02

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

Finance Exam Prep ·

2026/09/14

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: - 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,

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03:17

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

Finance Exam Prep ·

2026/09/13

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 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

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03:40

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

Finance Exam Prep ·

2026/09/12

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: - The critical importance of precisely matching taxpayer identity information on Form 2848 with IRS records to avoid rejection. - How to correctly specify tax matters

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03:23

Enrolled Agent Exam [Part 3] 37, Preparer Penalty...

Finance Exam Prep ·

2026/09/11

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: - 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

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03:36

Enrolled Agent Exam [Part 3] 36, Aiding...

Finance Exam Prep ·

2026/09/10

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: - 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

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03:13

Enrolled Agent Exam [Part 3] 35, Disclosure and Use...

Finance Exam Prep ·

2026/09/09

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 critical difference between criminal penalties under IRC 7216 and civil penalties under IRC 6713. - The specific requirements for obtaining valid, written

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03:27

Enrolled Agent Exam [Part 3] 34, Other Return...

Finance Exam Prep ·

2026/09/08

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 specific per-failure and maximum annual penalties for administrative duties like furnishing copies, signing returns, using a PTIN, and record retention. - The

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04:16

Enrolled Agent Exam [Part 3] 33, Preparer Penalties...

Finance Exam Prep ·

2026/09/07

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 penalties under IRC Section 6694 for unreasonable positions and willful or reckless conduct. - The distinction between the 'substantial authority'

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03:16

Enrolled Agent Exam [Part 3] 32, Frivolous...

Finance Exam Prep ·

2026/09/06

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 identify common frivolous tax arguments tested on the EA exam, such as 'wages are not income.' - The critical difference between negligence (20% penalty) and

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03:29

Enrolled Agent Exam [Part 3] 31, Expedited Suspension...

Finance Exam Prep ·

2026/09/05

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: - Expedited suspension is a swift action by the OPR under Circular 230 for serious misconduct. - Key triggers include loss of a professional license for cause or

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03:00

Enrolled Agent Exam [Part 3] 30, OPR Disciplinary...

Finance Exam Prep ·

2026/09/04

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 OPR initiates disciplinary action with a formal complaint, and the practitioner must file an answer within the specified time to avoid a default judgment. - The

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03:32

Enrolled Agent Exam [Part 3] 29, Censure Suspension...

Finance Exam Prep ·

2026/09/03

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 specific conduct standards—willful, reckless, or grossly incompetent—that can lead to sanctions under Circular 230. - The practical differences between censure

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03:09

Enrolled Agent Exam [Part 3] 28, Incompetence and...

Finance Exam Prep ·

2026/09/02

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: - Disreputable conduct includes not just federal tax crimes, but any felony or crime involving dishonesty or breach of trust. - Willfully failing to file your own tax

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03:09

Enrolled Agent Exam [Part 3] 27, Firm Compliance...

Finance Exam Prep ·

2026/09/01

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

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02:42

Enrolled Agent Exam [Part 3] 26, Written Tax Advice...

Finance Exam Prep ·

2026/08/31

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

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03:19

Enrolled Agent Exam [Part 3] 25, Competence and...

Finance Exam Prep ·

2026/08/30

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

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02:58

Enrolled Agent Exam [Part 3] 24, Standards for...

Finance Exam Prep ·

2026/08/29

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. -

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03:16

Enrolled Agent Exam [Part 3] 23, Circular 230 Best...

Finance Exam Prep ·

2026/08/28

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 crucial distinction between aspirational "best practices" in Section 10.33 and sanctionable conduct. - Why clear engagement letters are the best practice for

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03:23

Enrolled Agent Exam [Part 3] 22, Practice of Law and...

Finance Exam Prep ·

2026/08/27

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: - 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,

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03:33

Enrolled Agent Exam [Part 3] 21, Negotiating Taxpayer...

Finance Exam Prep ·

2026/08/26

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: - Circular 230, section 10.31 strictly prohibits practitioners from endorsing, cashing, or otherwise negotiating any federal tax refund check. - Practitioners are

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