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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

03:29

Enrolled Agent Exam [Part 2] 100, Real Estate...

Finance Exam Prep ·

2026/08/05

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: - The two strict tests required to qualify for Real Estate Professional status (the 750-hour and more-than-50% tests). - Why qualifying as a professional is only the

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03:49

Enrolled Agent Exam [Part 2] 99, Passive Activity...

Finance Exam Prep ·

2026/08/04

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 general rule that passive activity losses can only be deducted against passive activity income. - How the special $25,000 allowance for rental real estate lets

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03:02

Enrolled Agent Exam [Part 2] 98, Rental Real Estate —...

Finance Exam Prep ·

2026/08/03

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: - To distinguish between currently deductible repairs and capital improvements that must be depreciated. - The correct MACRS depreciation lives: 27.5 years for

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03:59

Enrolled Agent Exam [Part 2] 97, Farm Inventory and...

Finance Exam Prep ·

2026/08/02

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: - Cash-method farmers are generally not required to maintain or use inventories. - Cash-basis farmers can elect to defer crop insurance proceeds for one year if they

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03:31

Enrolled Agent Exam [Part 2] 96, Farm Income...

Finance Exam Prep ·

2026/08/01

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: - Farm income averaging on Schedule J allows farmers to spread current year farm income over the three prior base years to reduce their tax bill. - This tax-saving

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03:46

Enrolled Agent Exam [Part 2] 95, Farm Income —...

Finance Exam Prep ·

2026/07/31

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: - How to distinguish between ordinary income from livestock held for sale and capital gains from breeding stock. - The main sources of farm income reportable on

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03:27

Enrolled Agent Exam [Part 2] 94, Form 5500 — Plan...

Finance Exam Prep ·

2026/07/30

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: - The key differences and participant thresholds for Form 5500 (large plans), 5500-SF (small plans), and 5500-EZ (one-participant plans). - How the "80-120 Participant

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03:13

Enrolled Agent Exam [Part 2] 93, SEP-IRA and...

Finance Exam Prep ·

2026/07/29

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: - SEP-IRA contributions are made only by the employer and are discretionary each year. - The SEP contribution for a self-employed person is based on net adjusted

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03:34

Enrolled Agent Exam [Part 2] 92, 401(k), 403(b), and...

Finance Exam Prep ·

2026/07/28

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 key difference between 401(k) plans for for-profit entities and 403(b) plans for non-profits and schools. - The 2026 employee elective deferral limit of $24,500

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02:12

Enrolled Agent Exam [Part 2] 91, Qualified Retirement...

Finance Exam Prep ·

2026/07/27

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 core difference between Defined Benefit (DB) and Defined Contribution (DC) plans concerning investment risk. - How employer contribution requirements are

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03:14

Enrolled Agent Exam [Part 2] 90, Tax-Exempt Status...

Finance Exam Prep ·

2026/07/26

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 crucial difference between Form 1023 for charitable 501(c)(3) organizations and Form 1024 for other non-profits like social clubs and business leagues. - The

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03:41

Enrolled Agent Exam [Part 2] 89, Unrelated Business...

Finance Exam Prep ·

2026/07/25

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 three-part test (Trade, Regularly Carried On, Not Substantially Related) for identifying Unrelated Business Income (UBI). - How the $1,000 specific deduction

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03:26

Enrolled Agent Exam [Part 2] 88, Form 990 Filing...

Finance Exam Prep ·

2026/07/24

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: - The key filing thresholds for Form 990 are gross receipts of $200,000 or more, OR total assets of $500,000 or more. - Organizations with gross receipts under

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03:18

Enrolled Agent Exam [Part 2] 87, Section 501(c)(3) —...

Finance Exam Prep ·

2026/07/23

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: - That all 501(c)(3) organizations are considered private foundations by default unless they can prove they qualify for public charity status. - Which types of

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03:21

Enrolled Agent Exam [Part 2] 86, Form 709 — Federal...

Finance Exam Prep ·

2026/07/22

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: - How gifts exceeding the annual exclusion ($19,000 for 2025-2026) trigger a Form 709 filing requirement, even if no tax is due. - The rules for gift splitting, which

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03:39

Enrolled Agent Exam [Part 2] 85, Form 706 — Federal...

Finance Exam Prep ·

2026/07/21

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: - Form 706 is required when the gross estate plus adjusted taxable gifts exceeds the lifetime exemption ($15 million in 2026). - The unlimited marital and charitable

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03:23

Enrolled Agent Exam [Part 2] 84, Estate Income Tax —...

Finance Exam Prep ·

2026/07/20

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: - An estate is a separate taxpayer from the decedent, reporting post-death income on Form 1041. - Unlike individuals, an estate can elect a fiscal year, creating

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03:20

Enrolled Agent Exam [Part 2] 83, Grantor Trust Rules...

Finance Exam Prep ·

2026/07/19

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: - That a grantor trust is a pass-through entity for income tax, with all tax consequences reported on the grantor's personal Form 1040. - To identify the key triggers

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03:42

Enrolled Agent Exam [Part 2] 82, Distributable Net...

Finance Exam Prep ·

2026/07/18

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: - That Distributable Net Income (DNI) acts as a ceiling for both the trust's distribution deduction and the beneficiary's reportable income. - Why capital gains

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03:07

Enrolled Agent Exam [Part 2] 81, Simple vs Complex...

Finance Exam Prep ·

2026/07/17

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: - The three strict requirements a trust must meet to be classified as 'simple.' - How a trust's classification can change from simple to complex on a year-by-year

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260 results

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