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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

03:34

Enrolled Agent Exam [Part 3] 60, Assessment Lien Levy...

Finance Exam Prep ·

2026/10/04

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 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

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03:12

Enrolled Agent Exam [Part 3] 59, Fast Track...

Finance Exam Prep ·

2026/10/03

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: - 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

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03:08

Enrolled Agent Exam [Part 3] 58, Statutory Notice and...

Finance Exam Prep ·

2026/10/02

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: - 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

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03:01

Enrolled Agent Exam [Part 3] 57, Independent Office...

Finance Exam Prep ·

2026/10/01

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: - 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

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03:13

Enrolled Agent Exam [Part 3] 56, Thirty-Day Letter...

Finance Exam Prep ·

2026/09/30

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: - 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

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02:58

Enrolled Agent Exam [Part 3] 55, Audit...

Finance Exam Prep ·

2026/09/29

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: - 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. -

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02:55

Enrolled Agent Exam [Part 3] 54, IRS Summons...

Finance Exam Prep ·

2026/09/28

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 four essential "Powell factors" (LIRA) required for a valid IRS summons: Legitimate purpose, Relevant inquiry, Information not already possessed, and

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02:28

Enrolled Agent Exam [Part 3] 53, Information Document...

Finance Exam Prep ·

2026/09/27

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: - How to determine the relevance of an IRS Information Document Request (IDR) and challenge overbroad inquiries. - The correct procedure for requesting an extension on

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03:15

Enrolled Agent Exam [Part 3] 52, Correspondence...

Finance Exam Prep ·

2026/09/26

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: - 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

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03:52

Enrolled Agent Exam [Part 3] 51, How Returns Are...

Finance Exam Prep ·

2026/09/25

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: - 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

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02:53

Enrolled Agent Exam [Part 3] 50, Reading IRS Notices...

Finance Exam Prep ·

2026/09/24

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: - 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

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03:40

Enrolled Agent Exam [Part 3] 49, IRS Third-Party...

Finance Exam Prep ·

2026/09/23

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: - 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

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03:38

Enrolled Agent Exam [Part 3] 48, Taxpayer Bill of...

Finance Exam Prep ·

2026/09/22

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: - To distinguish between the Right to Privacy (freedom from IRS intrusion) and the Right to Confidentiality (protection of taxpayer data). - The difference between the

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02:59

Enrolled Agent Exam [Part 3] 47, Advising Clients...

Finance Exam Prep ·

2026/09/21

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: - 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

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03:47

Enrolled Agent Exam [Part 3] 46, Client Interviews...

Finance Exam Prep ·

2026/09/20

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: - 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

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03:14

Enrolled Agent Exam [Part 3] 45, Building a...

Finance Exam Prep ·

2026/09/19

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: - The critical difference between Form 2848 for representation and Form 8821 for information access. - Why establishing a clear scope of engagement and identifying all

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03:13

Enrolled Agent Exam [Part 3] 44, Federally Authorized...

Finance Exam Prep ·

2026/09/18

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: - The IRC 7525 privilege extends attorney-client type confidentiality to federally authorized tax practitioners for tax advice. - The privilege is strictly limited to

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02:59

Enrolled Agent Exam [Part 3] 43, Declaration of...

Finance Exam Prep ·

2026/09/17

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: - 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

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03:37

Enrolled Agent Exam [Part 3] 42, Revoking and...

Finance Exam Prep ·

2026/09/16

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: - 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

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03:34

Enrolled Agent Exam [Part 3] 41, Oral Disclosures and...

Finance Exam Prep ·

2026/09/15

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: - Oral disclosure authorization is limited to a single conversation and expires when the call ends. - The third-party designee checkbox on a tax return grants

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