[KaitieMae]

Does anyone know of REG questions will be updated with the new changes passed? My exam is Friday. I’m slightly worried. Do I need to scrap all the things I’ve studied and try and cram this new stuff in? Or will the exam test on the ‘outdated’ (I guess things are still the same for the 2017 tax year) study material? Not trying to stir the politics pot. Just nervous because of the timing. Thanks friend.

[andjela]

No. Good luck on the exam.

[Paydirt123]

Whichever study program you're using should mention which dates of the exam is covered. And no, new GOP tax bill won't be on exam this week

[ryan.andrew6]

Any changes from the tax bills wouldn’t go into effect until the 2019 tax year which would mean they would be tested in the second half of 2018.

Plus, nothing has actually become law yet, the vote this week was just the senates version, with the house’s version being much different. Now both chambers will have to reconcile their bills and vote again before anything can be sent to the president – which IMO won’t happen but that’s another topic.

[jeff]

New tax laws are tested 6 months after enactment or their effective date – whichever is later. No worries.

[TommyTheCat]

As Jeff stated above, and to be clear the bill isn't even signed into law yet. It still needs to make it through reconciliation i suggest waiting to make any plans to study the new bill for REG purposes until it's actually signed into law by the trumpster

[tncpa2018]

Looks likes GOP is gearing up to get this into law by the end of the year. If so, must take REG before Q3 to avoid studying all these changes.

From AICPA CPA Exam Policy on new pronouncements:

“Changes in the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the testing window beginning six (6) months after the change’s effective date or enactment date, whichever is later.”

I’m hoping to try to get REG done first week of March. That way I have Q2 still with old law if a retake is needed.

[Jun]

As a Canadian who just learnt US Taxation for the first time, this was a really cool time to do it. I'm a Canadian CPA,CA, so I understand our awful tax system very well, but I knew nothing about US Taxation. I would read about the tax changes in the news and see all the very partisan reporting on it, and not really understand what was going on. I feel like I now understand all the changes very well, and can comment very intelligently when it gets brought up in discussion.

SIDE NOTE TO CHEER AMERICANS UP: If anyone ever gets sad about being in the states, think that the top income tax bracket for people living in Ontario (Canada's biggest “state”) is ~54%, which kicks in at only C$220,000 (~US$160,000)! Our sales tax is 13%, and property taxes are nuts! We have free healthcare (health insurance provided by state), but we definitely pay through our teeth for it…

[jeff]

The tax law changes aren’t going to be a big deal exam-wise.

REG is a surprisingly conceptual exam. If you think about it, the examiners can’t logistically edit 10,000 questions or whatever with every whim of Congress and have time for the vetting and QC process.

Sure – some foundational things will get tweaked … if Corporate AMT goes bye bye then all of those questions will get sidelined until it gets reinstated a decade later or whatever.

If the personal exemption gets canned (which will put a damper in my own creative tax planning … I have 8 kids for those that aren’t getting that joke …) then that will cause a big editing undertaking for those that administer the exam and for those of us who edit our materials – but for the people taking the exam… not a huge deal.

[Tim]

It sounds like it may actually be easier for test-takers if they're just going to remove a bunch of questions, leaving less material to study.

[CPAwannab]

I actually regret taking REG already. You guys will not have to study corp AMT, personal exemptions etc.
@Jeff you can get more creative with $2000 child tax credit 🙂

[scattershot]

people make AMT sound like it's as time consuming as gov't + NFP combined, but it didn't seem that bad…

[Jun]

I would think it's easier to be learning the new simpler Trump Tax Plan. That and it's more beneficial/relevant to know what's actually being implemented, rather than knowing a system that will only exist for a few more weeks, especially after such a big overhaul.

GO AMERICA!

[Bourne]

I agree Jun. As some people may think it may be “easier” under the current code as opposed to taking the exam after the overhaul, everyone has to realize why they become a CPA. You become a CPA to be valuable to an organization or individual and can help them. The point of becoming a CPA is to know the relevant materials in which you will be practicing and being able to apply them. If you just try to rush through the current REG exam to take it before the new tax overhaul; yes you may pass, but are you really going to know enough of the new material to actually benefit the corp./individual you're working with?

[Jun]

@Bourne – Exactly. Also, everyone is talking about the new Trump Tax Plan. The stock markets are completely dependant on the daily news related to it, and this will impact [almost] every person/business materially. I feel like I would be pretty embarassed if I just passed my CPA and didn't know the Trump Tax Plan.

Home of the Brave!

[Author]

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