[margie87]

I’m scheduled to sit for REG, my final exam on March 4th. I’ve made it through all my Wiley study sections except two on bankruptcy, I skipped since it isn’t a heavily tested area and time is of the essence for me. My 2017 has gotten off to a really rocky start, and I’m worried its going to keep me from passing, since I haven’t been able to put as much time into restudying areas I’ve struggle with and into taking practice tests. By rocky start, I mean its busy season (I’m a staff accountant at a mid-sized firm), so work is hectic, I’ve been ill with the respiratory infections, the flu and sinus infections back to back all through January and February, and 3 days ago I had to put one of my 2 dogs to sleep, while dealing with the other also being very ill. So, I’m stressed, overworked and wigging out a bit. Any advice on last minute study sessions, and where I can get the biggest bang for my study time? And how to stay focused and not stress over this final stretch? I can reasonably put in 2-3 hours a night over the next week before my exam.

[livealittle]

do some practice tests and see what sections you are weakest in. do a high level review on the areas you are strong in (to not lose anything) and focus on shoring up your weaker areas. At least read over the summary for the section you are “skipping”.

every concept you master is more points on the exam.

good luck.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[margie87]

Thanks livealittle. Lucky me, I've run into yet another problem. Because of the timing of when I passed AUD I'm set to lose it come August 20th (My 30th birthday no less). I thought giving myself 3 open testing windows would be more than enough time to pass REG, but I just found out I won't be allowed to participate in the 3rd quarter testing window. NC does not allow you to schedule a retake until your exam has been scored. Thanks to the new exam coming out 2nd quarter, scores won't be release for Q2 until at least August 16th. I'm so frustrated. I didn't have a time table for the new exam when I started my exam plan, so I had no clue how everything would line up in the end. I'm being forced to try and pass within 15 months, while everyone else gets 18 months.

[Trele6]

Others on this forum have mentioned contacting their state boards to allow some leeway on testing/credit expiring due to the new score release. If you find out you fail REG this window I would pursue that option for sure.

However I think you will pass and it will be a moot point.

Make sure you are comfortable with basis questions relating to S-Corps, Partnerships, etc. Like kind exchanges are a foundation also. I would fully expect you to see one if not two bankruptcy questions. might be worth reading about, however if you are cramming I would ensure you knew Tax the best since you can get more points there.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[margie87]

Thanks trele6. I've already contacted my board and they don't seem to be want to budge on anything. It's like I'm being punished for passing AUD on my first try. My practice tests didn't have a lot of like-kind exchange questions so I guess that's just another thing for me to worry about!

[Trele6]

@margie87, here is a copy paste from a previous post I made to help another forum member on REG.

To me it helped to have a desire to actually want to know the REG stuff. I tried to take each chapter and see how I could apply it to my own taxes or if I started my own business how would I get taxed on these items. Taking that personal approach to it really helped me embrace the material. It didn't feel like I was studying for a test, it felt more like I was bettering myself so it made the material easy to move through.

Also, I dodged a bullet on my test, the three topics I dreaded didn't present themselves on my test at all and the AL for the SIMs helped me nail at least 2 of them dead on by looking up the tax code to see what was allowed versus not.

For REG, Know who qualifies for exemptions, be able to differentiate the standard deduction from itemization (you really need to know the details on the pieces that can be itemized and how they are, like business expense at 50%). Tax depreciation versus GAAP, BASIS BASIS BASIS, if you’re not comfortable finding the basis or the corps and partnerships you need to be. Like kind exchanges ie when there is boot / no boot etc. Mom and Pop Loss of $25,000. When to recognize a gain on selling a house (tricky when you rent and have depreciation and then move back in to qualify for the $250,000 deduction). Estate Taxes, gifts, stocks. Get a good feeling on the 3yr, 5yr, 29yr and 40yr types of items for depreciation calculations. Then memorize all of chapter 5-8.

Mom and Pop loss deduction and the personal Exemption are the only two dollar amounts I memorized for the test, most are provided it seems when they are talking about the phase outs or limits.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

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