[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for REG. 🙂

[Tncincy]

Starting Reg today. Im using the wiley book and ninja mcq's….nailing down concepts first. Have not scheduled the test date. Kinda torn between what to do. NTS expires 7/31, I want to squeeze it in 5/31. I hope some seats are available.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[wng1885]

Hi so im taking Reg on may 31st and it'll be my last one I hope. Since the results dont come out till August I was wondering if anyone knows if i would be able to retake reg sometime in between may and august and have nasba use the higher of the two scores. I just want to have a contingency plan in case I come out of the exam room knowing I did not pass. I do not want to have to wait till August to retake it.

[livealittle]

I don't know for sure, but I'm going to say no.

I took a test, don't remember now which is was now, and KNEW I didn't pass when I finished it. I went ahead and sent in my application for a new NTS. They sent my check back and wouldn't cash it saying that they couldn't give me an NTS on a section while I had a score “pending”. I'm in AL, so your state board may differ.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[wng1885]

That is super frustrating…especially since they are making us wait 3 months to get test results. A lot of people are likely going to be losing their credits too.

[livealittle]

I totally agree. THere have been several threads about it.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[cmcook]

I have been on the REG struggle bus for 6 weeks. Partly because I am a more-than-full-time grad student and have a family, and partly because I vehemently hate tax.

I was devoting 4-5 hours M-F a day to studying, but it just wasn't cutting it (I burned through AUD and BEC each in about 3.5 weeks easy, peasy. I knew this would be worse, but not THIS much worse). However, the light at the end of the tunnel is 1) the semester ends in a week, and 2) I just pushed my exam date out two weeks. I think with two solid weeks of studying w/o school I can lick this thing. I sure wish I had thought to reschedule sooner.

Just putting it out there in case anyone else was in the same boat and needs to hear it's “okay” to have to push out a test a couple of weeks. 🙂

[CPA788]

Someone up there asked about the REG SIMs. This was my testlet format:

T1 MCQ (36-38 don't recall, blueprint says)
T2 MCQ (36-38 don't recall, blueprint says)
T3 – 2 SIMS
T4 – 3 SIMS
T5 – 3 SIMS

Try to go into SIMs with at least 2hr left.

BEC - 74, 77
FAR - 72, 71 (retake 7/29)
REG - 69
AUD - Q4 '16

CA Candidate

[Anonymous]

I take REG next Friday and just did the practice exam on the AICPA site. The SIMS were ridiculous! I thought FAR was tough but this takes the cake. Did anyone else think those SIMS were tough for the REG sample test?

[Tncincy]

Well gang, the bottom line is we have to study and study hard. We already know it's not going to be easy, so we have to make the adjustment and get it done.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Josh]

Thanks for your responses! I appreciate them. My personal “busy season” is almost over except my computer keeps crashing X.X..

Tax preparation and the CPA: I prepared an amend if my buddy wants it for no charge of course (referring to my HoH question). That was a learning experience. I had another amend ready. Now, for ours. I asked my attorney in regards to filing an extension and while waiting for a green card. He said he didn't find anything by the IRS in regards to a topic like that. Maybe, it's a question for USCIS or DHS whoever does our interview? I don't think this is covered on the exam because my professors aren't responding to a question like that.

Corporations: LOL class is moving at a good pace. I'm learning and enjoying moving forward. Whoever said it.. there's a lot on this section that's, how would you say, tricky? All I know is I'm going back to Santa Fe in a month from today.

@bmfrancis007 – I'm glad I did my sims even though I'm not sure if they're recommended investing “extra” time in? Having an asset that large certainly seems to affect the rest, so they would be mid-quarter. In fact, that looks pretty close to the rule from wherever it comes in the IRC? If more than 40% is placed into service in Q4, mid-quarter “Must be used.” Apparently, Pub 946 refers to this rule for the last 3 months of the year? MACRS is mostly referred to in IRC Section 168. I didn't see that rule there. All I remember is the solutions to my sims confirmed this rule, so I figure they're worth the practice?

I see why R4 follows R3. I'm still trying to understand how to form corporations and the tax consequences. What comes to mind are Roger's words, “so many corporations fail because of ‘under-capitalization'..” It's probably a good idea to keep going and learn as much as I can before starting one, lol. I have idea(s). This exam first! Keep up the good work, everyone!

[Tncincy]

I am working on the sims that's included in the mcq's, I am flowing through them. I hope they are this simple on the test. Or maybe I am retaining more than I thought. Today is a good day to study, I can feel it…..

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

Weekend drama is over…back on the study horse today. Today is a good day to study 🙂

It begins with a 75
Been here too long as a cheerleader....ready to pass

[jeff]

[Josh]

@jeff B. That was my initial guess, but I see you got a lot of answers on first on FaceBook! I wish I had a good explanation – due diligence or due care.. is one of the standards of the profession.. I remember hearing this in Ninja Audio and in Gleim's lectures on a CPA's defenses. Professional Responsibilities is next, but I have so much to catch up on in Corporate and Entity Tax after only getting a day off work for the past 2 weeks.

I did enjoy your podcast when I heard it on Stitcher this morning. There's a lot of candidates out there I can relate to. I've thought about getting out of the house a little to study with our daughter turning 5 months now. She's louder than both my wife and myself. The 2 of them love to play. They're my motivation. Time to dive into some consolidated returns!

I've been wondering if there are many book/tax differences for partnerships or s corporations? Does the CPA exam test those much? I saw Schedule M's on these Forms 1065 and 1120S. I just hear it's more rare for the S Corporation especially the smaller ones? So I began to wonder, do I need to know any differences that may be on a Form 1120S, schedule M-1 or 2, etc.?

I got so much homework to get done today.. Good luck, everyone!

[mashloum]

Corporations X, Y, and Z are component members of a controlled group of corporations on December 31 of the current year. For the current year, they allocate the taxable income brackets under an apportionment plan as follows:
Corporation X
1/4 of each tax bracket
Corporation Y
1/2 of each tax bracket
Corporation Z
1/4 of each tax bracket
Corporation Y has taxable income of $80,000 for the current year. What is Corporation Y’s income tax liability if the controlled group’s total taxable income is $97,000?
A. $12,000
B. $15,450
C. $18,680
D. $21,325

I need help to understand this question, and why “D” is the right answer!

[Author]

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