Finance Exam Prep
Ran Chen, EA, CFP®
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Enrolled Agent Exam [Part 1] 97, Tax Return Preparer Due Diligence
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: • Due diligence under Section 6695(g) is mandatory for returns claiming EITC, CTC/ACTC, AOTC, and HOH status. • Completing and filing Form 8867 is a non-negotiable part of the due diligence process. • The "knowledge" requirement demands proactive questioning and probing of client information, not just passive acceptance. • The 2025 penalty is $600 per failure, meaning multiple errors on one return can lead to multiple penalties. • Use the mnemonic "Kings Can't Refuse Documents" to recall the four pillars: Knowledge, Checklists (Form 8867), Record Retention, and Documentation. 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
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