[Soproudofmyself]

I’m taking REG in the first quarter of 2012 and in the past I’ve heard that we get tested for 2011 laws in the first 2 quarters of the year. I just want to confirm, is that true?

Also, is the adoption credit a refundable tax credit or nonrefundable in 2011?

[Anonymous]

Nonrefundable.

I'm studying with a 2012 book and honestly don't care anymore…

[Soproudofmyself]

https://taxes.about.com/od/deductionscredits/qt/adoptioncredit.htm

This article says its refundable in 2011 but not in 2012….. This is why the reg is exam is frustrating!!!! Ughhhh

[Soproudofmyself]

Who should I call to verify what laws they r testing us on? I don't wanna trust the books anymore….they aren't working for me

[Anonymous]

Sorry, my bad! It's refundable for 2011.

[jdj017400]

Hopefully this helps:

https://www.aicpa.org/BecomeACPA/CPAExam/ExaminationContent/NewPronouncementPolicy/Pages/new_pronouncements.aspx

AICPA states that it tests items in effect for the previous 6 months, so this first quarter should be 2011 amounts.

BEC - 80 (11/30/2010), Lost Credit - Retake 11/30/2012, 80 (FINISHED!)
AUD - 71 (05/31/2011), 79 (08/28/2011)
REG - 70 (11/30/2011), 87 (02/09/2012)
FAR - 61 (5/31/2012), 80 (08/31/2012)

[Anonymous]

Your first question has been answer by the last user.

Detailed answer to your second question:

Adoption Credit

Many credits are designed to provide tax relief for individuals with special needs. Amounts below are indexed for inflation.

A. The adoption credit is allowed for adoption expenses.

1. Reasonable expenses up to $13,360 (2011) associated with an adoption qualify for the credit.

2. A $13,360 (2011) adoption credit is available for children with special needs regardless of actual expenses.

3. The credit is phased out for taxpayers with AGI (2011) in excess of $185,210, and is completely phased out for taxpayers with modified adjusted gross income of $225,210.

4. Before 2010, the credit was limited to regular tax, but any excess credit could be carried forward for five years. For 2010 and 2011, the adoption credit is now refundable so no carryover is needed.

[kat-pgh]

I'm sure I'm not the only person out there with a 2011 book, which I'm realizing has 2010 info in it from it's original printing. I'm scoring 90%+ at this point. And I realize I might have been pushing my luck with a 2011 book with a Feb 2012 test, but I materially know this stuff now. I'm just at the point now where I hope they don't ask the minutia level of information for things like this that change. Like they don't make it hard enough. I'm getting close to the 18 month mark and I'm moving forward with AUD, hopefully I don't have to look back or start over.

B - Passed 10/10
A - (4/12 with 18 months expiring...fingers crossed!)
R - Passed 02/12
F - Passed 08/11

[jdj017400]

@kat-pgh

As long as you have gone through all of the online updates Becker has posted then you will be fine.

I'm using the 2011 book too, retaking Reg on 2/6…and then I have to study for FAR and pass it on the first try by end of May, otherwise I lose credit for BEC.

Any recommendations for passing FAR? Do you think 3 months, mostly just weekends (I also work/travel full time) is enough?

Good luck!

BEC - 80 (11/30/2010), Lost Credit - Retake 11/30/2012, 80 (FINISHED!)
AUD - 71 (05/31/2011), 79 (08/28/2011)
REG - 70 (11/30/2011), 87 (02/09/2012)
FAR - 61 (5/31/2012), 80 (08/31/2012)

[Veronica75]

Is it just me or does Becker have a ridiculous number of updates for REG 2011? It's so frustrating to even go through it all.

FAR - 79 (2x)
AUD - 81 (expired), 77!
REG - 74! omg (3x) 87!!!!!!! I'm done! OMG!
BEC - 81 (4x)

[Anonymous]

The one update I still cannot fully grasp is the deduction for Self-Employment Tax….

[jdj017400]

@CPAMan

I've been struggling with that as well…

BEC - 80 (11/30/2010), Lost Credit - Retake 11/30/2012, 80 (FINISHED!)
AUD - 71 (05/31/2011), 79 (08/28/2011)
REG - 70 (11/30/2011), 87 (02/09/2012)
FAR - 61 (5/31/2012), 80 (08/31/2012)

[Author]

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