[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

[Future Ninja]

can someone explain this to me please, in laymans term. thank you. ^_^

The Ultramares rule derives from the case of Ultramares Corporation v. Touche (N.Y. 1931). In that case, the court held that a CPA's liability for negligent acts extended only to those parties with whom the CPA was in privity of contract, unless the victim could prove gross negligence or fraud. While some states have expanded the liability of the CPA to include “foreseeable” parties (parties who the accountant knew would use the work product), this is not the holding of the Ultramares case.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

ULTRAMARES limits the accountant’s liability for negligence to:

(a) parties in privity;

(b) intended third party beneficiaries

[imgonnabacpa]

Hello everyone,

I am sitting for the REG in round 8 days for the second time. I am using Becker and have covered all but R8 and R5. Need tips and advice to crack this REG portion this time. Have not done any sims yet. Is NINJA MCQ a good investment ? or should do BECKER practice tests and SIMS only. I also have Willey TB book also for SIMS but have not seen it yet. Please reply soon

Thanks

BEC - 78
AUD - 69,72,78
FAR - 73, 77
REG - 74, 74, April 20(Monday). Not anymore (Fingers Crossed xxxxx)

[Gabe]

@imgonna at this point, with only 8 days (assuming you have a job or other responsibilities), I would say stick with Becker and Wiley. DEFINITELY cover R8 and R5, if nothing else do a bunch of MCQs to get familiar. Some people say not to do SIMS, but I think for REG it's kind of worth it… good luck!

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

[Gabe]

Can anyone provide a list of insurance that is/is not taxable? I keep getting confused….

Life insurance proceeds- not taxable

Disability insurance- ?

etc etc etc…it's early and I am sick. Any help would be great. Thanks guys and ladies 🙂

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

[Mika]

@Gabe

medical insurance premium is deductibe in sch A

Health insurance is deductibe…not sure is sch A or not

Life insurance is NOT deductibe

So do proceed from life insurance upon death is NOT taxable

REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

[Mika]

R5 is the KEY to success

Just my opinion, the testbanks I used so far did not prepare me well for R5

So don't be suprised with what you actually see in the exam

REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

[Gabe]

Thanks @Mika!

One more clarification…listening to Ninja Audio and it states that these four are NOT subject to AGI phaseouts:

medical

casualty

gambling

investment interest expense

Medical is NOT subject to phaseout but IS subject to 10% AGI threshold, yes?

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

[lauren725]

yes Gabe you are correct!

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!

[Anonymous]

@Gabe, Tim Gearty also mentioned that on page R2-16 and even instructed the candidates to write them and kind of teased to offer some “gimmick” to remember it.

I came up with my own GMIC so I don't confuse with other itemized deductions:

Items that are Not Reduced by Phase-Out:

4 [GMIC]

G – Gambling Losses

M – Medical Expenses

I – Investment Interest Expenses

C – Casualty & Theft Losses

[MaverickCPA2015]

Just to touch on Gabes question…there is an AGI threshold where if the taxpayers AGI exceeds it then the total allowable itemized deduction is reduced by the lesser of 3% of the excess of AGI over the applicable amount or 80% of the total itemized deductions otherwise allowable. But I doubt this would ever come up on the exam anyways. I think that AGI amount was like $300k in 2013 for MFJ and $275k for head of household.

BEC - 82 (GLEIM)
AUD -85 (GLEIM)
FAR -75 (GLEIM)
REG - 59, 80 (Gleim + NINJA Audio and NINJA MCQ)
ETHICS -91
DONE!!

[lauren725]

right, but I don't think medical expenses are included in that possible limitation.

“While a lot of itemized deductions are affected by the itemized deduction limitation, some such as medical expenses, investment interest and gambling losses are not subject to the limit.”

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!

[NJPRU]

learn something new every day. I like that GMIC phrase you have amor! awesome way to remember it!

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

IM GOING TO BE A CPA!!!!!

[NJPRU]

@Mika – I also had a similar situation in 2012 when I took this exam… R5 was splattered everywhere and a lot of it was not included on the exam. I literally just printed out Circular 230 and plan on studying the crap out of it.

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

IM GOING TO BE A CPA!!!!!

[lauren725]

NJ you deserve the hustle award of the day!!! Let me know if you can get through it without dosing off

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!

[Author]

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