[SDTrojan1904]

We’ve all seen the popular REG mnemonics such as HIM DEAD, CARES, SUPORT, MAIDS, etc but have you came up with a more clever one? Do you know of a not-so-popular mnemonic that you found really helpful? If so, post them here!

Let’s see how many we can come up with. I’ll start it off with “SBSV…is tax free!”

Tax Exempt Interest Income includes:

S) State and Local Govt Bonds/Obligations

B) Bonds of a US possession

S) Series EE

V) Veterans Administration Insurance

[CPA Dex]

HORNIS for dependency test. It was over a year ago so this may be off a little but it was something like:

Half Of year…. I forgot this one

Relationship

Not a qualifying child

Income

Support

My other favorite one is VCUT. It's for FAR though. It is an enhancing qualitative characteristic to the conceptual framework. I remember it by thinking a vcut (like a v-neck) enhances my look:

Verifiable

Comparable

Understandable

Timliness

[jeff]

REG isn't that mnemonical, unfortunately.

Sch. A deductions not subject to phaseout:

You get hurt (Medical) … you die (Casualty). One of your kids spends their inheritance on Gambling (Losses), the other on Investments (Interest expense).

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

[Anonymous]

You know, this exam is unreal….. “Bonds of a US possession”? Absolutely would have missed that if it came up on my exam, now I know that. Im sure there's only 1,000 other minutia I've missed

[jokami]

My mnemonic for “adjustments to gross income to arrive at AGI” in individual taxation is: IISSSATHEMDO. I know, I know!!!!! It is not a word. BUT my friends daughter is Isabela; and I don't know why… when studying it, her name came up and I sort of mixed the order and came up with IISSAAATHEMDO…

It has the “Isa” and the “e” and most importantly I remember it.

I – IRAs

I – Interest Forfeited

S – Self – Employed Insurance – 100%

S – Self – Employed Retirement – Keogh

S – Student Interest

A – Alimony

A – Attorney

T – Tuition and Fee

H – Health Savings Account

E – Educator Expenses

M – Moving Expenses

D – Domestic Production

O – One-Half Social Security Self Employed

and for “itemized deductions from the AGI” our review professor gave us “COMITE” which is Spanish for committee. He said that the “O” was for the oh-ooohs in life…

C – Charity

O – Oh – oohs Casualty and Theft losses

M – Medical Expenses

I – Interest Expense

T – Taxes State, Local and Foreign

E – Employee Expenses / Miscellaneous

That is how I learned it..

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[SDTrojan1904]

Jokami, I also try create my mnemonic or saying personal or witty so that I remember it. When I think of adjustments, I think of ways to lower your gross income. And if I was getting a divorce, I would def want my income to be lower!

So adjustments to arrive at AGI is “Every Idiot Should Take His Money Out So She Isn't An Achieving Dog” I know it's not polite but hey, it helps me remember the adjustments!

E) Educator Expenses

I) IRA

S) Student Loan Interest Expense

T) Tuition and Fee deduction

H) Health Savings Account

M) Moving Expenses

O) One Half Self Employment Tax**

S) Self Employment Health Insurance**

S) Self Employed Retirement**

I) Interest Withdrawal Penalty

A) Alimony Paid

A) Attorney Fees paid in certain discrimination/whistleblower cases

D) Domestic Production Activities

** NOT deducted on Schedule C!

[SDTrojan1904]

My take on Jokami's other mnemonic, itemized deductions = COMMITT. No saying or anything, just COMMIT with an extra T.

C) Charitable Contributinos

O) Other Misc deductions (Not subject to 2% AGI)

M) Misc deductions (subject to 2%)

M) Medical Expenses

I) Interest Paid

T) Taxes Paid but NO FBI** since they're not deductible

T) Theft or casualty

**FBI = F) Federal Taxes B) Business and Rental Property Taxes I) Inheritance Taxes for States

When I think of Taxes and FBI, I think of the government so that's how I remember that they go together.

[jokami]

You really went deep there with the adjustments to arrive at AGI… If it works for you it is fine… The important thing is to remember it!!!

I like the other use of COMITE for COMMITT..

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[kandisjoy]

WIPITFT – Wish I'd passed it the first time

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[Herbieherb]

I did something similar to SD Trojans adjustments

SHIT I'M ASS DOPE

S (Student Loan)

H (Health Savings)

I (IRA)

T (tuition)

I (Interest withdrawal penalty)

M Moving Expenses

A Alimony Paid

S Self Employment health Ins

S Self Emplyoemnt retirement

D Domestic Production

O One half of self emplyoment

P Paid atty fees

E Educator Expense

NEW YORK- DONE

[sbarkerACPA]

This thread should be revived for those of us taking REG soon!!

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Zaq]

Individual Taxation

Gross Income – [WIDSABCIPRKUSO] “Wishing I didn't shoot a baby cub. I probably really killed unexpectently somebody's owner.” (A friend suggested this mnemonic that I CAN'T get out of my head, lol.

Deductions to arrive at AGI – [IM DOPE ASS SHIT] (stolen from a guy above)

Deductions from AGI – [COMMITT]

Nondeductible Moving Expenses – [TEMP]

T – Temporary living expenses

E – Expense of breaking a lease

M – Meals

P – Pre-move house hunt fees

Deductible Taxes [RIPS]

Real estate taxes

Income taxes

Personal property taxes

Sales tax

Nondeductible Taxes [FBI]

Federal taxes

Business and rental property tax

Inheritance tax

Refundable Tax Credits [SALE CAW]

Social Security (excess) Paid

American Opportunity credit

Long-term Unused Minimum tax credit

Earned income credit

Child tax credit

Adoption credit

W-2 Withholding tax

Nonrefundable Tax Credits [FREE GC]

Foreign tax credit

Retirement savings contribution credit

Elderly & disabled credit

Education credits (lifetime learning)

General business credit

Child & dependent credit

These don't include all of the mnemonics already made by Becker.

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[MustPass1988]

A way to remember securities not subject ot the Securities Act of 1933 registration :ACIDBRAINS

A- Regulation A- small offerings

C- Commercial paper

I- Intrastate offerings

D- Regulation D offerings (504, 505, 506)

B-Brokerage Transactions

R- Regulated industried (ie- CD's)

A- Agencies of the government (railroads, muni bonds)

I- Insurance contacts/policies

N- Not for profits

S- Stock dividends & splits

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[Amay]

bump 🙂

You are NOT allowed to use cash basis if you're “SIC” or “F”ilthy Rich

S – Shelters (tax shelters)

I – Inventory (exception: avg gross receipts >$1M)

C – C-corps and C-Corp as a partner

F – Five million ($5M) or more in avg. gross receipts.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[klink24]

This is awesome! I have the most trouble keeping up with those darned deductions for AGI and deductions from AGI. Now that I've seen this, it puts it in perspective a bit more.

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[Amay]

Just came up with this. Carryovers for Individuals: NICE CAP

N – NOL (20 yrs)

I- Investment interest expense > investment income (forever)

C- Capital loss (3K max, forever)

E- Excess 179 expense

C- Charitable contributions (5 yrs)

A- AMT paid (forever, against regular income tax only)

P- Passive activity loss (forever)

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Author]

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