Podcast
Finance Exam Prep
Hosted by Ran Chen, EA, CFP® · EN
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/
90episodes
Episodes
Newest firstAll episodes
Enrolled Agent Exam [Part 3] 08, Enrollment Renewal and Form 8554
Yesterday00:03:00Tap to summarizeThis 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-year EA renewal cycle is based on the last digit of your SSN, grouped as 0-3, 4-6, and 7-9. - Form 8554 is the application for renewal, and the standard filing window is from November 1 to January 31. - Failing to renew by the deadline results in inactive status, with a late renewal option until April 30 before termination. - Inactive retirement status exempts you from CE but prohibits you from practicing before the IRS. - You must notify the IRS of any change of address within 60 days to remain in good standing. 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
Transcribe →Enrolled Agent Exam [Part 3] 07, Becoming an Enrolled Agent and Form 23
2d ago00:03:08Tap to summarizeThis 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: - You must file Form 23, the Application for Enrollment, within one year of passing the final part of the Special Enrollment Examination (SEE). - The application requires a non-refundable user fee, which is currently $140. - All applicants undergo a rigorous suitability check, which includes a personal tax compliance review and a criminal background check. - Authority to practice as an Enrolled Agent begins only after your Form 23 application is formally approved by the IRS, not when you pass the exam. - A Preparer Tax Identification Number (PTIN) is a prerequisite that you must have before starting the enrollment application process. 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
Transcribe →Enrolled Agent Exam [Part 3] 06, Special and Limited Appearances
3d ago00:03:03Tap to summarizeThis 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 individuals, like family members and full-time employees, who can make limited appearances before the IRS without being a CPA, attorney, or EA. - The IRS definition of "immediate family" for representation purposes under Circular 230. - The critical exam distinction between a regular full-time employee and an independent contractor for employer representation. - The role of fiduciaries, such as executors or trustees, in representing estates and trusts before the IRS. - How the IRS can grant a discretionary "special appearance" on a case-by-case basis for individuals with unique knowledge relevant to a tax matter. 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
Transcribe →Enrolled Agent Exam [Part 3] 05, Limited Practice by Return Preparers
4d ago00:03:17Tap to summarizeThis 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 representation rights granted to Annual Filing Season Program (AFSP) participants. - That representation is strictly limited to the tax return and year the preparer actually signed. - Which IRS personnel an AFSP preparer can interact with, and which are strictly off-limits, like Appeals and Collection officers. - Common exam traps involving prior-year returns or attempts to represent clients in matters beyond the initial examination. - A mnemonic to remember the scope of limited practice: 'AFSP allows you to face the Agent, but not the Appeal.' 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
Transcribe →Enrolled Agent Exam [Part 3] 04, Unlimited Representation Rights
5d ago00:03:20Tap to summarizeThis 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 professional designations (Attorneys, CPAs, Enrolled Agents) that have unlimited representation rights before the IRS. - That unlimited rights cover all administrative IRS functions, including Examination, Collection, and Appeals. - The critical distinction between administrative representation before the IRS and judicial representation in a court. - The specific requirements for a non-attorney, such as an Enrolled Agent, to be admitted to practice before the U.S. Tax Court. - Why representation in other federal courts, like U.S. District Court, is strictly limited to licensed attorneys. 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
Transcribe →Enrolled Agent Exam [Part 3] 03, What Constitutes Practice Before the IRS
6d ago00:03:13Tap to summarizeThis 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 "practice before the IRS" is a specific set of actions defined by Circular 230, going far beyond just preparing tax returns. - The four key activities that constitute practice: communicating with the IRS for a client, representing them in meetings, filing necessary documents, and rendering specific written tax advice. - The most critical distinction for the exam: preparing a tax return is NOT practice, but defending that return to the IRS is. - Common exam traps often involve scenarios with unenrolled preparers or individuals representing themselves, which are exceptions to the rule. - A Power of Attorney (Form 2848) is the formal document authorizing a professional to practice before the IRS on a taxpayer's behalf. 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
Transcribe →Enrolled Agent Exam [Part 3] 02, Exam Format PSI Testing and 2025 Law Cutoff
1w ago00:03:23Tap to summarizeThis 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 EA Part 3 exam contains 100 questions, but only 85 are scored; treat every question as if it counts. - You are allotted 3.5 hours of testing time, and it's critical to manage this time effectively by not getting stuck on any single question. - The passing score is a scaled 500, which accounts for varying exam difficulty to ensure fair and consistent evaluation. - The 2026–2027 exams will test tax law as it existed on December 31, 2025, ignoring any subsequent changes. - Candidates are limited to four attempts per exam part within a single testing window. 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
Transcribe →Enrolled Agent Exam [Part 3] 01, Introduction to Representation Before the IRS
1w ago00:03:14Tap to summarizeThis 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: - What it means to 'practice before the IRS' and the activities this covers. - Why Treasury Department Circular 230 is the essential rulebook for all tax representatives. - The four official content domains tested on Part 3 of the Enrolled Agent exam. - The scope and power of an Enrolled Agent's unlimited representation rights. - Key differences between unlimited and limited representation, a common exam trap. 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
Transcribe →Enrolled Agent Exam [Part 2] 100, Real Estate Professional Status and Material Participation
1w ago00:03:29Tap to summarizeThis 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 first step to deducting rental losses. - The crucial difference between qualifying as a professional and materially participating in a rental activity. - How the election to aggregate rental properties into a single activity works to meet material participation tests. - The most commonly tested material participation rules, including the 500-hour and 100-hour tests. 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
Transcribe →Enrolled Agent Exam [Part 2] 99, Passive Activity Loss Rules — §469
1w ago00:03:49Tap to summarizeThis 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 taxpayers with active participation deduct losses against non-passive income. - The calculation for the MAGI phase-out of the $25,000 allowance, which occurs between $100,000 and $150,000. - That all suspended passive losses from an activity are released and become fully deductible upon a complete and taxable disposition of that activity. - The key differences between the 'active participation' standard for the rental allowance and the more stringent 'material participation' tests. 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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