[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

[stokey45]

@CPA_SRC

That is a hard question for me to answer. In my review material it shows how much of each subjected will be tested. For example: Ethics, Professional, and legal responsibilities 15-19%, Business Law 17-21%, Federal tax procedures, accounting and planning 11-15%, Federal taxation of property transactions 12-16%, Federal taxation of individuals 13-19%, Federal taxation of entities 18-24%.

I took this exam before and had a lot of questions (that I remember) calculating the basis for shareholders or partners for different transactions and different entities. You know though, this time it could be very different for you.

Good Luck to you.

[stokey45]

I have a question I need your input please.

Which of the following statements is false?

A. If an individual files a tax return with a zero tax liability in the prior year, the individual must pay in at least 90% of the current year's tax to avoid underpayment penalties, as the ability to use the 100% of the prior year tax is lost.

B. If an individual fails to pay estimated taxes for a year, there is no underpayment penalty due under any circumstances if the balance of tax due at filing is less than $1000.

C. The Internal Revenue Service may waive the penalty for underpayment of taxes if the failure to pay was due to casualty, disaster, illness, or death of the taxpayer.

D. If tax payments are withheld from payroll checks, regardless of the dollar amounts withheld at any particular time throughout the year, the payments are deemed to have been paid evenly throughout the year.

[stokey45]

I have a question I need your input please.

Which of the following statements is false?

A. If an individual files a tax return with a zero tax liability in the prior year, the individual must pay in at least 90% of the current year's tax to avoid underpayment penalties, as the ability to use the 100% of the prior year tax is lost.

B. If an individual fails to pay estimated taxes for a year, there is no underpayment penalty due under any circumstances if the balance of tax due at filing is less than $1000.

C. The Internal Revenue Service may waive the penalty for underpayment of taxes if the failure to pay was due to casualty, disaster, illness, or death of the taxpayer.

D. If tax payments are withheld from payroll checks, regardless of the dollar amounts withheld at any particular time throughout the year, the payments are deemed to have been paid evenly throughout the year.

[Kenada]

I did REG before and all I can say as advice is don't take short cuts. I felt the exam when I took it had lots of Tax questions but it had a decent amount of B Law.

Many people including those CPA review providers have mentioned SIM's are most likely Tax Based. But the does not mean there will never be a Business Law SIM.

If you read the topic of REG exp, you will notice many have said they got sim's that you had to calculate and fill in the blank boxes. No drop downs options.

For the week you have left – focus on your weak areas and do more to get more confident in it. In your strong areas keep practicing to keep your mind refreshed

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

[Kenada]

I did REG before and all I can say as advice is don't take short cuts. I felt the exam when I took it had lots of Tax questions but it had a decent amount of B Law.

Many people including those CPA review providers have mentioned SIM's are most likely Tax Based. But the does not mean there will never be a Business Law SIM.

If you read the topic of REG exp, you will notice many have said they got sim's that you had to calculate and fill in the blank boxes. No drop downs options.

For the week you have left – focus on your weak areas and do more to get more confident in it. In your strong areas keep practicing to keep your mind refreshed

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

[Kenada]

I would go with D being False. I think you need to ensure you remit at least 90% of the taxes in the current year to avoid Penalties. If you just pay a set amount with out regard to income you risk paying less than 90% for the year and I would think you would have penalties plus interest on what was underpaid to the IRS.

A seems right as I believe for individuals you will not be subject to penalties if you pay up to 90%

B seems right – Individuals who owe less than $1,000 with their return are not subject to the penalty.Individuals who had no tax liability for the preceding taxable year are not subject to the penalty.

C – Its not that they will waive the tax due but they may waive the penalties if you have circumstances that are beyond your control

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

[Kenada]

I would go with D being False. I think you need to ensure you remit at least 90% of the taxes in the current year to avoid Penalties. If you just pay a set amount with out regard to income you risk paying less than 90% for the year and I would think you would have penalties plus interest on what was underpaid to the IRS.

A seems right as I believe for individuals you will not be subject to penalties if you pay up to 90%

B seems right – Individuals who owe less than $1,000 with their return are not subject to the penalty.Individuals who had no tax liability for the preceding taxable year are not subject to the penalty.

C – Its not that they will waive the tax due but they may waive the penalties if you have circumstances that are beyond your control

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

[Qlad]

@stokey45,….i think C is the false answer…just due to the fact that u are never saved from paying the tax …even after death…but not very sure.

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@stokey45,….i think C is the false answer…just due to the fact that u are never saved from paying the tax …even after death…but not very sure.

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[stokey45]

@insiyah24

I answered the same as you, I thought D was false. Actually “A” is the correct answer. I thought I read somewhere that if you had zero liability last year you cannot use that for calculating your estimated payments. I guess I am mistaken.

Good to know.

[stokey45]

@insiyah24

I answered the same as you, I thought D was false. Actually “A” is the correct answer. I thought I read somewhere that if you had zero liability last year you cannot use that for calculating your estimated payments. I guess I am mistaken.

Good to know.

[stokey45]

@insiyah24 & Qlad

Have either of you taken the final exams for this exam or any other in the Becker Review before? If so, how did you do?

[stokey45]

@insiyah24 & Qlad

Have either of you taken the final exams for this exam or any other in the Becker Review before? If so, how did you do?

[Kenada]

Oh lord…. 🙁

I have to read this again…

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

[Kenada]

Oh lord…. 🙁

I have to read this again…

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

[Author]

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