[Anonymous]

I’m taking reg on jan 19 and was wondering if I need to study for 2011 or 2010. According to the yaeger lecture you should study for the year of the tax return you are preparing (in 2012, preparing 2011 returns), but will that apply this early in the year? I have both the 2011 and 2012 books but have been using the 2011 since it goes with the 2011 homestudy course I have.

[jeff]

Which tax laws in particular are you worried about?

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

Nothing in particular, I'm just wondering in general if I should go ahead and use the 2012 book or the 2011. Also, any chance the audit ninja for 2012 will be loaded in club 75 soon?

[Anonymous]

In my experience, you need to know the new rules… always.

Phil Yaeger says that they don't normally ask questions on anything that changes from year to year, but you'd be surprised. You may possibly get 1 or 2 questions on stuff that has just recently changed. This is why REG is so evil!

[Anonymous]

Actually what about casualty losses? For 09/10 there was a $500 floor for each separate nonbusiness casualty but for 2011 it goes back to a $100 floor. If this were to be tested in Jan what would I go with?

[Anonymous]

Like I said, ALWAYS use the new rules. So, use the $100 floor. 2010 is long gone. We're already entering 2012. The $500 floor is no longer used.

[Author]

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