Episode Details

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 per-failure and maximum annual penalties for administrative duties like furnishing copies, signing returns, using a PTIN, and record retention. - The significantly higher, uncapped penalties for negotiating a client's refund check and failing to perform due diligence. - That most Section 6695 penalties can be abated if the failure is due to reasonable cause and not willful neglect. - The critical due diligence requirements for credits like the EITC and CTC, including the use of Form 8867. - How the EA exam tests these concepts through scenario-based questions requiring penalty calculations and identification of violations. 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