[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[hollycontinues]

@jfernandes256 – I think I had about 90 minutes left when I got to the SIMS. I left about 10-15 minutes before my test time was officially done, as I figured I'd done the best I could by then. I found that if I can keep the MCQ to 1 – 1.5 min, usually I have plenty of time to do the SIMS and do research as needed.

I'll tell you how tomorrow goes…

BEC - 86
FAR - 72, 74, 79
AUD - 73, 82
REG - 74, 81

Whew! Just barely made it before BEC expired.

[Anonymous]

Every sim is weighted the same?

[hollycontinues]

@_Nick_ – That seems pretty unclear and I've never heard anything conclusive about how the SIMS are weighted. This is just the approach I've taken, and, for some reason, my SIMS have always been in the “better than” or “as well as” category for the tests I haven't passed. Since you don't find out on the ones you do pass, I can only assume my success rate has been similar.

BEC - 86
FAR - 72, 74, 79
AUD - 73, 82
REG - 74, 81

Whew! Just barely made it before BEC expired.

[hollycontinues]

Okay – Going to give it a rest now and know I've done all I can. REG tomorrow at 8 am, and my trending scores are 91. I've done the questions at least once except for about 84 new ones that appeared either today or yesterday from the updates. I just couldn't force myself through them, but I did review the NINJA notes for the updates. I am hoping I have what I need to get from the 74 I got in May to a passing score. Knowing my BEC score expires on the 14th means it will be a painful wait for the test release for what I hope is my final CPA exam. Thanks everyone on here for posting.

BEC - 86
FAR - 72, 74, 79
AUD - 73, 82
REG - 74, 81

Whew! Just barely made it before BEC expired.

[m1k2m]

Can someone explain to be how Life insurance premium works when the partnership is the beneficiary? I am aware that for corporations life insurance premium is non-deductible when the corporation is named as beneficiary.

[Anonymous]

I believe life insurance is deductible since its considered a “flow through” entity. Everything flows through the partnership and onto the k-1

[m1k2m]

Does that mean the life insurance premium is deductible as a separately stated item, which flows through to the partners k-1 and not deductible on the face of Form 1065 as an ordinary expense? That would make sense because there is a limitation on the amount of fringe benefit an individual can deduct on their own 1040. Please correct be if I am wrong. I think I'm over thinking this..

[Anonymous]

i just googled it and it said deductible on 1065

[m1k2m]

@eliasm6 Even when the beneficiary is the partnership? I know that you can deduct life insurance premium paid for regular employees but I wasn't sure about key persons (partners). eliasm6, could you show me where you found the information?

[Anonymous]

https://biztaxlaw.about.com/od/taxdeductionsatoz/a/businsureexpens.htm

[Anonymous]

https://biztaxlaw.about.com/od/taxdeductionsatoz/a/businsureexpens.htm

[jfernandes256]

@hollycontinues Good Luck Holly! You will do amazing on the exam!

[kmc07002]

Can anybody give me a quick summary of the major updates?

[Anonymous]

I believe the biggest one is the teacher expenses and tuition are no longer allowed as deductions to arrive at AGI, but you might want someone else to confirm that.

[Kimboroni]

On SIMs grading, the answer from the AICPA and interpretation of it that I've seen was this: say one SIM has 12 different boxes for responses, and if you compare that to the research question which only has one response, the single research response is weighted the same as each of the 12 boxes in the more complex SIM. So overall, the ones with more responses are weighted more (and partial credit is a possiblity).

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[Author]

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