REG Study Group – Q2 2018 - Page 2

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  • March 21, 2018 at 9:47 am #1744871
    spandey27
    Participant

    Hi Kat,

    I am using gleim test bank, suggested by a friend.

    I have not passed either and am retaking for the second time. I am weak in Corp taxes, partnerships etc (basically the most important ones, i was weak) I got 64 the first time I took the test and the software I used was only Becker.

    I would say assess your weak areas and may be buy something extra. But also don't overwhelm yourself with too many software's as it may confuse you more.

    March 21, 2018 at 1:17 pm #1745142
    Lexi
    Participant

    Hi!, Just started studying for REG and I just hope this gets easier lol must we remember all the details in the intro chapters??

    March 21, 2018 at 3:57 pm #1745294
    vorobjeva44
    Participant

    Hi Lexi, which chapter is intro? If you have Indiv.tax first – you need to memorize all details . Actually master all tax chapters first, then move on to Ethics , and then to Blaw. My friend passed with 78 just now and he even did not open Blaw. I failed with 73 bcs didnt master Entity Taxation but knew all others… 🙁 So master Tax first!

    March 21, 2018 at 4:04 pm #1745310
    vorobjeva44
    Participant

    Spandey27, do you think I should buy Gleim for sims? Are they really better then Becker and Ninja Sims? I actually studied with Becker but I skipped Entity Taxation Sims, thats why I failed ( i had M1 schedule (book to tax) and MACRS depr which I did not know 🙁 ) I bought Roger Cram , I like it but it is good for fast review only… 🙂

    March 21, 2018 at 5:01 pm #1745373
    spandey27
    Participant

    I think if you already have Becker, ninja sims, and roger cram, it should be more than enough. People who are only using becker pass the exams, so i think it is more about understanding the material that you already have then opting for new software. I will be honest, i studied everything in becker twice and i still failed. I don't know how some people pass and some people fail. I dont know how ninja sims and roger cram are, but for sims i am just using gleim. But i am no expert. I am still so confused on everything. just trying to go through once and plan on revising.

    March 21, 2018 at 8:18 pm #1745648
    Anonymous
    Inactive

    I'm studying for Reg and planning on taking the exam next month. Can anyone suggest what's a good strategy on preparing for the SIMS. I think MCQ's are manageable but SIMS is where I get hung up on. I have used Becker before but to be honest the SIMS aren't that great. What is the best place to practice SIMS and what would be the associated cost?

    March 21, 2018 at 9:48 pm #1745750
    vorobjeva44
    Participant

    Strategy is “sit and try to do as many sims as possible” lol , this is what I am doing now.

    March 21, 2018 at 10:56 pm #1745838
    vorobjeva44
    Participant

    Barbaro Corporation's retained earnings at January 1, 2017, was $600,000. During 2017, Barbaro paid cash dividends of $150,000 and received a federal income tax refund of $26,000 as a result of an IRS audit of Barbaro's 2014 tax return. Barbaro's net income per books for the year ended December 31, 2017, was $274,900 after deducting federal income tax of $183,300. How much should be shown in the reconciliation Schedule M-2, of Form 1120, as Barbaro's retained earnings at December 31, 2017?

    $443,600

    $600,900

    $626,900

    $750,900

    March 22, 2018 at 6:50 am #1745921
    hanseny007
    Participant

    Hi I am taking REG on 4/30/18!
    It’s my 3rd section (have passed AUD and BEC) and I am using Wiley and Ninja monthly material.
    Let’s do this!!!!

    March 22, 2018 at 1:39 pm #1746429
    Lexi
    Participant

    @vorobjeva44 yes! Individual tax. I thought I was spending way too much time in taking notes and trying to memorize everything but I'll keep doing that now. Thanks!

    March 22, 2018 at 4:42 pm #1746669
    trk85718
    Participant

    @vorobjeva44 curious what the answer is to your above M2 retained earnings reconciliation? Im guessing we include the income tax expense to reconcile RE per books?

    March 22, 2018 at 9:44 pm #1746962
    vorobjeva44
    Participant

    Beginning with the balance at January 1, 2017, the end of year balance would be computed as follows:

    Balance, 1/1/17 $600,000
    Net income for year + 274,900
    Federal income tax refund + 26,000
    Cash dividends − 150,000
    Balance, 12/31/17 $750,900

    March 22, 2018 at 9:45 pm #1746963
    vorobjeva44
    Participant

    @Lexi for Individual part mnemonics helped me a lot.

    March 23, 2018 at 2:07 am #1746996
    Anonymous
    Inactive

    On Becker’s REG Book Page R1-5, the sample 1040 tax form is for Calendar Year 2016. So, I printed a copy of 2016 out. Then when I was studying page R1-4, it’s showing year 2017.

    So the testable tax year in Q2-2018 is 2017, correct?
    Thanks guys!

    March 23, 2018 at 8:38 pm #1747695
    wmont92
    Participant

    Taking Reg this quarter again. How much detail should I go into individual tax credits? I'm using Becker and it seems like they are covering tax credits like they should. looks like a lot of little details

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