[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[Heidi-O]

@Wendy – You can only deduct bad debts that actually became totally or partially worthless – if you are an accrual tax payer. If you are a cash basis tax payer, you cannot deduct bad debts – which makes sense as you never recorded the income because you never received the cash payment! I don't have Jeff's notes, but I think that it was he is trying to convey. If you are cash – you cannot deduct bad debt expense. If you are accrual, you can deduct bad debt expense but only the actual amount that became worthless and was written off.

Today I woke up exhausted and did not want to have to sit down and finish my homework and move on. Its not exciting on third time around – Does anyone have any ideas on how to control text Anxiety? That is my big downfall. I have never been a good test taker. Any ideas? Any help would help!!!

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[peetree]

@heidi

I always show up to the testing center ridiculously early. It helps alleviate some of that anxiety of “omg i'm gonna be late and they're not gonna let me test”

In terms of sitting down and taking the test…I still freak out a little but I try to remind myself that I've prepared the best I can.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

@heidi

I always show up to the testing center ridiculously early. It helps alleviate some of that anxiety of “omg i'm gonna be late and they're not gonna let me test”

In terms of sitting down and taking the test…I still freak out a little but I try to remind myself that I've prepared the best I can.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

@heidi

I always show up to the testing center ridiculously early. It helps alleviate some of that anxiety of “omg i'm gonna be late and they're not gonna let me test”

In terms of sitting down and taking the test…I still freak out a little but I try to remind myself that I've prepared the best I can.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

@heidi

I always show up to the testing center ridiculously early. It helps alleviate some of that anxiety of “omg i'm gonna be late and they're not gonna let me test”

In terms of sitting down and taking the test…I still freak out a little but I try to remind myself that I've prepared the best I can.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[justincbro]

LYSYNC–I just saw your name pop up on a recent post, which probably means you didn't pass the last period either. I missed by three points!! Did you do okay on the SIMS??

Do you or ANYONE ELSE have any tips for passing the SIMS? Do you all commonly use the research tab for them? I haven't historically, but I heard that this helps quite a bit…I just don't know where to start with using the Research tab…especially given how out of left field the SIMs were last time I took REG?!?! Any tips would really be appreciated!!!

BEC DONE
AUD DONE
FAR ???
REG DONE

[justincbro]

LYSYNC–I just saw your name pop up on a recent post, which probably means you didn't pass the last period either. I missed by three points!! Did you do okay on the SIMS??

Do you or ANYONE ELSE have any tips for passing the SIMS? Do you all commonly use the research tab for them? I haven't historically, but I heard that this helps quite a bit…I just don't know where to start with using the Research tab…especially given how out of left field the SIMs were last time I took REG?!?! Any tips would really be appreciated!!!

BEC DONE
AUD DONE
FAR ???
REG DONE

[Heidi-O]

Peetree – Thanks! I have always arrived an hour before and eaten a light lunch in the car before I take the exam but I just blank out when I do the m/c questions. Someone told me to chew gum, but the testing center does not allow that.

I am working on the attitude part – my note book had an insert that identified it as “Death by Regulation” and after looking at your post on attitude, I changed it to “Death to Regulation”. 🙂

@Masterof74s – There are quite a few changes to the tax code. Hence, the panic of some of the people on this site. I don't have Jeff's notes, but it sounds like it may benefit you to get them. If you e-mail and ask him for a sample, I'm sure he would be happy to send you something you can see what they look like. For me, it was more beneficial for me to look up the changes – as that helps me learn it better and stick in my mind. Some of the changes are:

Personal Exemption = $3,900

Employer provided parking and transit passes = $245/month

Kiddie Tax = 0% on the first $1,000 and then its the child's rate on 1,001 -$2,000

Foreign Income Exclusion is 97,600

Deductible IRA – $5,500 or $11,000 (there's still the $1,000 catch up for over 50)

HSA Contributions = 3,250

Keogh Max Deductions = lesser of 51,000 or 25% net (Keogh/Self Employment Earnings)

Capital Gain for individuals in the 39.6% tax bracket increases to 20%

Itemized Deductions for individuals whose AGI is over a certain threshold amount (300,000 for married 250,000 unmarried) have to reduce their itemized deductions by the lesser of: 3% of the excess of AGI over the applicable threshold amount or 80% of the total amount of otherwise allowable itemized deductions) There are some Itemized deductions that are not included in the phase out calculation (investment interest, casualty and theft loss, wagering losses and medical expenses) For purposes of calculating the AMT, itemized deductions are NOT reduced.

In my opinion, I don't think the exam will go into that much detail on the Itemized Deductions for people over a certain AGI limit. Might be wrong, but I am willing to miss that question. If it shows up on the simulation, I will hit the Research Tab and retrieve code section 68 to calculate my answer.

Can someone tell that has Jeff's notes, how many pages they are? I may invest in them before the exam. Txs

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

Peetree – Thanks! I have always arrived an hour before and eaten a light lunch in the car before I take the exam but I just blank out when I do the m/c questions. Someone told me to chew gum, but the testing center does not allow that.

I am working on the attitude part – my note book had an insert that identified it as “Death by Regulation” and after looking at your post on attitude, I changed it to “Death to Regulation”. 🙂

@Masterof74s – There are quite a few changes to the tax code. Hence, the panic of some of the people on this site. I don't have Jeff's notes, but it sounds like it may benefit you to get them. If you e-mail and ask him for a sample, I'm sure he would be happy to send you something you can see what they look like. For me, it was more beneficial for me to look up the changes – as that helps me learn it better and stick in my mind. Some of the changes are:

Personal Exemption = $3,900

Employer provided parking and transit passes = $245/month

Kiddie Tax = 0% on the first $1,000 and then its the child's rate on 1,001 -$2,000

Foreign Income Exclusion is 97,600

Deductible IRA – $5,500 or $11,000 (there's still the $1,000 catch up for over 50)

HSA Contributions = 3,250

Keogh Max Deductions = lesser of 51,000 or 25% net (Keogh/Self Employment Earnings)

Capital Gain for individuals in the 39.6% tax bracket increases to 20%

Itemized Deductions for individuals whose AGI is over a certain threshold amount (300,000 for married 250,000 unmarried) have to reduce their itemized deductions by the lesser of: 3% of the excess of AGI over the applicable threshold amount or 80% of the total amount of otherwise allowable itemized deductions) There are some Itemized deductions that are not included in the phase out calculation (investment interest, casualty and theft loss, wagering losses and medical expenses) For purposes of calculating the AMT, itemized deductions are NOT reduced.

In my opinion, I don't think the exam will go into that much detail on the Itemized Deductions for people over a certain AGI limit. Might be wrong, but I am willing to miss that question. If it shows up on the simulation, I will hit the Research Tab and retrieve code section 68 to calculate my answer.

Can someone tell that has Jeff's notes, how many pages they are? I may invest in them before the exam. Txs

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

@justincbro

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

@justincbro

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

Peetree – Thanks! I have always arrived an hour before and eaten a light lunch in the car before I take the exam but I just blank out when I do the m/c questions. Someone told me to chew gum, but the testing center does not allow that.

I am working on the attitude part – my note book had an insert that identified it as “Death by Regulation” and after looking at your post on attitude, I changed it to “Death to Regulation”. 🙂

@Masterof74s – There are quite a few changes to the tax code. Hence, the panic of some of the people on this site. I don't have Jeff's notes, but it sounds like it may benefit you to get them. If you e-mail and ask him for a sample, I'm sure he would be happy to send you something you can see what they look like. For me, it was more beneficial for me to look up the changes – as that helps me learn it better and stick in my mind. Some of the changes are:

Personal Exemption = $3,900

Employer provided parking and transit passes = $245/month

Kiddie Tax = 0% on the first $1,000 and then its the child's rate on 1,001 -$2,000

Foreign Income Exclusion is 97,600

Deductible IRA – $5,500 or $11,000 (there's still the $1,000 catch up for over 50)

HSA Contributions = 3,250

Keogh Max Deductions = lesser of 51,000 or 25% net (Keogh/Self Employment Earnings)

Capital Gain for individuals in the 39.6% tax bracket increases to 20%

Itemized Deductions for individuals whose AGI is over a certain threshold amount (300,000 for married 250,000 unmarried) have to reduce their itemized deductions by the lesser of: 3% of the excess of AGI over the applicable threshold amount or 80% of the total amount of otherwise allowable itemized deductions) There are some Itemized deductions that are not included in the phase out calculation (investment interest, casualty and theft loss, wagering losses and medical expenses) For purposes of calculating the AMT, itemized deductions are NOT reduced.

In my opinion, I don't think the exam will go into that much detail on the Itemized Deductions for people over a certain AGI limit. Might be wrong, but I am willing to miss that question. If it shows up on the simulation, I will hit the Research Tab and retrieve code section 68 to calculate my answer.

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

Peetree – Thanks! I have always arrived an hour before and eaten a light lunch in the car before I take the exam but I just blank out when I do the m/c questions. Someone told me to chew gum, but the testing center does not allow that.

I am working on the attitude part – my note book had an insert that identified it as “Death by Regulation” and after looking at your post on attitude, I changed it to “Death to Regulation”. 🙂

@Masterof74s – There are quite a few changes to the tax code. Hence, the panic of some of the people on this site. I don't have Jeff's notes, but it sounds like it may benefit you to get them. If you e-mail and ask him for a sample, I'm sure he would be happy to send you something you can see what they look like. For me, it was more beneficial for me to look up the changes – as that helps me learn it better and stick in my mind. Some of the changes are:

Personal Exemption = $3,900

Employer provided parking and transit passes = $245/month

Kiddie Tax = 0% on the first $1,000 and then its the child's rate on 1,001 -$2,000

Foreign Income Exclusion is 97,600

Deductible IRA – $5,500 or $11,000 (there's still the $1,000 catch up for over 50)

HSA Contributions = 3,250

Keogh Max Deductions = lesser of 51,000 or 25% net (Keogh/Self Employment Earnings)

Capital Gain for individuals in the 39.6% tax bracket increases to 20%

Itemized Deductions for individuals whose AGI is over a certain threshold amount (300,000 for married 250,000 unmarried) have to reduce their itemized deductions by the lesser of: 3% of the excess of AGI over the applicable threshold amount or 80% of the total amount of otherwise allowable itemized deductions) There are some Itemized deductions that are not included in the phase out calculation (investment interest, casualty and theft loss, wagering losses and medical expenses) For purposes of calculating the AMT, itemized deductions are NOT reduced.

In my opinion, I don't think the exam will go into that much detail on the Itemized Deductions for people over a certain AGI limit. Might be wrong, but I am willing to miss that question. If it shows up on the simulation, I will hit the Research Tab and retrieve code section 68 to calculate my answer.

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

Sorry guys!! My computer went funky on me. Didn't meant to double post All of THAT information!!!

@justincbro On my first Reg exam I didn't do well on sims because they were (to me) so different from the other sims on the other simulations. I practiced on several of the sims and I learned how the sections of the IRC were laid out so I would know where to find the information. Ironically, I did well on my last exam on sims but due to my panicking, I messed up M/C.

If you go to this site:

https://www.law.cornell.edu/uscode/text/26

It shows you the sections and makes it easier for you to learn how to hunt around inside the code. Then try to use it for your practice simulations – actually look up some of the answers in the questions as if you didn't know. That's the best way. Once you know which section to head into – you can tell the test computer to “search within” this section – not the whole code.

Hope it helps.

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

Sorry guys!! My computer went funky on me. Didn't meant to double post All of THAT information!!!

@justincbro On my first Reg exam I didn't do well on sims because they were (to me) so different from the other sims on the other simulations. I practiced on several of the sims and I learned how the sections of the IRC were laid out so I would know where to find the information. Ironically, I did well on my last exam on sims but due to my panicking, I messed up M/C.

If you go to this site:

https://www.law.cornell.edu/uscode/text/26

It shows you the sections and makes it easier for you to learn how to hunt around inside the code. Then try to use it for your practice simulations – actually look up some of the answers in the questions as if you didn't know. That's the best way. Once you know which section to head into – you can tell the test computer to “search within” this section – not the whole code.

Hope it helps.

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Author]

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