[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for REG. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your REG exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[mardybum13]

@pcunniff u r thinking “investment interest exp.” that is passive & thus pass through.
Interest exp can b deducted if it is for buissiness. Look at notes for partnership on ninja.
I got tripped by same thing.

1) I'm struggling to understand which of the additional items go on which forms. So basically interest income, dividends etc are reported separately on form B (and capital gains on form D) and they all make an appearance on the K-1s. This applies to both partnerships and S corporations. Correct?

2) Will they ask something like which forms are interest income reported on? Wouldn't know whether to pick a) or c)…

a) Form B
b) K-1
c) Both
d) None of these

[Wannafree]

For 1250 try to google it ,some good articles are there .

[Apii]

Can anyone help me by sharing there views on ninja notes and what all study material you are using. How can I be update with tax amendments applicable to July 2017 exam ?
Thanks in advance

[Holly]

@anyatver I totally agree with the Gearty skills practice. I haven't even been watching them unless I get something wrong, and even then sometimes I don't feel as though he explains the answers.

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

@ Mardy I am doing all the mcq and simulations & the info starts to stick (after I got it wrong 3 times). I listen to the audio constantly (they go down the list of the forms) on constant loop. And rewrite the notes (they also list the form repeatedly) .
Its time consuming but it does help. Also, this is my second go at reg. I failed last time w 74!

@ranju I got ninja notes and audio. I got older Becker books and compare them to ninja notes to fill in info I think I missed. I got Becker few years ago and was overwhelmed and gave up.
I like the ninja notes but not their books. I printed the ninja notes and bound them to review and rewrite. I got mcq ninja and am going through every single question.

Also go to IRS.gov a lot. It helps me learn to read codes and I usually pick up a few bits of info

[golfball7773]

I find that working through the actual tax documents from IRS helps to conceptualize the whole experience

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[passantsalama]

I need an advice please if you can share your thoughts
I was working in one of the big four audit firms then I left and I got an offer as a credit analyst in a bank
So I really need to know if the CPA is recognizable in the credit department or should I wait to get another offer related to accounting?

[hawk77]

https://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/downloadabledocuments/cpa-exam-blueprints-effective-20170401.pdf

This document lays out the topics to be tested under the BLAW section, weighted 10-20%

Agency, Contracts, Debtor/Creditor (including bankruptcy & secured transactions), Govt. Regulation and Business Structure are here.

No Negotiable Instruments (Mod 28), No Sales (Mod 27) or Property (Mod 34) that I can see. (Wiley book Modules)

I don't know if the moderator has any further info on what's tested in BLAW currently?

FAR - April 5, 2016
AUD - May 28, 2016
REG - TBD
BEC - TBD

[passantsalama]

Do I have to memorize the amounts of the deductions and the phase outs?

[Julia]

I dream-ed (lol) I was taking the test and someone pelted me w rocks everytime I got a wrong answer.
And was like “aww I got it wrong?” and not “ow that hurt. ”
Priorities much?

[dave]

@passajtsalama, I second that question. Do we need to know the deductions and phaseouts?

[Holly]

Y'all…I just looked and as of today I have 45 days until my test :(. That just seems so long and awful.

BEC - 79
REG - 85
AUD - 5/27/16

[CM]

Does anyone know if the REG NINJA updates are available yet?

FAR: 78 (5x)
AUD: 80 (3x)
BEC: 9/07/2016
REG: 12/06/2016

Failure is never an option.

"Faith in your own powers and confidence in your individual methods are essential to success." Roderick Stevens

[wakefern58]

Does Gift Tax Paid increase the basis of the NBV on the date of the gift for determining if the FMV of the gifted property is greater than the NBV? Or does the gift tax paid only have an affect when FMV exceeds NBV on date of gift (Gift tax would then increase the NBV here).

Sorry if Im overthinking this but can't seem to figure it out.

[Julia]

Yes. Updates r available. I just received mine. No big changes. But! There are bout 15 less pages for BLAW.
Which is great beccause I prefer tax questions.

[Author]

Replies