[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

[jeff]

What does Roger have listed for Gift Tax exclusion?

[jeff]

What does Roger have listed for Gift Tax exclusion?

[jeff]

NINJA BLITZ: REG – Fed. Securities Acts: https://www.another71.com/ninja-blitz/

[jeff]

NINJA BLITZ: REG – Fed. Securities Acts: https://www.another71.com/ninja-blitz/

[Turtle3190]

Does anyone know if Beckers Test bank has been updated to reflect these new changes?

FAR- 80 (magical)
REG- 8/20/13
AUD- 10/5/13
BEC- TBD

[Turtle3190]

Does anyone know if Beckers Test bank has been updated to reflect these new changes?

FAR- 80 (magical)
REG- 8/20/13
AUD- 10/5/13
BEC- TBD

[Kenada]

Hello Jeff,

These are the updates I have for July 2013.

1. Dividends

After 2012, Dividends and L/T Capital gains will continue to be taxed at 15% and 0%, unless “high income” taxpayer with AGI over $450,000 (MFJ), $400,000 (Single) then the rate will be 20%.

2. Surtax on Unearned Income – (Medicare Surtax on Investment income)

For high income individuals, the surtax is 3.8% of the lesser of the taxpayer’s net investment income OR The excess of modified adjusted gross income over the threshold amount ($250,000 for a joint return or surviving spouse, $125,000 for a married individual filing a separate return, and $200,000 for all others)

3. Capital Assets

Long-term capital gains special tax rate of 15% (> 1 year) through 2012 -Lowered to 0% if other income taxed at 10% or 15%. After 2012 The maximum long-term capital gains rate in effect continues to be 15%,unless a “high Income” taxpayer, then the rate is 20% (>$450k), The long-term capital gains tax rate for taxpayers in the 15% or 10% brackets will continue to be 0%.

4. Student loan Interest for higher education

$2,500, phase out applies and Applies to entire repayment period

5. Under the American Taxpayer Relief Act of 2012, a taxpayer may now also convert a pre-tax 401(k) account into a Roth 401(k). Previously this was only allowed for IRA’s. Contributions of up to $2000 per year can be made on behalf of any beneficiary

6. Standard Deduction

Medical expenses – paid and not reimbursed to extent exceeds 7.5% of AGI

Phase out of itemized deductions total of all itemized deductions is reduced by the smaller of:

3% of the amount by which AGI exceeds the annual limit, or

80% of the itemized deduction

7.Phase out of Personal Exemptions 2013 for high income thresholds of $300,000 (MFJ) and $250,000 (Single).

Phase out of Personal Exemptions 2013 for high income thresholds of $300,000 (MFJ) and $250,000 (Single).

8. Child tax credits

$1,000 < 17 years old at year-end

Child & Dependent care credit $3,000 (for care of one dependent) or $6,000 (for care of multiple dependents)

9.Adoption credits

The credit is limited to the first $12,770 -2013 of costs.

10.Education credits (phases-out)

• American Opportunity Tax Credit – The credit is equal to 100% of the first $2,000 and 25% of the next $2,000 in payments, for a maximum credit of $2,500 per student until 2017.

11. Self-employment taxes (Schedule SE)

The 1.45% is increased by .9% to 2.35% for high income earners ($250K MFJ/$200K others) in 2013. SE tax also increases from 2.9% to 3.8%.

12. Individual *AMT Exemptions

MFJ 80.750, Single 51,900, MFS 40375

13. Regulation D – Private Placement

Rule 144 (505 and 506)

A purchaser of restricted securities must wait at least 1 year from the date of purchase to resell the securities, however if the issuer is subject to the reporting requirements of the 1934 Act, then they need only wait 6 months.

14. Penalty Taxes

Accumulated Earnings Tax (AET) – Tax on undistributed income only (15% rate extended through 2012, then 20%).

15. Estates and Trusts:

Gift tax returns (709) are due by April 15 of the year following the calendar year. For 2012 the lifetime exclusion is adjusted for inflation to $5,120,000. For 2013, the amounts are $5,250,000 at 40%.

The Top tax bracket for the estate and gift tax is 35% for 2010 – 2012, and 40% for 2013.

State Death tax credit – Payments for State estate, inheritance, legacy or succession taxes.

Generation Skipping Tax. For 2013 the amount is $5,250,000 at 40%.

16. Section 179 election

Expense maximum was scheduled to be $139,000 for 2012 and reduced dollar for dollar by excess of purchases over $560,000. Not available if purchases exceed $699,000. These numbers should be used on the CPA Exam until June 2013.

Expense maximum is up to $500,000 for 2013.

Reduced dollar for dollar by excess of purchases over $2,000,000.

Not available if purchases exceed $2,500,000 in 2013.

In 2014 the maximum expense amount is $25,000 and the phase out begins at $200,000 (not available if over $225,000).

For 2012 and 2013, up to $500,000 of qualified depreciable Real Property may be treated as Section 179 property.

17. Additional first-year depreciation

For 2013, bonus depreciation is limited to 50 percent of the qualified property's adjusted basis.

18. Property and Special Property Tax Transactions

Long-term capital gains If high income taxpayer, then the 15% becomes 20% for MFJ earning

$450,000+ and single $400,000+.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Hello Jeff,

These are the updates I have for July 2013.

1. Dividends

After 2012, Dividends and L/T Capital gains will continue to be taxed at 15% and 0%, unless “high income” taxpayer with AGI over $450,000 (MFJ), $400,000 (Single) then the rate will be 20%.

2. Surtax on Unearned Income – (Medicare Surtax on Investment income)

For high income individuals, the surtax is 3.8% of the lesser of the taxpayer’s net investment income OR The excess of modified adjusted gross income over the threshold amount ($250,000 for a joint return or surviving spouse, $125,000 for a married individual filing a separate return, and $200,000 for all others)

3. Capital Assets

Long-term capital gains special tax rate of 15% (> 1 year) through 2012 -Lowered to 0% if other income taxed at 10% or 15%. After 2012 The maximum long-term capital gains rate in effect continues to be 15%,unless a “high Income” taxpayer, then the rate is 20% (>$450k), The long-term capital gains tax rate for taxpayers in the 15% or 10% brackets will continue to be 0%.

4. Student loan Interest for higher education

$2,500, phase out applies and Applies to entire repayment period

5. Under the American Taxpayer Relief Act of 2012, a taxpayer may now also convert a pre-tax 401(k) account into a Roth 401(k). Previously this was only allowed for IRA’s. Contributions of up to $2000 per year can be made on behalf of any beneficiary

6. Standard Deduction

Medical expenses – paid and not reimbursed to extent exceeds 7.5% of AGI

Phase out of itemized deductions total of all itemized deductions is reduced by the smaller of:

3% of the amount by which AGI exceeds the annual limit, or

80% of the itemized deduction

7.Phase out of Personal Exemptions 2013 for high income thresholds of $300,000 (MFJ) and $250,000 (Single).

Phase out of Personal Exemptions 2013 for high income thresholds of $300,000 (MFJ) and $250,000 (Single).

8. Child tax credits

$1,000 < 17 years old at year-end

Child & Dependent care credit $3,000 (for care of one dependent) or $6,000 (for care of multiple dependents)

9.Adoption credits

The credit is limited to the first $12,770 -2013 of costs.

10.Education credits (phases-out)

• American Opportunity Tax Credit – The credit is equal to 100% of the first $2,000 and 25% of the next $2,000 in payments, for a maximum credit of $2,500 per student until 2017.

11. Self-employment taxes (Schedule SE)

The 1.45% is increased by .9% to 2.35% for high income earners ($250K MFJ/$200K others) in 2013. SE tax also increases from 2.9% to 3.8%.

12. Individual *AMT Exemptions

MFJ 80.750, Single 51,900, MFS 40375

13. Regulation D – Private Placement

Rule 144 (505 and 506)

A purchaser of restricted securities must wait at least 1 year from the date of purchase to resell the securities, however if the issuer is subject to the reporting requirements of the 1934 Act, then they need only wait 6 months.

14. Penalty Taxes

Accumulated Earnings Tax (AET) – Tax on undistributed income only (15% rate extended through 2012, then 20%).

15. Estates and Trusts:

Gift tax returns (709) are due by April 15 of the year following the calendar year. For 2012 the lifetime exclusion is adjusted for inflation to $5,120,000. For 2013, the amounts are $5,250,000 at 40%.

The Top tax bracket for the estate and gift tax is 35% for 2010 – 2012, and 40% for 2013.

State Death tax credit – Payments for State estate, inheritance, legacy or succession taxes.

Generation Skipping Tax. For 2013 the amount is $5,250,000 at 40%.

16. Section 179 election

Expense maximum was scheduled to be $139,000 for 2012 and reduced dollar for dollar by excess of purchases over $560,000. Not available if purchases exceed $699,000. These numbers should be used on the CPA Exam until June 2013.

Expense maximum is up to $500,000 for 2013.

Reduced dollar for dollar by excess of purchases over $2,000,000.

Not available if purchases exceed $2,500,000 in 2013.

In 2014 the maximum expense amount is $25,000 and the phase out begins at $200,000 (not available if over $225,000).

For 2012 and 2013, up to $500,000 of qualified depreciable Real Property may be treated as Section 179 property.

17. Additional first-year depreciation

For 2013, bonus depreciation is limited to 50 percent of the qualified property's adjusted basis.

18. Property and Special Property Tax Transactions

Long-term capital gains If high income taxpayer, then the 15% becomes 20% for MFJ earning

$450,000+ and single $400,000+.

FAR 05/27/14; 786/110 - Done !

[MrsBing]

@Turtle, I don't see any updates relating to the changes in the test bank.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

@Turtle, I don't see any updates relating to the changes in the test bank.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[jeff]

NINJA Patrick: Jumping out of a plane prior to REG Exam:

https://www.another71.com/ninja-cpa-blogger-patrick-25/

[jeff]

NINJA Patrick: Jumping out of a plane prior to REG Exam:

https://www.another71.com/ninja-cpa-blogger-patrick-25/

[Kenada]

Hello Jeff,

Would you be able to confirm if the updates I have noted for July 2013 is correct please?

Many thanks

FAR 05/27/14; 786/110 - Done !

[Kenada]

Hello Jeff,

Would you be able to confirm if the updates I have noted for July 2013 is correct please?

Many thanks

FAR 05/27/14; 786/110 - Done !

[Strikeforce1CPA]

hey can you guys let me know how I can improve 1 week to go for this Regulation section. I just took the first final on Becker and here are my scores:

# of Questions Correct %Correct

Testlet #1 24 16 67

Testlet #2 24 19 79

Testlet #3 24 19 79

Simulation Tabs

Medical Deductions 4 3 75

Casualty Losses 5 2 40

Tax Treatment #1 10 7 70

Tax Treatment #2 5 5 100

Research 1 0 0

Tax Issues 9 7 78

Weird i took the best part of 20 mins to find the research answer and still couldnt

AUD 87
FAR 87
REG Scheduled 08/21/2013
BEC
87 must love me so far, long may it continue!

[Author]

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