[jeff]

This is for people taking their exams in the April/May 2010 testing window.

Recommended prep time for REG is 5-6 weeks @ 20 hours a week.

Study Notes: https://www.another71.com/cpa-review-store/

Study Videos: https://www.another71.com/cpa-exam/cpa-exam-review-video/

[Anonymous]

pls do u guys know where i can get practice for like -kind problems. my wiley only has one example. pls help is needed. my exam is here and its amazing how much details i still have to cover. at this point there is no longer sufficient time to review bss law. trying to familiarize with any and all possible sim long problems. i thot at this stage i would be over prepared with all the time i had, but not so. ……

all i can do is my best and pray to God whom i believe will enable me pass….Amen

[Anonymous]

also trying to familiarize with any tax forms i can get my hands on so i wont be lke a deer in the headlight on test day!!

[Anonymous]

Hi All,

Would you all pls advise how can I do practice for the Research part of the REG exam. The internal revenue code. I didn't have any practice until the actual exam. so i completely screw up.

Can anyone give me any suggestion on this?

Thanks

[Anonymous]

pls guys any ideas or strategies for time allocation on exam day for reg???????

i now know i will need more than 30 mins each for reg in order to slowly read bss law questons which r also long plus reread tricky ones which i always miss even when i know the concept and computation as i am doing bad in practice now. so pls how best to allocate time for sims ? who completed thir sims in good time??

[Anonymous]

ppls any mnenomics to remember most of the tax credits?

[suzzette1]

Hi Elsie,

I am studying for Regulation too and here is the mnemonics that I have been using:

Non-Refundable Credits – FEECARG

F -Foreign tax Credit

E -Elderly or disabled credit

E – Education Credit

C – Child and Dependent care credit

A -Adoption Credit

R – Retirement plan contribution

G – General Business Credit

Refundable Credits – CEWEL

C- Child Care Credit

E – Earned income credit

W – Witholding taxes

E – Excess Social Security paid

L – Long Term unused minimum tax credit

Hope this will help you.

Suzzette

BEC 2/8/10 - 75 (studied hard & prayed less)
REG 5/15/10 - 88 (studied less but prayed hard)
AUDITING 8/9/10 - 79 (studied hard and prayed hard)
FAR 11/30/10 - 79 (studied hard and prayed hard) Thanks GOD! I'm DONE

[Anonymous]

suzette thanks a bunch, but how do u remember the details and amts and age and ag iphaseouts amts? and under what conditions e.g adoption exp or child tax both r 17 ND 18ys etc… i did not have enough time to solve mcs as i should. this is stressful beyond bcos had enough time but did not have a good strategy

[Anonymous]

Elsie,

It's my experience that you do not need to memorize specific phase out amounts. It's more important to just know that there is a phase out on certain things. I would, however, try to remember amounts for certain gains/loss rules and some of the credits. For example, the homeowner's gain exclusion of $250,000 for single or $500,000 for married.

As far as time allocation during the exam:

I spent 28 mins on testlet 1, 32 minutes on testlet 2, and 35 minutes on testlet 3. That left me with 1 hour and 25 minutes for my simulations. I was able to finish with about 5 minutes left.

[karojane]

Elsie-

A good rule as far as detailed amouts you need to remember is if it's something that changes from year to year don't memorize those numbers. But, if it's something that's been the same for a while like the gain exlusion Bshep mentioned, do memorize that. You really need to limit yourself to 30 min per MC testlet. You only have three hours and you just need to deal with it. If you feel you are getting hung up on a question, mark it and move on. Then, if you have time, you can go back to it.

You should go to the IRS website and pull their forms and schedules. Try using those to give you practice and become familiar with them. Like when you do a MC look at the form and ask yourself where would you put that number.

As far as like-kind is concerned, go to becker.com, click on CPA review, click on students, click on updates and academic support, click on regulation course updates, then on the PDF (12/15/09) R1: supplemental info. This has a bunch of problems for like-kind you can practice.

Hope this helps. And remember, all you can do is study, go in there and do your best. If you fail, you can always take it again. And if you pass, you are awesome!

Created with Compare Ninja

[karojane]

Can anyone tell me:

Tax-free dividends? I know you exclude those from income but are they reportable on schedule b?

[Anonymous]

I am soooo confused on business law. I hate business law. I just don't “get” it. Any suggestions? I have watched the lectures, but the MCQs are tearing me up. Help!!!

[Anonymous]

Learn as much from the business law part as you can… but don't get too tied down in it. Remember it's just a portion of your total exam score. Keep at the multiple choice questions until you can get most of them correct. Focus on why you're getting the ones you miss wrong. If you still aren't getting it, try taking some notes on the business law chapters. That helped me memorize the major concepts. Good luck!

[Anonymous]

Ouch. I just got out of REG and also feel like it was a very harsh exam. The other three exams were difficult, but they didn't feel like this.

Of the two simulations, one took me 1 hr 10 minutes and was 8 tabs with numerous parts – very hard. The second simulation was 4 tabs with 25% of the questions that the first simulation had. Much easier.

What are the chances the second one is graded?? That might be my only chance to pass!

BEC 90, AUD 87, FAR 88, REG (Waiting)

[suzzette1]

karojane Schedule B is for Taxable Interest and Ordinary Dividends only. However, the excludable interest on Series EE are deductable under line 3. (Sch.B). The tax -exempt interest are reported in your Form 1040 Income line 8.b ( below the line for 8a.Taxable interest).

BEC 2/8/10 - 75 (studied hard & prayed less)
REG 5/15/10 - 88 (studied less but prayed hard)
AUDITING 8/9/10 - 79 (studied hard and prayed hard)
FAR 11/30/10 - 79 (studied hard and prayed hard) Thanks GOD! I'm DONE

[Anonymous]

my exam is here so pls can somebody help me out in giving a good formular of taxable incomeso that i can use to calculate cc and drd its gettin all mixed up now out of stress although i knew it b4. i also ant to know how NOL whatever goes into this formular bcos my review says its an expense but the book says its not………….also what is carried forward and carry over and if there is any difference

i need much help urgently b4 test on mon

[Author]

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