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 reconcile Advance Premium Tax Credits (APTC) with the final allowable Premium Tax Credit (PTC) on Form 8962.

• The role of Modified AGI, the Federal Poverty Line (FPL), and the applicable figure in calculating a taxpayer’s required contribution.

• Why the second-lowest-cost silver plan, or benchmark plan, is critical for determining the final PTC amount.

• How income-based repayment limitations can cap the amount of excess APTC a taxpayer must pay back, a common exam trap.

• A mnemonic to remember the PTC calculation and reconciliation process for exam day.

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

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 difference between the $2,700 annual FICA threshold and the $1,000 quarterly FUTA threshold for household employees.

• That all household employment taxes (FICA and FUTA) are reported on Schedule H, which is filed with the employer's Form 1040.

• Why a household employee must receive a Form W-2 and never a Form 1099-NEC, a common point of confusion on the exam.

• That withholding federal income tax is optional and requires an agreement between the employer and employee via Form W-4.

• How to apply the control test to determine if a worker is an employee, triggering Schedule H, or an independent contractor.

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

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 cancelled debt is generally taxable income reported on Form 1099-C, but exam questions focus on the exceptions.

• The insolvency exclusion is strictly limited to the amount by which total liabilities exceed the FMV of total assets immediately before the debt cancellation.

• Debt discharged in a Title 11 bankruptcy case is always fully excluded from income, regardless of the taxpayer's solvency.

• Excluding COD income under most exceptions requires a reduction of tax attributes on Form 982 in a specific, testable order.

• Qualified Principal Residence Indebtedness exclusion requires a direct reduction to the basis of the home, not the standard attribute reduction order.

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

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 Section 1031 tax deferral now applies exclusively to real property and not personal property.

• How to navigate the strict 45-day identification and 180-day receipt timelines, including a common exam trap involving tax return due dates.

• The rule for recognizing gain when "boot," such as cash or debt relief, is received in an exchange.

• The essential role of a Qualified Intermediary in preventing constructive receipt of funds.

• That losses are never recognized in a like-kind exchange, a key distinction from gain recognition rules.

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

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 gross profit percentage to determine the taxable gain recognized from each payment.

• Why depreciation recapture under Sections 1245 and 1250 must be recognized in the year of sale.

• The rule prohibiting dealers from using the installment method for sales of their inventory.

• Key restrictions for installment sales of depreciable property between related parties.

• The mnemonic "Dealers, Depreciation, and Dependents Don't Defer" to remember key exceptions.

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

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:

• Inherited property’s basis is generally its Fair Market Value (FMV) on the decedent's date of death, and the holding period is always considered long-term.

• The alternate valuation date (six months after death) can only be elected if it reduces both the gross estate value and the estate tax liability.

• If an asset is sold within six months of death and the alternate valuation date is elected, its basis is the selling price, not the FMV on the alternate date.

• In community property states, both the decedent's and the surviving spouse's shares of the property get a basis adjustment to FMV.

• Income in Respect of a Decedent (IRD), such as a traditional IRA, is a major exception and does not receive a stepped-up basis.

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

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:

• Learn when Form 709 is required for gifts exceeding the $19,000 annual exclusion (2025).

• Understand how taxable gifts reduce the lifetime estate and gift tax exemption, even if no tax is paid immediately.

• Distinguish between a "present interest" gift, which qualifies for the exclusion, and a "future interest" gift, which does not.

• Identify the rules for gift splitting, which allows married couples to double the annual exclusion per recipient.

• Recognize qualified transfers for tuition and medical expenses, which are unlimited and exempt from gift tax.

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

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 if a Form 706 is required based on the gross estate and basic exclusion amount.

• Why life insurance proceeds are a common exam trap for inclusion in the gross estate.

• The critical role of the unlimited marital deduction and its U.S. citizen spouse requirement.

• When and why the portability election necessitates filing a Form 706 even for non-taxable estates.

• The standard nine-month filing deadline for Form 706 and the available extension.

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

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 difference between an Injured Spouse claim (Form 8379) for refund offsets and an Innocent Spouse claim (Form 8857) for tax liability relief.

• How to identify the specific past-due obligations, like child support or student loans, that trigger the need for an injured spouse claim.

• The two correct methods for filing Form 8379, either with the original joint return or by itself after an offset notice is received.

• How to correctly allocate income, withholding, and credits to determine the injured spouse’s rightful portion of the seized refund.

• The special allocation rules for taxpayers residing in community property states, which is a frequent exam complication.

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

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 distinct qualifications for Innocent Spouse Relief, Separation of Liability, and Equitable Relief under IRC Section 6015.

• How the "reason to know" standard is a critical factor for the IRS to deny Innocent Spouse Relief.

• The strict two-year deadline for filing Form 8857, which begins from the first IRS collection activity.

• Why Separation of Liability is specifically for spouses who are divorced, legally separated, or living apart.

• That Equitable Relief is the only option that can apply to an underpayment of tax, not just an understatement.

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