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] 51, How Returns Are Selected for Examination
    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 IRS primarily uses the computer-based Discriminant Inventory Function (DIF) score to select returns with a high potential for error.
    - The critical role of Information Matching Programs in flagging discrepancies between taxpayer-reported income and third-party forms like W-2s and 1099s.
    - Various other selection methods, including examinations of related taxpayers, informant referrals, and targeted IRS campaigns.
    - The three main types of examinations—correspondence, office, and field—and when each is typically used.
    - The crucial exam point that selection for an examination does not, by itself, imply the taxpayer has done anything wrong.
    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] 50, Reading IRS Notices and Protecting Deadlines
    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 differentiate between a hard statutory deadline, like the 90-day rule for a Notice of Deficiency, and a more flexible administrative deadline.
    - That the first step upon receiving an IRS notice is to verify its authenticity and then pull the client's account transcript for a complete picture.
    - How to always identify the core four elements of any IRS notice: the notice number, the specific tax period, the proposed change, and the response deadline.
    - That the 90-day period to petition the Tax Court begins on the date the Statutory Notice of Deficiency is mailed, not when it is received.
    - Why you must always use a documented delivery method, like certified mail, to respond to the IRS to create a legal record of timely correspondence.
    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] 49, IRS Third-Party Contacts and Direct Contact Rules
    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 must generally provide a taxpayer with 45 days' advance notice before contacting third parties about their tax liability.
    - A valid Form 2848, Power of Attorney, prohibits the IRS from bypassing the representative and contacting the taxpayer directly.
    - An exception allows the IRS to contact a taxpayer directly if the practitioner is causing unreasonable delays or hindering an investigation.
    - The practitioner's duty is to instruct their client to refer any direct IRS contact back to them and to reassert their role as the sole point of communication.
    - Exceptions to the third-party notice rule include criminal investigations, taxpayer authorization, or when notice could jeopardize tax collection or lead to reprisal.
    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] 48, Taxpayer Bill of Rights and Publication 1
    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 distinguish between the Right to Privacy (freedom from IRS intrusion) and the Right to Confidentiality (protection of taxpayer data).
    - The difference between the Right to Challenge the IRS's position and the subsequent Right to Appeal to an independent body.
    - That the Right to Finality is not absolute and has key exceptions, such as for fraudulent returns, which eliminate the statute of limitations on assessment.
    - When to involve the Taxpayer Advocate Service (TAS) under the Right to a Fair and Just Tax System, focusing on cases of significant hardship.
    - The distinction between the Right to Quality Service (the manner of assistance) and the Right to be Informed (the clarity of information).
    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] 47, Advising Clients About IRS Communications
    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 decipher complex IRS notices and explain them in simple terms to a client.
    - The critical importance of deadlines in IRS communications and the consequences of missing them.
    - Why guaranteeing a specific outcome to a client is an ethical violation and a common exam trap.
    - The proper steps to advise a client on their options, from agreeing with a notice to formally appealing it.
    - How to explain the consequences of non-compliance, including liens and levies, to encourage prompt action.
    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] 46, Client Interviews and Fact Development
    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 properly verify a client's identity and their legal authority to act on behalf of an entity.
    - The strategic use of open-ended versus closed-ended questions to uncover facts versus confirm specific details.
    - The critical difference between a client's conclusion and the underlying facts the IRS requires.
    - Your professional responsibility under Circular 230 to probe inconsistencies and request substantiation.
    - The absolute prohibition against coaching false testimony and the importance of documenting unresolved issues.
    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] 45, Building a Representation Case File
    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 Form 2848 for representation and Form 8821 for information access.
    - Why establishing a clear scope of engagement and identifying all IRS deadlines are the first crucial steps.
    - How to use IRS transcripts and client notices as the foundation for reconciling tax records.
    - The importance of creating a detailed chronology of events to build a compelling case narrative.
    - Key practitioner responsibilities under Circular 230, including documenting advice and protecting client confidentiality.
    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] 44, Federally Authorized Tax Practitioner Privilege
    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 IRC 7525 privilege extends attorney-client type confidentiality to federally authorized tax practitioners for tax advice.
    - The privilege is strictly limited to non-criminal, federal tax matters and does not apply to state or local tax issues.
    - Communications related to tax return preparation are not protected, as the information is intended for disclosure.
    - There is a significant exception: written communications promoting corporate tax shelters are not privileged.
    - The privilege belongs to the client, who can waive it by disclosing the confidential communications to a third party.
    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] 43, Declaration of Representative and Eligibility
    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 Declaration of Representative on Form 2848 is a sworn statement, made under penalty of perjury, concerning an individual's eligibility to practice before the IRS.
    - How to identify the correct designation code for different types of representatives, such as Enrolled Agents, CPAs, and attorneys.
    - The specific, limited representation rights granted to unenrolled return preparers and the common exam scenarios testing these limitations.
    - The critical requirement that students in tax clinics must be under the direct supervision of a qualified practitioner to represent taxpayers.
    - The severe consequences of making a false declaration, including violations of Circular 230, monetary penalties, and potential disbarment.
    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] 42, Revoking and Withdrawing an Authorization
    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 taxpayer is the only one who can 'revoke' a power of attorney; a representative can only 'withdraw'.
    - Filing a new Form 2848 for the same tax matter automatically revokes a prior one unless a specific box is checked to retain the previous authorization.
    - A taxpayer can revoke a Power of Attorney by writing "REVOKE" on a copy of the form, signing it, and sending it to the IRS.
    - A representative must notify both the IRS and the taxpayer when they withdraw from representation.
    - When multiple representatives are involved, a new authorization can be used to selectively remove one representative while keeping others, but it requires careful documentation to avoid revoking everyone.
    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.

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