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March 9, 2017 at 12:46 pm #1509588jeffKeymaster
Welcome to the Q2 2017 CPA Exam Study Group for REG. 🙂
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April 12, 2017 at 12:39 pm #1532452AnonymousInactive
Can anyone confirm what sections to disregard studying for on this new format? Apparently negotiable instruments and title/title transfer won't be tested any longer as well as a few other sections. Can anyone confirm and doesn't this tecnically make the exam easier if there is less material to study for?
April 12, 2017 at 11:02 pm #1532739StrykerParticipantTook REG this week.
I got 3 DRS. Wanted to punch the monitor haha.
April 12, 2017 at 11:39 pm #1532755JoshParticipant@Jeff D = PHC+AMT. You probably got answers on FaceBook first?
Can a boyfriend claim a “live in” girlfriend on a tax return and be head-of-household or visa-versa? assuming that they provide support and the dependent makes under $4k and they live together all year? I was listening to Tim Gearty say that doesn't work, but I thought that IRC 152 allows almost anyone to be a QR? Or, at least, I thought Ninja mentions that in audios somewhere? I just hope I'm doing my due diligence after hearing that from Becker R1 M1.
April 13, 2017 at 12:42 am #1532779Jacob CarterParticipantWith answers and detailed Explanation.
April 13, 2017 at 12:42 am #1532781StrykerParticipantfrom what I gathered to be HoH you needed at least one dependent that met the CARES mnemonic. As in, they had to be a child that lives with you and you support fully or a mother/father that lives with you OR in a nursing home you pay for more than half the year.
However, it would make sense (Although, nothing REALLY makes sense on REG) if the individual qualified as a dependent under CARES or SUPORT then they would count towards being HoH.
April 13, 2017 at 11:02 am #1532874Sarasota SoonerParticipantQuestion on the Ninja Notes. First part of Individual Taxation has the tax schedules. Should these be memorized or are they just to illustrate the differing rates?
Thanks
April 13, 2017 at 1:05 pm #1532964Cluster SlugsParticipantI took REG again this morning after a 69 in the Q1 window. I studied significantly for Q1 and got a 69, but only spent about 2 weeks studying the Q2 format, primarily focusing on taking practice exams and narrowing down on what I missed. I had a little technical issue during my exam (more on that below), but here are my thoughts on the new format:
It took a lot longer to get through the MCQ's than the Q1 window. Not just because there were more of them, but I felt the time I spent per MCQ was longer. This could have just been me, but they seemed to require more computation than Q1. Content was similar and nothing significant to note in terms of what was thrown at me.
I got through the MCQ's with about 2 hours left for the SIMS which I thought would be plenty of time. I finished with about 20 minutes left so make sure you save yourself some time for the SIMS. I had 3 DRS on my SIMS, all of which took a significant amount of time. Pace yourself, be thorough, follow each component piece by piece and they're not that hard, just a lot of clicking back and forth between the problem and the supporting documents. Before each answer, remember to review the initial information provided at the top of the problem and not just what's in the supporting documents, as there may be important information to include/exclude from the initial problem. Overall the DRS isn't to be feared, I think if you're patient these should be easy points. The other SIMS for me weren't as comprehensive as Q1 and I managed to push through them pretty quickly.
I seriously struggle with the AL. The AL in Wiley is so much more condensed and easier to navigate than on the exam. When searching in Wiley, I can usually find what I am looking for very quickly, but I spent a lot of time clicking around the AL on the exam and felt like I was spinning my wheels. Make sure you're comfortable with this. I haven't used anything but Wiley, so I am not sure how other study materials are setup, but if you can manage to use the entire IRC for the practicing navigating through the AL, I would highly recommend it.
Lastly, I never, ever take breaks during exams because I feel it throws me off but I welcomed and needed the 15 minute break for this one. Partly because the computer crashed and shutdown during the third testlet, really throwing me off (not to worry, they rebooted and everything I had done up to that point was saved) and partly because the SIMS were so different to the MCQ's that I needed a little mental reset.
If it sounds like that was a negative response, its not intended. While it took a lot longer, I felt much better walking out of this one than I did in Q1. Hope this helps.
April 13, 2017 at 3:22 pm #1533013asParticipantthanks @cluster slugs for detailed review.
April 13, 2017 at 10:48 pm #1533168CPA788ParticipantHi friends –
REG is tomorrow at 12:30, and as long as I don't eff it up, it will be my final exam. Well, it was supposed to be my final last time I took it too, fml. 5th attempt. I pulled out all the stops and while I feel most prepared for this one than attempts 1-4, the PTSD of test day is so lame. Looking forward to being forced to wait til August to enjoy the summer, but BEC expires in the mean time so it's go time. I'll report back in a few days – great summary by @clusterslugs up there. Many thanks! Eases the nerves to know new format isn't too big of a deal.Keep calm and study on my friends.
BEC - 74, 77
FAR - 72, 71 (retake 7/29)
REG - 69
AUD - Q4 '16CA Candidate
April 14, 2017 at 1:50 pm #1533412mojojojoParticipantApril 14, 2017 at 6:46 pm #1533538moose4061ParticipantJust took Reg for the second time and I'm not feeling great about it. I've never felt great after any of the sections (the ones I've passed and the ones I've failed) so I guess the feeling doesn't carry much weight. First testlet was very difficult, second testlet felt easier, unfortunately. Does anyone know of the M-H-H trend is the same with the new format? I honestly enjoyed the 5 testlet format more. I feel like it was broken up and easier to mentally handle.
I was able to remember and look up some of the concepts afterwards and that made me feel a little better. Now on to Audit and the torturous wait until August.
April 14, 2017 at 6:50 pm #1533540moose4061ParticipantJust took Reg for the second time and I'm not feeling great about it. I've never felt great after any of the sections (the ones I've passed and the ones I've failed) so I guess the feeling doesn't carry much weight. First testlet was very difficult, second testlet felt easier, unfortunately. Does anyone know of the M-H-H trend is the same with the new format? I honestly enjoyed the 5 testlet format more. I feel like it was broken up and easier to mentally handle.
I was able to remember and look up some of the concepts afterwards and that made me feel a little better. Now on to Audit and the torturous wait until August.
April 16, 2017 at 1:20 pm #1533903livealittleParticipantI need a little help understanding something. In my Becker Review material it clearly states on page R8-19 Module 2 that employee wages are paid up to $12,850 as a 5th priority under bankruptcy, but the answer in the practice MCQ in my new Becker study material says
Employees have a 4th priory for salary claims to the extent of $12,475 per claimant with respect to wages earned within 180 days prior
it is study question # CPA-04194 in Becker
which is it? and what do I go with for studying?
amount and place in the order of payment are both different.
BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16April 17, 2017 at 12:09 am #1534101CPA788ParticipantHi all –
Took REG on Friday. I have to say the change in exam was not a big deal with 1 exception.SIMs are in 3 testlets as you've heard – 2-3-3. I went into SIMs with about 2 hours left, and all of mine were pretty involved, resource tab and DRS and the like. What was hard to do was manage time with the testlets broken up. What sorta SIMs were in T4 and T5? Were they beefy? How much time should I dabble in the AL on this itty bitty detail before I move on? Well, I dragged butt a bit too long and got rushed in T5 and that was a bummer.
I'll report back in August but I have to say – I got a tutor and he drilled entity tax with me and it was more than worth it. Hopefully that got me over the hump. Ignorance is bliss until then.
BEC - 74, 77
FAR - 72, 71 (retake 7/29)
REG - 69
AUD - Q4 '16CA Candidate
April 17, 2017 at 3:33 am #1534116MattParticipantI purposely pushed it back as far as possible, May 30th (Only just realized it was memorial day). I want the best possible chance of finishing this thing.
Anyway Good Luck @CPA788, I like seeing other people pass on here and I hope to see both us posting on the “I did it board” come august.
FAR 74
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