[Trying like crazy_CPA]

Hi all, I have passed three exams and feel good about my study routine. However the material in REG scares the heck out of me. This is the section that I am least familiar with. I am not a tax person whatsoever. I was an auditor for 3 years and am now in industry, the most tax related thing I do is submit sales tax each month. It also may be because I’ve only been through the material one time and I haven’t started reviewing yet and going through things a second/third time (test is 8/30) but I wanted to find out from anyone who has taken/studying for REG what the true hardest sections are and any tricks to getting all of these THOUSANDS of rules, thresholds, limitations, carrybacks/fwds, forms, schedules, adjustment items, deduction items, etc. down. It makes me go crazy reading these chapters as every individual sentence seems to be something I need to memorize! Sorry for the lengthy post but any advice on how to tackle REG would help me figure out how to study this material. (I am using Becker) Also, do I need to know where items are (like line item #) on a form, form numbers, or all the specific threshold amounts (because there are a TON of threshold amounts)?

Thanks in advance! 🙂

FAR 2/22- 87, BEC 4/14- 87, AUD 5/28- 92, REG 8/30

[Anonymous]

You are going to be FINE!!!! Do you have becker? If so, take the progress test over and over and over and over until you are easily getting a 90 on the tests. Each newly created progress test will give you a new set of 100 questions. Also go to Becker updates and read and know the R1 Supplemental Information. This is about Realized and recognized gain. Very helpful with MCQ's and possible simulations. When you think through the situations, understanding realized and recognized gain is very helpful to know. It came up at work the other day.. and I was the only one who had knowledge on it! I'm surprised Becker didn't do a better job at explaining it in their book, I'm sure they will on their next set of books. Also, go over every possible simulation. Understand the concepts.. you will be fine. I felt the MCQ from the REG exam was word for word from Becker. But do know the changes for 2010, which you can get from irs.gov. Search: 2010 1040 changes. Know the AMT exemption amount for 2010, the casualty amount for 2010 and the phase out amount of the mom and pop exception. I'm not saying you will get questions on them, but I saw them come up on a lot in the Progress testing and I find them helpful and easy to remember! You will be fine!!! 🙂 Good Luck. I'm taking BEC.. totally confused.. any advice for me? corag3@comcast.net

[magic_8_ball_did_i_pass]

My two cents…pay the 1 penny and get the archived webinar explaining like kind and 1231 1245 1250 assets. Becker does not explain them like that webinar did. AND IT TRULY HELPED ME. I know every test is different but i would rather be over prepared. I too was overwhelmed with the threshholds and limits and things of that nature. But after you do those becker MCQ's you will see that the numbers begin to stick in your head. Then the ones that you seem to forget make a cheat sheet and learn. However on my exam, I dont remember having to recall too much of that. You dont have to remember line items. I was familiar with the forms (no i didnt memorize them) If you get a sim with a form, the form should be there and you will need to fill in the items. I used the becker books, lecture dvds, becker flashcards, the webinar from club 75 and read jeff's notes and i passed reg on my 1st try. But I have to admit, i loved tax and B Law in college. Take and deep breath and focus. You can pass this exam!!

IL - BECKER=============> DONE
REG - 80; FAR - 65,79; AUD - 53,78; BEC - 71,68, 75 (used becker and yaeger for 3rd BEC)Ethics 95

I'M GONNA CELEBRATE AND LIVE MY LIFE SAYING AYE OH BABY LETS GO!!!!!

[Anonymous]

I get to take mine in about 4 hrs.

I wonder if I vomit – will I feel better?

sheeesh.

[Anonymous]

Oh! Well…NEVERMIND.

I was concerned that I hadn't received an email from PROMETRIC confirming my test this afternoon.

SO, I CALL THEM AND THEY HAVE NO RECORD OF IT.

Funny, I didn't like the day or the time of the test to begin with…but it was my only option SO I KNOW I remember the time and day its not as if I'm merely confused…thy don't even have an exam scheduled for me at all.

They are willing to reschedule me. ARE YOU KIDDING ME??? I can trust them to re-schedule an exam they can't even schedule the first time. WHAT IS WRONG WITH THE SYSTEM? Next month is the soonest they can re-schedule it for me. GEE THANKS.

THE SYSTEM IS BROKEN AICPA.

[Ichabod]

You know, now that I think about it I didn't get the reminder email either when i took audit earlier this month. I showed up and they had me on the schedule, so there were no hiccups. Very strange though!

As for studying for Reg. I didn't have much of an issue with the tax portion, which is weighted a bit heavier than the b-law stuff. The only way I was able to get through it was by writing out the answers to all the questions I got wrong. This pretty much forced me to slow down and not just brainlessly click on the answers. As Cora noted use the progress tests! I would use them in between each section, building upon what you've been working on. Once you get to 2 weeks (or 1 if you're cramped for time) rework all the homework and run 1 or 2 progress tests. Don't over do it, or you'll burn out!

Good luck!

[Author]

Replies