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Finance Exam Prep: Daily Summaries Delivered
by 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 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.
Latest Episodes
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- Today3 min
Enrolled Agent Exam [Part 3] 59, Fast Track Settlement and Alternative Dispute Resolution
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 independent Appeals Officer facilitates the FTS process but does not impose a decision; the goal is a mutually agreed-upon settlement. - Participation in FTS is consensual; both the taxpayer and the IRS must agree to enter the program and can withdraw at any time. - If FTS fails to produce an agreement, the taxpayer's right to a traditional appeal is fully preserved, with no loss of rights. - FTS is generally ideal for resolving factual disputes quickly, while the traditional Appeals process may be better for complex legal arguments. 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
- Yesterday3 min
Enrolled Agent Exam [Part 3] 58, Statutory Notice and Tax Court Boundaries
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 U.S. are granted a 150-day window, instead of 90 days, to file a petition. - The IRS is legally prohibited from assessing the proposed tax deficiency during the 90 or 150-day petitioning period. - Enrolled Agents can represent clients in all administrative matters before the IRS but cannot file a Tax Court petition unless separately admitted to practice before the court. - Missing the petition deadline results in the tax being assessed and forfeits the right to challenge the liability before paying it. 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
- 2 days ago3 min
Enrolled Agent Exam [Part 3] 57, Independent Office of Appeals Conferences
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 communications—private discussions between Appeals and the originating IRS function about the merits of a case—are strictly prohibited. - Why introducing significant new information at an Appeals conference will result in the case being returned to the examiner for review. - The difference between a Form 866 closing agreement, which settles total tax liability, and a Form 906, which settles only specific issues. - What happens after an impasse is reached at Appeals, leading to the issuance of a Notice of Deficiency and the option to petition the U.S. Tax Court. 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
- 3 days ago3 min
Enrolled Agent Exam [Part 3] 56, Thirty-Day Letter and Written Protest
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 deficiencies of $25,000 or less in a single tax period, a taxpayer can use a simplified "small case request" to appeal. - A formal written protest is required for amounts over $25,000 and must include a statement of facts, a statement of law, and a declaration under penalties of perjury. - Partnerships and S corporations must always file a formal written protest, regardless of the amount in dispute. - Failing to respond to a 30-day letter will result in the IRS issuing a 90-day letter, also known as a Statutory Notice of Deficiency, which allows the taxpayer to petition the Tax Court. 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
- 4 days ago2 min
Enrolled Agent Exam [Part 3] 55, Audit Reconsideration and Reopening Issues
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. - Eligibility requires that the tax assessment is still unpaid; if fully paid, a formal refund claim is the correct procedure. - A taxpayer cannot request reconsideration if they have signed a formal closing agreement (like Form 870-AD) or if a court has issued a final ruling. - Submitting a request for audit reconsideration does not automatically suspend IRS collection actions like liens or levies. - The reconsideration process does not extend or suspend critical legal deadlines, such as the window to file a petition with the U.S. Tax Court. 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
- 5 days ago2 min
Enrolled Agent Exam [Part 3] 54, IRS Summons Authority and Enforcement
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 Administrative steps followed. - The critical 20-day deadline for a taxpayer to file a petition to quash a third-party summons after receiving notice. - The two-step enforcement process: the IRS must petition a U.S. District Court to compel compliance with a summons. - Key defenses against a summons, including the distinction that the Fifth Amendment privilege applies to individuals but not corporate entities for records. - The specific notice requirements for third-party recordkeepers, which give taxpayers the right to intervene. 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
- 6 days ago2 min
Enrolled Agent Exam [Part 3] 53, Information Document Requests and Exam Interviews
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 an IDR and the consequences of non-response, including the risk of a summons. - How to handle privileged information within requested documents by using redaction and a privilege log. - A taxpayer's right to representation during an IRS interview and how to manage an examiner's request to bypass the practitioner. - The professional protocol for escalating disputes with an IRS examiner, starting with their immediate manager. 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
- 1 weeks ago3 min
Enrolled Agent Exam [Part 3] 52, Correspondence Office and Field Examinations
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 IRS office for more complex issues, and the representative should attend the meeting, preferably without the taxpayer. - Field audits are the most comprehensive type, taking place at the taxpayer's business or representative's office to examine complex returns. - As a representative, always maintain control of original documents by providing copies to the IRS whenever possible. - An audit location can be transferred if there is a valid reason, such as the taxpayer's books and records being kept in a different district. 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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About Finance Exam Prep
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.
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Frequently Asked Questions
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