[jeff]

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

[Anonymous]

I took REG today and it did not go well. At least it did until I got to SIMS. The first mcq testlet went well but the second testlet had very detailed questions. I didn't budget my time correctly and didn't complete two SIMS. Leaving enough time seems to be the hardest thing with this new format.

[mashloum]

I feel sorry to hear that, do not worry, sometimes you left the exam and you believe that you are failed, and surprises always there since correction weight might play a role here!
Can you explain further for which material you have used and how much time you invest for the REG final review?

[Anonymous]

Thank you for the encouragement. I used Gleim and felt that it prepared me well as far as material. My final review was two weeks and approximately 40 hours. I did tons of multiple choice.

[mashloum]

Gleim test preparation includes + 3000 MOC which is very huge and required more time to be absorbed efficiently, so if I was in your position, I will screen 20-25 from each unit (20 units), and then go through study mode for all

[afkg]

Is there a more efficient way to calculate tax liability than the way that Becker presents? Their method seems to be: “calculate the 10% bracket, 15% bracket, etc. Add them up.” I seem to remember learning a faster way in college, but I can not for the life of me recall what that was. I think that it was something like:
(x amount)+(rate(excess over minimum cutoff of bracket)), pretty much what is seen here:
https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions.
However, I can not figure out for some reason how to calculate the ‘x amount'. (Example being $5183.75 in the 15% Single bracket). Is this just some kind of ‘enhanced' tax table, that would not be given on the exam?
Obviously the ‘Becker method' is quite simple, but it just seems to take an unnecessarily long time.
Thank you so much for any help, I am kind of freaking out!!

[mashloum]

I hope this will help

If Taxable Income Is
Over But Not Over The Tax Is Of the Amount Over

$0 $50,000 15% $0
50,000 75,000 $       7,500 + 25% 50,000
75,000 100,000 13,750 + 34% 75,000
100,000 335,000 22,250 + 39% 100,000
335,000 10,000,000 113,900 + 34% 335,000
10,000,000 15,000,000 3,400,000 + 35% 10,000,000
15,000,000 18,333,333 5,150,000 + 38% 15,000,000
>18,333,333 6,416,667 + 35% 18,333,333

[Anonymous]

Hi guys, does anyone have the list of topics not included in the new exam. I'm using Becker and I see that they haven't covered number of topics in their new book. The topics are Sales, Commercial Paper, Copyright and patent,, Sarbanes-Oxley, Money Laundering, Antitrust Law, Documents of title, and Dodd-Frank Act.

[Affekerl]

This is the “Do Not Study” list from Ninja MCQ for REG:
1A 2: AICPA Statements on Standards for Tax Services (41)
2C 2: Negotiable Instruments (84) – UCC
2C 4: Documents of Title and Title Transfer (20) – UCC
3 A: Federal Tax Legislative Process (8)
3B 1: Due Dates and Related Extensions of Time (5) – Federal Tax Procedures
3B 7: Statute of Limitations (13) – Federal Tax Procedures
6C 5: Earnings and Profits (14) – C Corps

AUD: 81 (10/30/15)
BEC: 80 (01/19/16)
REG: XX (05/XX/16)
FAR: XX (07/XX/16)

[nagip]

I took REG on 5/7. I did not see any questions on UCC Sales, Commercial Paper or Dodd Frank. I did find SIMS tough because of number of documents to review. Prometric Center computers are not the best for reviewing the documents and answering. Split screen is so small. I ran out of time and had to rush through SIMS.

[Tncincy]

@nagip Good luck and best results, Are you moving on or taking a break?

Prometric need to spend some money on upgrades. So many complain about the center, the lighting, the lockers, the bathrooms, and the computers. I'm sure they don't care that this is the test of your lives, but at least provide state of the art computers. Prometric get paid well, through the many organizations that use their sites. ( Just thought I'd rant since it's Monday and the cubs lost in 18 innings yesterday 🙁 I know, I know I should have been studying but my wandering mind got stuck when I saw the score at the bottom of the 9th and the cubs tied the game 4-4)

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

[ajm317]

@Affekerl Where did you find this list? I am having trouble figuring out what to & not to study. Negotiable instruments are a thorn in my side….I have been wasting plenty of time on this. Are we certain this will not be tested?

[RandomRandy]

I seem to be having trouble with remember all the rules regarding calculating Basis for shareholders in C-Corps, S-Crops, Partnerships, etc, when they contribute assets to the entity or have liabilities.

Does anyone have an easy breakdown of how it works or how it is calculated for each?

FAR: 74 1/15/16, 72 7/2/16 -_-
BEC: TBD
REG: TBD
AUD: TBD

"Nothing is impossible to him who will try" - Andy Bernard

[mashloum]

As per Wiley updated material this is the list included
Contents
Regulations Governing Practice before the Internal Revenue Service ……………………………………………………………………………. 5
IRC Code and Regulations Related to Tax Return Preparers ……………………………………………………………………………… 10
Licensing and Disciplinary Systems ……………………………………………………………………………………………………………………. 15
Common Law Duties and Liabilities to Clients and Third Parties ………………………………………………………………………… 17
1. Part One: Liability to Clients …………………………………………………………………………………………………………………………… 17
2. Part Two: Liability to Third Parties ………………………………………………………………………………………………………………….. 24
Privileged Communications, Confidentiality & Privacy Acts ………………………………………………………………………………… 27
Substantiation and Disclosure of Tax Positions …………………………………………………………………………………………………… 31
Taxpayer Penalties ……………………………………………………………………………………………………………………………………………… 34
Sources of Tax Authority and Research ……………………………………………………………………………………………………………… 39
Tax Practice and Procedure ……………………………………………………………………………………………………………………………….. 43
Compliance Responsibilities ……………………………………………………………………………………………………………………………….. 46
Types of Agency Relationships and Creation ……………………………………………………………………………………………………… 53
Authority of Agents and Principals ………………………………………………………………………………………………………………………. 57
Duties of Agents and Principals ………………………………………………………………………………………………………………………….. 59
Contract Liability of Agents and Principals ………………………………………………………………………………………………………….. 65
Tort Liability of Agents and Principals …………………………………………………………………………………………………………………. 69
Contracts: Applicable Laws …………………………………………………………………………………………………………………………………. 74
Types of Contracts ……………………………………………………………………………………………………………………………………………… 77
Contracts: Offer and Acceptance ………………………………………………………………………………………………………………………… 81
Contracts: Consideration …………………………………………………………………………………………………………………………………….. 92
Contract Writing and Records: The Statue of Frauds ………………………………………………………………………………………….. 99
Contracts: Defenses to Formation …………………………………………………………………………………………………………………….. 106
Contracts: Defining Performance and Breach …………………………………………………………………………………………………… 113
Contracts: Discharge of Performance ……………………………………………………………………………………………………………….. 121
Passage of Title and Risk of Loss ……………………………………………………………………………………………………………………… 125
Contracts: Types of Remedies ………………………………………………………………………………………………………………………….. 132
Contracts: Formulas for Damages …………………………………………………………………………………………………………………….. 135
Contracts: Third Party Rights …………………………………………………………………………………………………………………………….. 140
Suretyship: Introduction, Creation, and Types …………………………………………………………………………………………………… 145
Suretyship: Rights of Parties …………………………………………………………………………………………………………………………….. 149
Introduction and Creation of Security Interests ………………………………………………………………………………………………….. 154
Perfection of Security Interests …………………………………………………………………………………………………………………………. 158
Priorities in Security Interests ……………………………………………………………………………………………………………………………. 164
Rights of Secured Parties and Debtors ……………………………………………………………………………………………………………… 168
Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy ……………………………………………………… 171
Bankruptcy Process ………………………………………………………………………………………………………………………………………….. 178
Distribution of Debtor’s Estate …………………………………………………………………………………………………………………………… 182
Discharge and Reaffirmation Agreements …………………………………………………………………………………………………………. 186
Defining a Security ……………………………………………………………………………………………………………………………………………. 188
The Registration Process ………………………………………………………………………………………………………………………………….. 190
Exempt Transactions and Securities …………………………………………………………………………………………………………………. 193
The JOBS Act of 2012 ………………………………………………………………………………………………………………………………………. 198
Liability Provisions: 1933 Act …………………………………………………………………………………………………………………………….. 202
Purposes, Requirements and Provisions of the 1934 Act ………………………………………………………………………………….. 208
Criminal Liability ………………………………………………………………………………………………………………………………………………… 215
Employment Tax ……………………………………………………………………………………………………………………………………………….. 217
Affordable Care Act …………………………………………………………………………………………………………………………………………… 222
Worker Classification Laws and Regulations …………………………………………………………………………………………………….. 230
Selection …………………………………………………………………………………………………………………………………………………………… 236
Formation ………………………………………………………………………………………………………………………………………………………….. 242
Operations: Nonfinancial Factors ………………………………………………………………………………………………………………………. 244
Financial Structure ……………………………………………………………………………………………………………………………………………. 247
Termination ……………………………………………………………………………………………………………………………………………………….. 253
Rights and Duties ……………………………………………………………………………………………………………………………………………… 257
Authority of Owners and Managers …………………………………………………………………………………………………………………… 261
Introduction to Tax Review ………………………………………………………………………………………………………………………………… 264
Sales and Dispositions of Assets ………………………………………………………………………………………………………………………. 273
Capital Gains and Losses …………………………………………………………………………………………………………………………………. 278
Section 1231 Assets …………………………………………………………………………………………………………………………………………. 291
Section 1231 Assets – Cost Recovery ……………………………………………………………………………………………………………….. 297
Like-Kind Exchanges and Involuntary Conversions …………………………………………………………………………………………… 303
Other Nonrecognition Transactions …………………………………………………………………………………………………………………… 310
Gross Income—General Concepts and Interest ………………………………………………………………………………………………… 316
Gross Income—Other Inclusions ………………………………………………………………………………………………………………………. 321
Gross Income—Exclusions ……………………………………………………………………………………………………………………………….. 324
Taxation of Income from Business Entities ……………………………………………………………………………………………………….. 328
Accounting Methods and Periods—Individuals …………………………………………………………………………………………………. 333
Taxation of Employee Benefits ………………………………………………………………………………………………………………………….. 341
Taxation of Retirement Plans ……………………………………………………………………………………………………………………………. 348
Deductions—Basic Principles ……………………………………………………………………………………………………………………………. 354
Deductions for AGI ……………………………………………………………………………………………………………………………………………. 356
Itemized Deductions—Medical, Taxes, Interest ………………………………………………………………………………………………… 360
Itemized Deductions—Other ……………………………………………………………………………………………………………………………… 365
Employee Business Expenses ………………………………………………………………………………………………………………………….. 372
Limitations on Business Deductions ………………………………………………………………………………………………………………….. 377
Personal and Dependency Exemptions …………………………………………………………………………………………………………….. 383
Filing Status ………………………………………………………………………………………………………………………………………………………. 388
Alternative Minimum Tax and Other Taxes ……………………………………………………………………………………………………….. 392
Tax Planning Strategies for Individuals ……………………………………………………………………………………………………………… 397
Personal Tax Credits …………………………………………………………………………………………………………………………………………. 403
Federal Gift Tax ………………………………………………………………………………………………………………………………………………… 412
Federal Estate Tax ……………………………………………………………………………………………………………………………………………. 419
Formation of a Corporation ……………………………………………………………………………………………………………………………….. 427
Corporate Income ……………………………………………………………………………………………………………………………………………… 432
Accounting Methods and Periods – Corporations ………………………………………………………………………………………………. 437
Special Corporate Deductions …………………………………………………………………………………………………………………………… 440
Corporate Alternative Minimum Tax ………………………………………………………………………………………………………………….. 446
Penalty Taxes …………………………………………………………………………………………………………………………………………………… 451
Taxation of Related Corporations ……………………………………………………………………………………………………………………… 456
Distributions from a Corporation ……………………………………………………………………………………………………………………….. 460
Corporate Redemptions and Liquidations …………………………………………………………………………………………………………. 465
Corporate Reorganizations ……………………………………………………………………………………………………………………………….. 472
State and Local Taxation …………………………………………………………………………………………………………………………………… 478
Taxation of Foreign Income ………………………………………………………………………………………………………………………………. 482
Tax-Exempt Organizations ………………………………………………………………………………………………………………………………… 488
Formation and Basis …………………………………………………………………………………………………………………………………………. 491
Flow-Through of Income and Losses ………………………………………………………………………………………………………………… 498
Transactions with Partners ………………………………………………………………………………………………………………………………… 501
Partnership Distributions …………………………………………………………………………………………………………………………………… 504
Sales and Terminations …………………………………………………………………………………………………………………………………….. 510
Eligibility, Elections, Terminations ……………………………………………………………………………………………………………………… 515
Income and Basis ……………………………………………………………………………………………………………………………………………… 518
Distributions and Special Taxes ………………………………………………………………………………………………………………………… 523
Income Taxation of Fiduciaries …………………………………………………………………………………………………………………………. 526
Business Tax Credits ………………………………………………………………………………………………………………………………………… 532
Tax Planning Strategies for Business Entities …………………………………………………………………………………………………… 536
Business Entity Choice ……………………………………………………………………………………………………………….

[kikee_07]

I took REG on 5/1. It was hell. I don't even bother wishing i passed, coz im sure i didnt :(. MCQs were not that bad, but TBS were hellish – and that's 50% of the grade now? I was probably guessing all of my answers. Tsktsktsk Thinking of taking tax classes while waiting for the score release if i find any..:( So yea, take my advice and study the SIMS pretty well…

[Anonymous]

It has been said on here before that when you feel you bombed it means you passed. I'm sure you did well.

[Author]

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