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Finance Exam Prep

Finance Exam Prep

Von: Ran Chen EA CFP®
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 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/Copyright 2026 Ran Chen, EA, CFP® Bildung Erfolg im Beruf Ökonomie
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  • Enrolled Agent Exam [Part 1] 97, Tax Return Preparer Due Diligence

    Enrolled Agent Exam [Part 1] 97, Tax Return Preparer Due Diligence
    Apr 22 2026
    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 claiming EITC, CTC/ACTC, AOTC, and HOH status. • Completing and filing Form 8867 is a non-negotiable part of the due diligence process. • The "knowledge" requirement demands proactive questioning and probing of client information, not just passive acceptance. • The 2025 penalty is $600 per failure, meaning multiple errors on one return can lead to multiple penalties. • Use the mnemonic "Kings Can't Refuse Documents" to recall the four pillars: Knowledge, Checklists (Form 8867), Record Retention, and Documentation. 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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    4 Min.
  • Enrolled Agent Exam [Part 1] 96, Fringe Benefits - Taxable vs Excludable

    Enrolled Agent Exam [Part 1] 96, Fringe Benefits - Taxable vs Excludable
    Apr 21 2026
    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 excludable as a de minimis fringe benefit. • Transportation benefit exclusions are capped at a specific monthly limit ($315 for 2025) and any excess is taxable. • Dependent care assistance benefits are excludable only up to $5,000 per year; amounts over this are taxable income. • For a company-provided athletic facility to be an excludable benefit, it must be located on the employer's premises. • Qualified employee discounts on property are limited by the employer's gross profit percentage; discounts exceeding this are taxable. 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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    3 Min.
  • Enrolled Agent Exam [Part 1] 95, Recognition of Income - Cash vs Accrual

    Enrolled Agent Exam [Part 1] 95, Recognition of Income - Cash vs Accrual
    Apr 20 2026
    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 the accrual method (income when earned). • Identify constructive receipt and when income is considered available without substantial limitation. • Apply the "all-events test" to determine income recognition for accrual-basis taxpayers. • Recognize the special one-year deferral rule for certain prepaid income under the accrual method. • Pinpoint which types of businesses are generally required to use the accrual method for tax purposes. 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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    3 Min.
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