[accountingisfun765]

Hi all,
I am about to finish my first run through of the Reg Becker book and will be starting my first review next week. I am a little concerned over the amount of material I have to go back and memorize? Did anyone else feel overwhelmed about how much info theres is?

I dont think AUD or BEC came even close to this in terms of stress haha. Thoughts?

[Katie]

Yes – I felt the exact same way going into my 2 week review for REG and got less than a 75 on both my mock exams using Becker. But I took my review very seriously and cemented all the knowledge I could. I find it really helpful to go through ALL the SIMS again (1 chapter a day) because it really summarizes the info and brings it all together. REG was by far the most challenging exam for me, but just put in the work in the coming weeks and you'll be fine.

[jdub]

REG made me cry. On multiple occasions. And drink a lot of beer. It was the most overwhelming section for me (more so than FAR). I just did the MCQ over and over and over again after I finished all the material. I only took 1 mock exam because I didn't think it was going to be as beneficial as just trying to review as much as I could.

[aaronmo]

It was tough. My background in tax was far less than most here (at the time) and I felt gobsmacked by all the forms and schedules. I also suck at memorization. We all learn our own ways, but I'll tell you what I found worked for me…

I kept detailed spreadsheets with different forms of entities and how they differed. So s-corp, partnership, c-corp, individual…

It would have the different methods of formation and basis…differences in distributions…dissolution…etc. I kept it concept based…

How is “this” formed? How is “it” taxed. How does it distribute profits/distributions? What are the key differences, pluses, minuses from a legal, operational and tax perspective.

There's no short cut for the stuff like dependency rules, and they test the hell out of that.

If it's a complex calculation…like tax-ability of social sec…I'd make sure you understand the principals and mechanics, but you probably don't need to memorize exact numbers. Same on phase outs. Same on AMT, but know the MAJOR put backs and the concept.

Make sure you remember to study your m-2 timing differences and book vs. tax concepts.

My opinion…know basis COLD…how it changes for all the entities/owners/share holders. Know like kind exchange and boot. Know above the line vs. below differences COLD. Know capital gains and how/when losses are calculated.

[Alex]

@aaronmo – Thank you! This is very helpful.

I am a bit overwhelmed with REG and all of the rules and exceptions to rules and exceptions to exceptions.

[Accounting123]

I feel that same way. If anybody has recently taken the exam and has any advice, I would love to hear it.

There is just so much information, and small differences between individuals, corporations, etc.

[aaronmo]

No worries, and best luck!

One of the problems with REG for me is that a lot of tax isn't concept…some credit may have some weird rule, that differs in how it considers income, or dependency, not on concept, but because it was a political compromise based on expediency. It may, or may not, have much direct relation to GAAP.

But…a lot of tax is concept. Basis, distributions and capital gains applies concept to the entities. I'd make SURE you get the concept stuff down…and just remember the basics of the “that weird rule is weird” sort of stuff.

[mskcle]

Did any of you that have passed only use Becker? I felt pretty good with Beckers material until I hopped into Ninja MCQ and got steamrolled by additional items Becker did not have in their book.

[aaronmo]

I only did Becker…but that was in 2016. If you have the time…

[m22022]

@mskcle – I feel the exact same way. Felt ok after going through Becker then the Ninja MCQs blew my mind with all the different material.

I'm just going to keep going through Ninja MCQs until exam day (4/18/18)

[Jen-J]

@mskcle – I only did Becker and passed. Studying for REG was my first exposure to corporate tax (didn't take it in school, and I work for a nonprofit). I didn't do a great job memorizing all the corporate tax stuff but I think that was on me and not on Becker. I did notice more of a disconnect between Becker and the exam than I had during FAR or AUD though.

[Author]

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