Finance Exam Prep

Finance Exam Prep

By Ran Chen, EA, CFP®BusinessEducationCoursesCareers
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Finance Exam Prep episodes

  • Enrolled Agent Exam [Part 3] 64, Currently Not Collectible and Economic Hardship
    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:
    - Currently Not Collectible (CNC) is a temporary status for taxpayers in economic hardship, not a permanent forgiveness of tax debt.
    - The IRS uses Form 433 and Allowable Living Expense standards to determine if a taxpayer's income is insufficient to cover basic needs and tax payments.
    - While in CNC status, interest and penalties continue to accrue, and the IRS can still file a Notice of Federal Tax Lien and seize tax refunds.
    - CNC status is subject to periodic, often annual, review by the IRS to see if the taxpayer's financial condition has improved.
    - A key exam distinction is that CNC status does NOT stop the 10-year Collection Statute Expiration Date (CSED) from running, unlike an Offer in Compromise.
    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 min
  • Enrolled Agent Exam [Part 3] 63, Offers in Compromise
    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 grounds for an Offer in Compromise: Doubt as to Liability, Doubt as to Collectibility, and Effective Tax Administration.
    - The key forms required for an OIC application are Form 656, supported by financial statement Form 433-A (OIC) for individuals or 433-B (OIC) for businesses.
    - How the Reasonable Collection Potential (RCP) determines the minimum acceptable offer amount for Doubt as to Collectibility cases.
    - The critical low-income exception that waives the OIC application fee and initial payment for qualifying taxpayers.
    - The strict five-year compliance period following an accepted OIC, where any failure to file or pay on time defaults the entire agreement.
    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 min
  • Enrolled Agent Exam [Part 3] 62, Installment Agreements
    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 specific dollar and time limits that differentiate Guaranteed ($10k tax over 3 years) and Streamlined ($50k total liability over 72 months) installment agreements.
    - When the IRS requires a financial disclosure (Collection Information Statement) for non-streamlined agreements versus when it's not needed.
    - Why being current on all tax filings is a non-negotiable prerequisite for any type of installment agreement.
    - How user fees can be reduced through online applications and direct debit, and how an active agreement protects taxpayers from an IRS levy.
    - The reasons for termination of an agreement, the required 30-day notice period, and the taxpayer's right to appeal the termination.
    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 min
  • Enrolled Agent Exam [Part 3] 61, Collection Due Process and Equivalent Hearings
    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 Collection Due Process (CDP) rights are triggered by a Notice of Federal Tax Lien or a Final Notice of Intent to Levy.
    - A timely CDP hearing request using Form 12153 must be filed within 30 days of the notice date to suspend collection actions and the collection statute of limitations.
    - Following a timely CDP hearing, a taxpayer has the right to petition the U.S. Tax Court if they disagree with the determination.
    - An untimely request, filed after 30 days but within one year, results in an Equivalent Hearing, which does not stop collection or allow for a Tax Court appeal.
    - The crucial exam distinction is that only a timely CDP hearing preserves the right to judicial review by 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 min
  • Enrolled Agent Exam [Part 3] 60, Assessment Lien Levy and Collection Sequence
    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 collection process begins with an assessment, followed by a Notice and Demand for Payment, which is a prerequisite for liens and levies.
    - A statutory "secret" lien arises automatically after non-payment, while a Notice of Federal Tax Lien (NFTL) is filed to make the lien public and secure priority against other creditors.
    - A levy is the actual seizure of assets and requires a "Final Notice of Intent to Levy" sent at least 30 days prior, triggering Collection Due Process (CDP) hearing rights.
    - The Collection Statute Expiration Date (CSED) is a 10-year clock that starts at assessment but can be suspended by events like an Offer in Compromise or bankruptcy.
    - Differentiating between a lien release (debt satisfied) and an NFTL withdrawal (procedural correction) is a critical distinction tested on the exam.
    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 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
    4 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
    4 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
    4 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 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
    3 min

About Finance Exam Prep

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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.