[alabe]

Took REG today.. not feeling the best about the exam. Anyone else think it was harder than the others? I’ve taken all but audit thus far. After each test I just feel so defeated studying for so long and still feeling like I don’t know hardly any of the material confidently. Really hoping I’m not the only one.

AUD - NINJA in Training
BEC - 79
FAR - 75
REG - 75

So close to becoming a CPA!

[Hmmmmm]

@TommyTheCat I definitely agree that once you move away from the simple prep, taxation is actually pretty interesting. There is consulting work that go hand in hand with taxation that puts you in the middle of big business decisions for a client and their attorneys. This is coming from someone who started in audit first who said they'd never do “boring” tax work.

I'm studying REG now and it's a lot of good info even if you don't do tax day to day. We all should know the basics of business structures, tax forms, and common transactions that might come up in our work – 1031 exchanges (very common for land/commercial and real estate entities), basis adj (if you work on a lot of partnerships), etc.

That said… in real life a lot of these limitation calcs are system generated, but still should know if something looks reasonable by knowing the basic calculations. It's been a good refresher for me, but I can see it being harder if you haven't done tax. There would be a lot more to remember. I prefer it over my FAR studies. Even though I knew the content on a high level, the amount of info was overwhelming and so TEXTBOOK style it was hard to stomach.

Experience: Big 4/Public (Audit) --> Private --> Public (Taxation/Consulting)--> Private

AUD - Passed! (3/4/17)

FAR  - 9/10/17 (Bombed horribly - don't get cocky and try to cram in 2 weeks guys!) - retake first quarter '18

BEC - First Quarter '18

REG - December 4th, 2017

[TommyTheCat]

i totally agree hmmmmmmmm, tax has so much relevant stuff to it for everyday life, even for non-tax professionals. The FAR volume is intimidating and its so much volume as you note. I have been studying since early Aug and am about 80% of the way through, testing Dec 4th. Good luck to you on REG, I imagine we'll both be having drinks come Dec 4th afternoon/evening, for good or bad.

AUD - 85
BEC - 89
FAR - 91
REG - 97

[Anonymous]

Multiple people I know think REG is the hardest. I thought it was okay. I ended up with an 84 (old format). I have experience with tax accounting and I would say this part is the closest to what you would see in real life.

[Anonymous]

Sure tax can be “interesting” but is it really? I mean, what you are really doing is researching the tax code/law and finding ways to convince the IRS of a tax position. So in other words what are you really doing? In front of a computer all day “researching” and clicking random buttons and links, crunching numbers in excel or other tax software, all the while you are on hold for over an hour or anticipating a phone call from the IRS agent that you can't miss and if you do miss the call you are pushed back all the way to the end of the line in which then you will break a nervous sweat because your boss will probably chew you out.

Correct me if I'm wrong, but isn't that essentially the day to day? Honest question, I'm curious.

[Anonymous]

There is not much logic in REG. REG is BRUTE MEMORIZATION of the the IRC, which was created by passing Bills through Congress. Sure, here and there some concepts make sense, but most of it is just memorizing a shitload of rules and exceptions created by Legislative Bills. It is interesting though now that I have a much better understanding of the “big picture” and how all of the tax forms flow together. It is starting to make a lot more sense.

Goodluck everyone. Let’s knock these exams out!!

[Earla Riopel (NYCARE)]

Except studying for US CPA exam, I don't have real experience with US Taxation. Have taken many REG exams in the past (on and off), passed at least once – lost in 2010.

This Q4, writing REG/FAR/BEC again.

In real life, I love tax. I am more experienced with Canadian Taxation. Because of it, I work less, managed to bring income of a decent full-time employee through my husband, by just working part-time.

Most of this income are non-taxable to me, and just a minimum tax to my husband. Sometimes, we hardly pay taxes due to allowable credits via retirement savings (like the IRA).

My husband & I leveraged. Using good credits, borrowing somebody else's money, to make money. Investing is a good residual income, but I do it more seriously. To the point, that is becoming like a full-time income for me & my husband. Of course, they are all done by the book.

If you love taxation, investing and reading financial statements, you can make money, in the comfort of your home. And yes, tax savings can definitely help you become wealthy (or comfortable) for life. You just have to ‘play your cards' right.

AUD - 49
BEC - NINJA in Training
FAR - NINJA in Training
REG - 55

Passed: AUD (75%'08/77%'17), REG (76%'09) & BLaw(77%'99); highest on FAR (63%'11/'15) & BEC (63%'11). Credit Hours: USA(PH)-BCom'85(4yr-grandfathered); UBC-(DAP'02/'19); DC-(BBA-Acctg.'22-4th yr)=over 150 hrs credits

[TommyTheCat]

brick you are too funny buddy. that's an “honest question”, are you serious?

Alright I'll pretend you were being sincere, even though the rest of your post makes it clear you aren't being sincere….

That is most certainly not the day to day, sure maybe it is of an entry level tax associate…but remind me again what the day to day of an entry level at any other accounting position is? Lots of mindless work while you learn the ropes, right?

Tax, at least at manager and above level, and probably even starting at senior a year in, is about so much more interesting stuff than what you laid out above. It's funny when people open their mouths about something they clearly have no experience with.

AUD - 85
BEC - 89
FAR - 91
REG - 97

[Hmmmmm]

@BrickellCPA

“Sure tax can be “interesting” but is it really? I mean, what you are really doing is researching the tax code/law and finding ways to convince the IRS of a tax position.”

Pretty much, but if you like structuring business transactions for your clients and can help them project years down the line and save money … isn't that more interesting than just looking at historical information day to day that you can't change? Assurance has their own share of research and inquiry as well and documenting the crap out of something to save your butt.

“So in other words what are you really doing? In front of a computer all day “researching” and clicking random buttons and links, crunching numbers in excel or other tax software, all the while you are on hold for over an hour or anticipating a phone call from the IRS agent that you can't miss and if you do miss the call you are pushed back all the way to the end of the line in which then you will break a nervous sweat because your boss will probably chew you out.”

LOL, IRS calls aren't that serious. You put it on speaker and go about your business. Researching, clicking around, crunching numbers in excel …sounds like every general accounting job on the planet, no?

“Correct me if I'm wrong, but isn't that essentially the day to day? Honest question, I'm curious.”

Accounting isn't glamorous, we all know that. But yes, there are interesting parts to it.

Experience: Big 4/Public (Audit) --> Private --> Public (Taxation/Consulting)--> Private

AUD - Passed! (3/4/17)

FAR  - 9/10/17 (Bombed horribly - don't get cocky and try to cram in 2 weeks guys!) - retake first quarter '18

BEC - First Quarter '18

REG - December 4th, 2017

[Anonymous]

Ahh okay, thanks hmmmmm. That puts it a little more in perspective, though I wish I could have someone do a complete and detailed walkthrough of what a day in the life of a tax professional is like in both the public accounting and corporate world.

The nature of the work just seems to pale in comparison to assurance, which yes has more to do with historical data, but there is a lot more travel, interaction with people/clients, more analytical work, and you get a better familiarity with internal controls and segregation of duties, etc.

I've always understood since long ago that tax has more operational objectives like doing projections and helping to minimize the tax liability…which can be “fun”, but I'm not convinced there is much more involved than what a robot can handle for a fraction of the cost/time.

[TommyTheCat]

“The nature of the work just seems to pale in comparison to assurance”

“I'm not convinced there is much more involved than what a robot can handle for a fraction of the cost/time.”

classic brick

AUD - 85
BEC - 89
FAR - 91
REG - 97

[Author]

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