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] 71, Freedom of Information and IRS Records
    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:
    - To always choose the simplest method for obtaining IRS records, typically starting with a tax transcript.
    - The critical difference between a broad Freedom of Information Act (FOIA) request and a more personal Privacy Act request.
    - Why proper taxpayer authorization, like Form 2848, is a non-negotiable prerequisite for accessing client records.
    - To identify key FOIA exemptions that the IRS uses to redact or withhold information, such as internal deliberations and law enforcement files.
    - The steps in the FOIA request and appeals process, including the 20-day response time and the 90-day window to appeal a denial.
    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] 70, Taxpayer Advocate Service and Form 911
    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 specific criteria that make a taxpayer eligible for Taxpayer Advocate Service (TAS) assistance, such as significant economic hardship or systemic burden.
    - The function of Form 911 and how a representative with a valid power of attorney can file it on a client's behalf.
    - The powers and limitations of a Taxpayer Assistance Order (TAO), including what actions it can compel the IRS to take and what it cannot do.
    - Key exam traps, including the critical distinction that TAS is not a substitute for the formal IRS appeals process or judicial review.
    - Why seeking TAS assistance does not automatically suspend all critical deadlines, such as the window for filing a Tax Court petition.
    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] 69, Refund Claims and Form 843
    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 using an amended income tax return (e.g., Form 1040-X) and Form 843 for non-income tax related refund claims.
    - Mastering the statute of limitations for filing a refund claim: three years from filing or two years from payment, whichever is later.
    - How the six-month 'deemed denial' rule allows a taxpayer to file a lawsuit if the IRS fails to act on their claim.
    - The strict two-year deadline for filing a refund suit in federal court after receiving a notice of disallowance from the IRS.
    - The scope and limitations of an Enrolled Agent's authority to represent clients in administrative refund claims versus court proceedings.
    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] 68, Innocent Spouse and Joint Liability Relief
    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 default rule of joint and several liability and why it necessitates relief provisions.
    - The key differences between the three types of relief: Innocent Spouse (6015b), Separation of Liability (6015c), and Equitable Relief (6015f).
    - How the exam tests the distinct knowledge standards: "reason to know" for innocent spouse relief versus "actual knowledge" for separation of liability.
    - The critical two-year statute of limitations for filing Form 8857, which begins with the first IRS collection activity.
    - Key procedural aspects, including the suspension of collection and the non-requesting spouse's right to participate in the process.
    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] 67, Penalty Abatement and Reasonable Cause
    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 strict requirements for the First-Time Abate (FTA) administrative waiver.
    - How the core standard of "ordinary business care and prudence" is applied in reasonable cause cases.
    - The critical exam trap involving reliance on a tax advisor and the need for full disclosure.
    - Key differences between penalty abatement and the much more limited criteria for interest abatement.
    - The taxpayer's right to appeal a denied penalty abatement request.
    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] 66, Bankruptcy and the Collection Statute
    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 the automatic stay halts most IRS collection but allows certain actions like audits and assessments.
    - The '3-2-240 Plus' mnemonic for determining if income taxes can be discharged in bankruptcy.
    - Why trust fund taxes, like withheld payroll taxes, are never dischargeable.
    - How to calculate the tolling of the 10-year Collection Statute Expiration Date (CSED) due to bankruptcy.
    - The ethical line an EA must not cross regarding providing legal bankruptcy advice to avoid the unauthorized practice of law.
    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] 65, Trust Fund Recovery Penalty Representation
    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 Trust Fund Recovery Penalty (TFRP) is a personal assessment against individuals for unpaid payroll taxes, not a business liability.
    - Liability hinges on two standards: being a "responsible person" with significant financial control and "willfully" failing to pay the taxes.
    - Willfulness does not require malicious intent; consciously paying other creditors before the IRS is sufficient to meet the standard.
    - Upon receiving Letter 1153, the proposed assessment, a taxpayer has a critical 60-day window to file a protest with IRS Appeals.
    - The IRS can assess the full penalty against multiple individuals, but is restricted to collecting the total unpaid tax amount only once.
    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] 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

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.

Best of Finance Exam Prep

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  1. Number 1: Enrolled Agent Exam [Part 1] 58, Recovering Refunds and Amended Returns
    4 min
  2. Number 2: Enrolled Agent Exam [Part 1] 57, Underpayment Penalties and Exceptions
    3 min
  3. Number 3: Enrolled Agent Exam [Part 1] 56, Estimated Tax Requirements
    4 min