REG Study Group October November 2017 - Page 27

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    Topic
  • #1620148
    jeff
    Keymaster

    Welcome to the Q4 2017 CPA Exam Study Group for REG. πŸ™‚

    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/

Viewing 15 replies - 391 through 405 (of 596 total)
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  • #1655648

    @Jennifer, thanks for the info. I have these on on my Wiley textbook (2014 edition), if I can only make it easier using AL app, especially during the actual exam. I had a bit of a problem using the AL app during Q3 2017 exam, late August.



    @pcunniff
    , this is a nice list/schedule: https://www.aicpa.org/interestareas/tax/resources/compliance/downloadabledocuments/due-dates-summary-chart.pdf I know @Jeff was mentioning this new changes on his REG audios. Thanks.

    #1655660
    joonpark1212
    Participant

    @Earia My review course told me that due dates for forms are no longer on the exams.. Have you heard anything different from your review course?

    To all REG study partners, I was wondering if anyone would like to share their thoughts on some of the tax concepts which i've been googling crazy to find the answers.
    Any partial reponse or discussion on the below questions would be greatly appreciated!!

    Q1. Ind AMT – Medical expense threshold for age 65 and over is 10% starting 2017, so it will no more be an AMT adjustment?
    Q2. Ind AMT – If taxpayer chose standard deduction, AMT adjustments for itemized deductions should all be discarded and irrelevant when computing AMT?
    Q3. Estate – Joint held property; held by spouse and held in joint tenancy acquired by purchaser will directly go to heirs not to Estate, while tenancy in common (no rights of survivorship) goes directly to Estate. Does anyone agree?
    Q4. Personal exemption – children dependents must live one half year with its parents to qualify as dependents, but seems that an exception exists, since child who is a student can live away from parents. Does anyone agree?
    Q5. Passive activity loss rule – passive activity loss from partnership A (non-material participant) can be offset against B partnership (non-material participant) income or rental income (non-material participant)?
    Q6. Are paid FICA taxes a deduction for Ccorp(form1120) /Scorp(form1120S) /Partnership(form1065)?

    #1655665

    @joonpark1212, as to your question, my answer would be based on what my last REG Q3 2017 actual exams & my current CPA review materials.

    As to due dates, and all listed REG topics you mentioned, I am not so worry about these areas in REG.

    Based of my experimentation last REG Q3 2017, studied 1-2 days before the exam, got me a flat 50% by just reading my old 2008 Becker hardcopy textbook. I didn't use my 2014 Wiley, I wish I did. I could have answered one of the SIMs. That's the thing with REG vs. BEC – writing skills, you can't ‘BS' your way around with REG/FAR/AUD.

    Becker/Wiley are great books, got me REG/AUD passing mark in the past, lost in 2010. They were just too old, and I needed a computer app for MCQs/SIms. So, I decided to get Ninja Sniper package instead. This time, I am actually using my Ninja materials (was hesitant at first).

    With all the materials I need to know for the remaining 3 exams, I am trying to make it as ‘painless' as possible, by using mostly Ninja products. I know, most Ninja products are updated. It saved me time to do ‘auditing' the materials. Also, I am on the budget!:) Love Becker products, but just can't afford it this time.

    Travelled the US for over 20 days total in 2017 (Q1/Q3), plus another 7 days this Q4. Likely a total of 11 sections taken this 2017. Also, I must have spent around 2.5k for CPA exam study materials, related to 2016/2017/2018 exams. Travel, accommodations and related expenses are expensive as well.

    To become a CPA is not cheap, and is not easy either, especially if you have been out of school for a very long time, and most of your training are coming from few old institutions, like myself. I am a Filipino-Canadian resident.

    Lastly, my apology for being off-topic, I hope you're happy with your current CPA review materials, I am. You can always add Ninja as a supplement. Make it as ‘painless' as possible!:)

    Good luck.

    #1655809
    pcunniff
    Participant

    @mashloum thats right! theres that AVD date (6mo) and estate has 9 months. I was so confused for a moment there.

    Also – pertaining to your penalties – i would really focus on the diff between taxpayer penalties v preparer. I got a sim wrong because of putting down substantial understatement when it in fact had to do with the TAX PAYER not the Preparer… keep that in mind

    #1655815
    pcunniff
    Participant

    q1- believe its 7.5% in 2016 and 10 thereafter… i would memorize both to be safe.
    q2- i find it hard to believe that someone who is subject to amt would take the standard deduction. Keep in mind this guy probably itimizes because hes rich. Interesting question tho.

    q3- jointly held by spouse i believe still goes to estate… not sure about jointly held in common with someone else. Somebody will have to help you.
    q4 – yep age 19-24 full time student can qualify for the exemption (see the AGE test) MUST BE FULL TIME (over 5 months of year)
    q5- passive activity losses can only be offset be passive activity income (non participating and it will state in the question. This also relates to rents and thats about it).
    q6 – this is self employment and i know partners are subject, but not s crops (s corps no, but partnerships should be able to since they are subject). This is a direct quote from becker that i looked into yesterday. Read paragraph R1-70 1.3.2

    #1655881
    56_Moves
    Member

    q6 – If the company is paying wages on employees, then they are allowed to deduct the FICA taxes paid. Partnerships do not pay wages to their owners, but the income that is passed through via a K-1 to the partners is SE taxable and each partner will need to fill out schedule SE.

    #1655998
    jeff
    Keymaster

    Ask the NINJAs: REG Material isn't Sticking – 25% Average Score

    Ask the NINJAs: REG Material isn't Sticking; 25% Average Score

    #1656004
    jeff
    Keymaster

    Ask the NINJAs: REG Material isn't Sticking – 25% Average Score

    Ask the NINJAs: REG Material isn't Sticking; 25% Average Score

    #1656038
    pcunniff
    Participant

    If you and your spouse are both under age 65, you can deduct on Schedule A, Itemized Deductions (Form 1040) only the amount of your unreimbursed allowable medical and dental expenses that is more than 10 percent of your adjusted gross income (AGI) from Form 1040, line 37.

    Thanks for testing me on this… definitely worth looking at

    #1656046
    Dylan0213
    Participant

    Hello guys!

    I am Dylan. I just know this website. I am struggling with reg now and using becker, hope everyone pass exam soon!!

    #1656080
    Tipofga80
    Participant

    Took my exam yesterday and it was surprisingly easy. So easy I made the questions harder than they were thinking I was being punked. The last exam at the end of Q3 was way harder. Just praying I didn't make any stupid mistakes.

    Finished the 1st testlet with about 6 minutes to review. The 2nd testlet took a little more time but it was still doable. I used 40 mins – 40 mins for the MCQs and for the Sims 50 mins – 60 mins – 50 mins and I felt that was good this go round.
    The SIMS were not hard and even seen one from last quarter.

    Praying to the CPA Gods that everything was good and I can have a great Christmas.

    Keep it up guys, you can do it!

    REG - 77 (will lose in Jan 2016)

    BEC - 67 74, 75

    AUD - 56, 70, Will try again πŸ™

    FAR - ??

    Save the beast for last.

    #1656092
    jeff
    Keymaster

    Ask the NINJAs: 2017 CPA Review Materials on 2018 CPA Exam

    Ask the NINJAs: 2017 CPA Review Materials on 2018 CPA Exam

    #1656169
    mashloum
    Participant

    All best wishes for your last exam
    Good luck!

    #1656761

    BEC Test Your MightNINJA MCQ

    Post your answer in the facebook thread for a chance to win a NINJA Sniper Package of your choice (Book, Notes, Audio, Videos, MCQ/SIMS, Audio, & Flashcards – $197 Value).

    One winner will be randomly chosen on Friday(ish). HIYA!

    #1657276
    jeff
    Keymaster

    Ask the NINJAs: When to Start Studying MCQ

    Ask the NINJAs: When to Start Studying CPA Exam MCQ

Viewing 15 replies - 391 through 405 (of 596 total)
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