[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/

Post by Another71.

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

[lauren725]

I think your best bet would to just print out a 1040 and highlight those items on page 1. Also schedule A will have all of your itemized deductions.

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[Gabe]

^ agree with Lauren- best thing to do is print out 1040 and schedule A…that way you can see how it all flows. It also helped me with which credits are non refundable/refundable.

in re: to capital rates for individuals specifically…I generally go with 15%, unless the question states something specific (e.g. the taxpayer makes $2M dollars, so 20%, or the taxpayer makes $5k a year, so 0%). Hope that helps somewhat.

You guys/ladies got this!

CPA, CFE
CISA- Experience will be completed by August 2016

[NJPRU]

YAY for having the day off! Going into R4 Simulation land, doing several progress tests R1-R4 and then diving into R5. ahhh

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[NJPRU]

@lauren – I see the frustration you're having with the simulation with the 3 for 2 stock split, and quite frankly I'm not sure how they calculated it.

With the problem, they had 600 shares @ 30 for 18,000 then had a 2 for 1 stock split… which, they say in the problem's answer increased the shares to 1,200 (but neglect to say that the share price when down to 15 dollars). Then they say there was another stock split of 3 for 2 but calculate it on the original 600 shares making the price per share 10 dollars. When I did the problem, I calculated the shares stock split on the subsequent split of 2 to 1, which meant I had 3,600 @ 5 a share causing me to have a gain.

Do you know why they went back and calculated the stock split on the original 600? What am I missing?

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[NJPRU]

So, there was an improvement made to our becker material, which I understand.. but…. ughhhh

“This course improvement may change the progress reported on the study roadmap, but it will not impact you ability to meet the Becker Promise requirements. You are not required to complete the simulation tasks to earn the Becker Promise.”

yeah… but…. I SEE ZEROS BECKER!!! ugh

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[lauren725]

NJ – for your stock split question – nope I don't and I didn't really spend a whole lot of time trying to figure that out. I could not wrap my mind around it so moved on since I understood most of the other material in that particular SIM…

Where are you seeing zeros? R4? Trying to follow the update thing you are talking about. Did it wipe away some work you did before the update??

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[ijustwant76]

I hate that you have to memorize silly stuff like due dates for tax returns!! Does anyone have a good way of remembering all this tax year, due date, penalty crap!?!?!? Maybe a chart?

[NJPRU]

@lauren – I agree with you. Definitely felt I did well on all the SIMS and called it a day with that question.

On to R5 I go. I want to start and finish that today, so that i can properly start mixing up and drilling into my head R1-R5 (which is the most important from what I take it).

Also – with the update, it erased all my SIM work, from each chapter. I'm now “passed due” in all the chapter's SIMs. lol

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

Personal/Sole Prop/LLC-Single Member 4/15; 6-month extension to 10/15

Partnership 4/15; 5-month extension to 9/15

Individual/sole prop/single-member LLC 4/15; 5-month extension to 9/15

Estate Any year end (you file on the 4th month 15th day), if Dec 31st yr end – 4/15

Trust Calendar Year; 4/15

Estate – CY TR 15-Apr

Estate – FiscalY TR 4/15 after year-end

Annual Information Returns / Private Foundations The return is due by the 15th day of the fifth month after the end of the accounting period

Gift Tax Return 15-Apr

S Corp's ITR 3/15/2015; Extension request for 6 months

S Corp's Qtrly ITR 1/31; 4/30; 7/31; 10/31

S Corp's Unemployment Tax Filing 1/31 of each year; however, if it pays the entire tax on time, it is allowed to file as late as 2/10

C Corp Any year end (you file on the 3rd month 15th day), if Dec 31st yr end – 3/15

Tax Exempt Any year end (you file on the 5th month 15th day), if Dec 31st yr end – 5/15

Estate Tax (Form 706) Within 9 months after the decedent's death (unless an extension is requested)

[Anonymous]

I'm still pushing through Business Law so a lot of this thread doesn't mean anything to me yet. B5 and B6 are done. I'm working on B7 today. Goal is to be done with B7 and B8 by the end of the coming weekend and then start into tax. I figure if I can get through Tax in March I can spend a few weeks in “review phase” and take the exam in late April or early May. Assuming I passed BEC (I feel good, not great, about my chances), there's no reason to take REG until I feel fully prepared.

[BEACPA]

NJPRU,

I feel a lot of frustration with Becker's so called software improvement. It deleted a large portion of my answers that I slaved over and they were right when I did it because I compared them to the solution key. Becker won't be getting any Christmas cards from me this year.

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[Anonymous]

Interesting. So Becker added chapters for BEC, B7 and B8?

[ijustwant76]

@Amor D….thanks!

[BEACPA]

Capital Gain/Loss:

For some reason I had it in my mind that an individual could only deduct a capital loss to the extinct of capital gains. However, I see that this is apparently not the case. An individual may deduct a capital loss up to 3,000 against ordinary, passive or portfolio income.

Is it correct that a C corp can only deduct capital losses to the extinct of capital gains? If so, then perhaps that is where my confusion rested. Thanks in advance!

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[NJPRU]

Individuals and Corporations deduct Capital losses in a different way. For individuals, capital losses are netted against capital gains… if any excess exists then only up to 3,000 capital loss can be deducted against ordinary income during the year… any excess is carried forward until it is used up. whereas, corporations cannot deduct excess capital losses during the year and have the option of carrying it back 3 years and carrying it forward for 5.

Theres a nice pass key on page R4-29 to help you visualize it all.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Author]

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