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

[Kenada]

You need to look at the first sentence – additional

“Tax Regulations the statute of limitations is 6 years if the taxpayer omits additional gross income in excess of 25% of the amount of gross income.”

So your Gross income is 116,000. But 25% additional gross income (assuming you had the same amount of business cost) – How much you have understated your revenue/ receipts to get to your gross Income.

Therefore you need take your revenue/receipts *25% to get what the IRS will deem as what the threshold is to fit the 6 yrs limitation vs 3 yr limitation.

That is how I understand it, someone else can chime in if they know otherwise.

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

[UCMCPA]

@journhi..

From my understanding, yes.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

@journhi..

From my understanding, yes.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

@ CPA Dilemma – Exams from July 2013 to June 2014 – Use the updated amounts as stated on the Becker website. The Material will have 2012 but the exam will use 2013.

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

[Kenada]

@ CPA Dilemma – Exams from July 2013 to June 2014 – Use the updated amounts as stated on the Becker website. The Material will have 2012 but the exam will use 2013.

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

[Journhi]

@insiyah24 do you have a question example for that?

@UCMCPA thanx!

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Journhi]

@insiyah24 do you have a question example for that?

@UCMCPA thanx!

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Anonymous]

@insiyah24 thank you! Guess I'll spend today making changes to the amounts in my notes and books 🙂

[Anonymous]

@insiyah24 thank you! Guess I'll spend today making changes to the amounts in my notes and books 🙂

[UCMCPA]

I don't see them testing too much on the phase-outs that adjusted by 1,000 or something like that.

That would be cruel.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

I don't see them testing too much on the phase-outs that adjusted by 1,000 or something like that.

That would be cruel.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

Jeff says the main Phase out to remember is for Sc 179. That's if you had to remember one it would be this one!

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

[Kenada]

Jeff says the main Phase out to remember is for Sc 179. That's if you had to remember one it would be this one!

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

[Kenada]

Sylvia Sims became an agent for Paul with the power to sell goods furnished by Paul but with the requirement that Sims would guarantee payment to Paul for all credit sales made by Sims. Under the circumstances,

A. The statute of frauds applies to the above arrangement regardless of the amount of sales Sims makes.

B. Sims is a surety with regard to credit sales she makes on Paul’s behalf.

C. Sims is an agent coupled with an interest.

D. The relationship between Sims and Paul is subject to the federal Fair Labor Standards Act.

Which would you pick and why ? Many thanks,

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

[Kenada]

Sylvia Sims became an agent for Paul with the power to sell goods furnished by Paul but with the requirement that Sims would guarantee payment to Paul for all credit sales made by Sims. Under the circumstances,

A. The statute of frauds applies to the above arrangement regardless of the amount of sales Sims makes.

B. Sims is a surety with regard to credit sales she makes on Paul’s behalf.

C. Sims is an agent coupled with an interest.

D. The relationship between Sims and Paul is subject to the federal Fair Labor Standards Act.

Which would you pick and why ? Many thanks,

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

[Author]

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