Ran Chen, EA, CFP®

Finance Exam Prep

Education EN ↓ 283 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] 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...

Enrolled Agent Exam [Part 2] 07, Partnership Allocations — §704(b) Substantial Economic Effect 04.05.2026 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: - That partnership allocations are respected only if they have "...

Enrolled Agent Exam [Part 2] 06, Inside Basis vs Outside Basis 03.05.2026 3:39

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 outside basis (the partner's basis...

Enrolled Agent Exam [Part 2] 05, Partnership Formation — §721 Nonrecognition 02.05.2026 4:27

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: - That under §721, neither the partner nor the partnership gener...

Enrolled Agent Exam [Part 2] 04, Hobby vs Business — Activity for Profit Test 01.05.2026 3:02

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 IRS uses a nine-factor test under §183 to determine if an...

Enrolled Agent Exam [Part 2] 03, Schedule C — Common Deductible Expenses 30.04.2026 3:50

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-part "ordinary and necessary" test required for all Sc...

Enrolled Agent Exam [Part 2] 02, Self-Employment Tax and Schedule SE 29.04.2026 3:58

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 calculate the base for self-employment tax by...

Enrolled Agent Exam [Part 2] 01, Sole Proprietorship Basics and Schedule C 28.04.2026 2:20

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: - What defines a business as a sole proprietorship for federal t...

Enrolled Agent Exam [Part 1] 100, Exam Day Strategies and Final Review 25.04.2026 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: • Master time management by aiming for an average of 2.1 minutes...

Enrolled Agent Exam [Part 1] 99, Form 1040 Review and Common Errors 24.04.2026 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: • How to determine the most advantageous filing status between Q...

Enrolled Agent Exam [Part 1] 98, Individual Taxpayer Identification Number (ITIN) 23.04.2026 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 apply for an ITIN using Form W-7 and when it must be at...

Enrolled Agent Exam [Part 1] 97, Tax Return Preparer Due Diligence 22.04.2026 4:13

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: • Due diligence under Section 6695(g) is mandatory for returns c...

Enrolled Agent Exam [Part 1] 96, Fringe Benefits - Taxable vs Excludable 21.04.2026 3:01

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: • Cash or cash equivalents, regardless of the amount, are never...

Enrolled Agent Exam [Part 1] 95, Recognition of Income - Cash vs Accrual 20.04.2026 2:57

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: • Distinguish between the cash method (income when received) and...

Enrolled Agent Exam [Part 1] 94, Tax Benefits for Adoption 19.04.2026 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: • The critical timing difference for claiming expenses between d...

Enrolled Agent Exam [Part 1] 93, Scholarships, Fellowships, and Educational Assistance 18.04.2026 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: • How to distinguish between tax-free qualified education expens...

Enrolled Agent Exam [Part 1] 92, Standard Mileage Rates and Transportation 17.04.2026 3:37

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: • Understand the crucial difference between non-deductible commu...

Enrolled Agent Exam [Part 1] 91, Retirement Plan Contribution Limits for 2025 16.04.2026 3:57

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 2025 base, standard catch-up, and special age 60-63 catch-...

Enrolled Agent Exam [Part 1] 90, Form 8949 Reporting Requirements 15.04.2026 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: • The critical distinction between reporting transactions direct...

Enrolled Agent Exam [Part 1] 89, Earned Income Definition and Sources 14.04.2026 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: • The primary sources of earned income are wages, salaries, tips...

Enrolled Agent Exam [Part 1] 88, Foreign Tax Credit Fundamentals 13.04.2026 2:56

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: • Why taking a foreign tax credit is almost always more benefici...

Enrolled Agent Exam [Part 1] 87, Backup Withholding Requirements 12.04.2026 3:02

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: • That backup withholding is a flat 24% rate applied to specific...

Enrolled Agent Exam [Part 1] 86, Statute of Limitations - Assessment and Collection 11.04.2026 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 general three-year statute of limitations for the IRS to a...

Enrolled Agent Exam [Part 1] 85, Offer in Compromise Basics 10.04.2026 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: • Distinguish the three grounds for an OIC: Doubt as to Collecti...

Enrolled Agent Exam [Part 1] 84, Qualified Charitable Distributions (QCD) 09.04.2026 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: • Taxpayers must be age 70½ or older to make a Qualified Charita...