Ran Chen, EA, CFP®

Finance Exam Prep

Education EN ↓ 282 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...

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Author

Ran Chen, EA, CFP®

Episodes

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...

Enrolled Agent Exam [Part 2] 24, C Corp Liquidation — §331 and §336 21.05.2026 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: - How shareholders calculate capital gain or loss on a complete...

Enrolled Agent Exam [Part 2] 23, C Corp Distributions — Dividends, ROC, Capital Gain 20.05.2026 4:20

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: - The three-tier system for C Corp distributions: Dividend, Retu...

Enrolled Agent Exam [Part 2] 22, Section 1202 Qualified Small Business Stock 19.05.2026 3:29

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 five critical requirements for stock to qualify as QSBS: C...

Enrolled Agent Exam [Part 2] 21, Corporate Net Operating Losses — Post-TCJA Rules 18.05.2026 4:07

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: - Post-2017 corporate NOLs are carried forward indefinitely but...

Enrolled Agent Exam [Part 2] 20, Corporate Alternative Minimum Tax (CAMT) 17.05.2026 1:08

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 CAMT applies only to corporations with an average annual a...

Enrolled Agent Exam [Part 2] 19, Accumulated Earnings Tax and PHC Tax 16.05.2026 3:18

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 Accumulated Earnings Tax is a 20% penalty on C-corps retai...

Enrolled Agent Exam [Part 2] 18, Dividends-Received Deduction (DRD) 15.05.2026 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: - The Dividends-Received Deduction (DRD) is exclusively for C co...

Enrolled Agent Exam [Part 2] 17, C Corporation — Computing Taxable Income 14.05.2026 3:18

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: - How to calculate the 10% limitation for corporate charitable c...

Enrolled Agent Exam [Part 2] 16, C Corporation Formation — §351 Nonrecognition 13.05.2026 4:06

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 qualify for a tax-free incorporation under Section 351...

Enrolled Agent Exam [Part 2] 15, Check-the-Box Election — Form 8832 12.05.2026 4:01

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: - Eligible entities use Form 8832 to elect a tax classification...

Enrolled Agent Exam [Part 2] 14, Single-Member LLC — Disregarded Entity Rules 11.05.2026 2:42

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 Single-Member LLC (SMLLC) is a disregarded entity for federa...

Enrolled Agent Exam [Part 2] 13, Limited Liability Company (LLC) — Default Tax Classification 10.05.2026 3:44

Enrolled Agent Exam [Part 2] 12, Partnership Termination and Dissolution 09.05.2026 3:10

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: - That the technical termination rule, triggered by a 50% owners...

Enrolled Agent Exam [Part 2] 11, Schedule K-1 (Form 1065) — Partner Reporting 08.05.2026 3:07

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: - Partners are taxed on their distributive share of income shown...

Enrolled Agent Exam [Part 2] 10, Partnership Distributions — Cash and Property 07.05.2026 3:30

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: - Gain is recognized by a partner only when a cash distribution...

Enrolled Agent Exam [Part 2] 09, Guaranteed Payments to Partners — §707(c) 06.05.2026 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: - Guaranteed payments under §707(c) are fixed payments for servi...

Enrolled Agent Exam [Part 2] 08, Special Allocations and §704(c) Built-In Gain 05.05.2026 4:26

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: - How to calculate Section 704(c) built-in gain when a partner c...