Ran Chen, EA, CFP®

Finance Exam Prep

Education EN ↓ 174 episodes

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 sessio...

Author

Ran Chen, EA, CFP®

Episodes

Enrolled Agent Exam [Part 2] 49, Like-Kind Exchanges — §1031 (Real Property Only) 15.06.2026 3:32

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...

Enrolled Agent Exam [Part 2] 48, Section 1231 — Sale of Business Property 14.06.2026 3:56

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 g...

Enrolled Agent Exam [Part 2] 47, Section 1250 Depreciation Recapture 13.06.2026 3:27

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 key difference between Section 1250 recapture for real pro...

Enrolled Agent Exam [Part 2] 46, Section 1245 Depreciation Recapture 12.06.2026 2:38

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 o...

Enrolled Agent Exam [Part 2] 45, Alternative Depreciation System (ADS) 11.06.2026 3:52

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 fo...

Enrolled Agent Exam [Part 2] 44, Listed Property — Vehicles and Computers 10.06.2026 2:55

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, c...

Enrolled Agent Exam [Part 2] 43, Section 179 Expensing — Limits 09.06.2026 2:38

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...

Enrolled Agent Exam [Part 2] 42, Bonus Depreciation — Phase-Down Schedule 08.06.2026 3:14

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: - The bonus depreciation rate for 2024 is 60%, and it decreases...

Enrolled Agent Exam [Part 2] 41, MACRS Conventions — Half-Year, Mid-Quarter, Mid-Month 07.06.2026 3:47

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 half-year convention is the default for personal property,...

Enrolled Agent Exam [Part 2] 40, MACRS — Modified Accelerated Cost Recovery System 06.06.2026 3:45

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 the correct MACRS class life for commonly test...

Enrolled Agent Exam [Part 2] 39, Depreciation Basics — Useful Life and Method 05.06.2026 3:41

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: - For tax purposes, an asset's useful life is its IRS-mandated r...

Enrolled Agent Exam [Part 2] 38, UNICAP — §263A Capitalization Rules 04.06.2026 3:25

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: - That UNICAP (§263A) requires producers and resellers to capita...

Enrolled Agent Exam [Part 2] 37, Ordinary and Necessary Expenses — §162 03.06.2026 3:34

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-prong test for deductibility: an expense must be both...

Enrolled Agent Exam [Part 2] 36, Gross Receipts and Cost of Goods Sold 02.06.2026 3:16

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: - Gross Receipts represents the total sales revenue a business r...

Enrolled Agent Exam [Part 2] 35, Related-Party Transactions and §267 01.06.2026 3:17

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: - Losses on sales between related parties as defined under §267...

Enrolled Agent Exam [Part 2] 34, Tax Year Changes — Form 1128 31.05.2026 3:27

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: - Why IRS approval, requested via Form 1128, is generally requir...

Enrolled Agent Exam [Part 2] 33, Form 7004 — Business Tax Extensions 30.05.2026 3:35

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 7004 provides an automatic 6-month extension to *file* fo...

Enrolled Agent Exam [Part 2] 32, Accounting Period Election — Calendar vs Fiscal 29.05.2026 3:51

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 tax year for most entities is the calendar year. -...

Enrolled Agent Exam [Part 2] 31, Choosing the Right Entity — Tax Comparison 28.05.2026 3:59

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: - C Corporations face a 21% entity-level tax, and profits are ta...

Enrolled Agent Exam [Part 2] 30, S Corp Reasonable Compensation Requirement 27.05.2026 3:59

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 the IRS closely scrutinizes S Corp shareholder compensatio...

Enrolled Agent Exam [Part 2] 29, S Corp Termination — Voluntary and Involuntary 26.05.2026 3:23

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: - How an S Corp voluntarily revokes its status and the critical...

Enrolled Agent Exam [Part 2] 28, S Corp Distributions — Tax Treatment 25.05.2026 3:46

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: - For S corps with no C-corp history, distributions are a tax-fr...

Enrolled Agent Exam [Part 2] 27, S Corp Accumulated Adjustments Account (AAA) 24.05.2026 3:36

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 Accumulated Adjustments Account (AAA) tracks an S corp...

Enrolled Agent Exam [Part 2] 26, S Corporation Stock Basis vs Debt Basis 23.05.2026 3:43

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 precise ordering for deducting S corp losses: first agains...

Enrolled Agent Exam [Part 2] 25, S Corporation — Eligibility and Election (Form 2553) 22.05.2026 3:09

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: - An S corp must be a domestic entity with no more than 100 shar...