[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

[Amay]

Created with Compare Ninja

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@J regarding the state and city taxes question from last night – my brain was clearly fried and I get it now. Yet again, we forgot to RTMFQ! I thought it was federal taxes, but I remember city and state taxes are deductible as itemized deductions.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[yassy]

@Amay — Your reflection on your situation.. so well said. This will be your last too I know it! No more life-sucking exam 🙂

Thank you for the words of encouragement! 😀

FAR 75 (8/21/13)
AUD 72 (10/29/13) 74 (2/12/14) 84! (04/01/14)
BEC 75 (11/27/13)
REG 72 (05/29/14) 74 (07/10/14) 86 and DONE! (10/02/14)

[Anonymous]

I found out today about the tragic and mysterious death of NJ couple found dead in their mansion a few days ago. The wife and I were born and grew up in the same hometown so, she was a close family friend to us. She was my elder sister's HS classmate. My heart is deeply broken for the children, especially those youngest three whose ages are only 18, 15 &, 10.

There's no way the husband would shoot the wife then kill himself! The wife had always described her husband as the most loving, caring, and generous person she ever knew.

The husband was a JP Morgan executive and some are suspecting the killing could have something to do with possibly claiming for big sum of life insurance.

Is this type of issue under REG or BEC?

Aside from being devastated today, I wonder if corporations could easily cover their officers with big insurance plans, then later claim the proceeds as company's gains when something like this happens.

[Amay]

@Amor, I am looking over the mnemonics you have shared. Is there a difference between your SHIT IM ASS DOPE one and the MISSHAPED BAT? Are they both fore BTL adjustments?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

I'm a new Reg studier! A question I always like to ask the more experienced, Becker studiers is which chapters (R1-R8) are the hardest?? I like to have an idea of what I'm getting into each chapter without being blindsided. Thanks so much for your input!

[Anonymous]

@Amay, lay out your SHIT IM ASS DOPE so we can compare.

My MISSHAPED-BAT consists of 17 adjustments in total, while 2 already expired in 12/31/13.

[Amay]

@Amor Adjustments: SHIT IM ASS DOPE

Student loan interest

Health savings account

IRA

Tuition & fees

Interest withdrawal penalty

Moving expenses

Alimony paid

Self employed health insurance

Self employed retirement

Domestic production activities deduction

One half self employment FICA

Paid attorney fees–discrimination/whistle blower

Educator expenses

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@CPAOneDayHopefullay To me, tax chapters (R3-4) are the hardest.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@Amor, just read your post. Sorry for your loss. Coincidentally I am just reading my notes about life insurance premiums and how if the corp is named the beneficiary, then they own the policy, and it is not taxed deductible. However, if the employee is named the beneficiary, then the employee owns the policy, it is a fringe benefit, and it is tax deductible to the corp.

That is a good question. I don't know how it works under these rules though.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

@Amay, yes. It's so devastating!

Anyway, that mnemonic has 13 items which are all in my MISSHAPED-BAT.

What's missing are these 4:

Business expenses of “RAG”

-reservists

-performing artists

-government=>fee basis govt. officials

-Self-employed SEP/SIMPLE/Qualified Plans

And they are all adjustments/above the line deductions to arrive at AGI.

[Amay]

Thanks Amor! Just came up with my own short one. Woo-hoo! If you're a C-corp, accrual method is required if you're FIT!

F – Five ($5) million or more avg gross receipts for last 3 yrs

I – Inventory (if corp has inventory purchase/sales)

T – Tax shelters

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

OK. Hoping that someone could clarify this for me. I see some differences in the way estimated tax payments rules are laid out in Becker vs. NINJA.

For large corps: NINJA says 1st payment is based on PY and remainder based on CY while Becker just says that payments are based on 100% of CY tax.

Which is correct?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[The Ex Lurker]

Could anyone advise on how formulas should be studied for REG? I just completed my personal outline for the tax chapters, and was wondering how in-dept I should know the formulas. I noticed that “Becker” gives you the formula ahead of time, and then break-down each line in detail. I'm definitely focusing on the content, just wasn't sure how much memory I should use for the actual formula. Here are the ones I have, lmk if I'm missing any: AMT, DRD, Corp-AMT, DNI.

thanks,

F: Apr 14' Passed
A: May 14' Passed
R: Jul 14' Passed
B: Aug 14' Rematch in Oct *Passed*

[Tootsie]

Hello, everyone! I just started studying for REG and will be taking it on 8/29. I'm sure I'll be posting lots of questions soon.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Author]

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