REG Study Group Q1 2015 - Page 88

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  • January 31, 2015 at 10:12 pm #652351
    Gabe
    Participant

    You don't need to know rules that went into effect in December. Those will be tested as of July 2015.

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

    January 31, 2015 at 10:18 pm #652352
    BEACPA
    Participant

    Bulldozer_CPA,

    The CPA exam won't begin testing the new tax law until 6 months after if was signed. So, no worries if you're taking the exam before July 2015.

    Also, if your material states that the 179 expense deductions are 25,000 with a 200,000 max – then you will be okay. This was the major one that congress didn't extend. I believe it used to be 500,000. Hope this helps. Good luck!

    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!

    January 31, 2015 at 10:19 pm #652353
    Anonymous
    Inactive

    @Gabe – whoops, re-wrote my post. I am a spaz ball at the moment. Thank you so much for clearing up the mystery with the tax laws and testing window. I was so freaking confused. Sanity is now restored. Back to more studying.

    January 31, 2015 at 10:22 pm #652354
    Anonymous
    Inactive

    @BEACPA – thank you times a million. Writing this down, so I stop obsessing

    February 1, 2015 at 12:25 am #652355
    Anonymous
    Inactive

    Thanks BEACPA!

    There is also special $25000 allowance thing, I completely missed that the total loss was also 25000 and I was trying to understand what is special allowance doing in the formula. In addition Roger's book also has an example with 25000. Would it kill them to use different amount for this example? It makes more sense now though

    February 1, 2015 at 2:43 am #652356
    funtimesNOT
    Member

    what are the rules for IRC Section 179? is it 25K is it 500K I am soo confused??!

    AUDIT - 79
    FAR - 64, 77
    BEC - 69, 71,79 - DONE!
    REG - 60, 75

    Nothing in the 80s ; however, I worked full time the whole time! (like 10 hour days) so it can be done 🙂

    February 1, 2015 at 2:45 am #652357
    lauren725
    Member

    I agree with you guys on chapter 7 (BLAW), most of it was pretty difficult for me (HW in 60's, low 70's). prob my least fave chapter.

    NJ- I am alright, just “finished” up chapter 7 homework today (aka cant look at any more of it right now) lol. I agree with you on the long winded paragraph questions. Suzy gave Johnny this check and then Dorothy signed it bla bla bla I can't even keep up. I am hoping chapter 8 will be a little better? I am sorry work is so crazy for you right now! I hope that is slows down some and you can find some ways to relax/fit in studying. That is how I felt back in the summer with BEC and it was not fun juggling all the stress. Praying for you!

    I have started my final review from the beginning and am doing chapter 2 HW right now. I plan on continuing with ch 3-4 this week/ next weekend as those chapters will prob take the most time (besides some of this blaw). I will do chapter 8 throughout the next few weeks. Not feeling really “confident” right now but this is definitely doable. I just gotta stay disciplined and on top of it! I will save some of my harder questions this week and post some on here!

    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!

    February 1, 2015 at 2:55 am #652358
    Anonymous
    Inactive

    Hi guys.

    What tax form year are you studying, 2013 or 2014?

    February 1, 2015 at 3:26 am #652359
    lauren725
    Member

    2014

    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!

    February 1, 2015 at 3:29 am #652360
    Laura M.
    Member

    Sorry if this has been asked before. Do we have to memorize all the tax rates for individuals? That seems like a job in itself! I feel like REG is totally killing me!!!

    FAR - 82
    AUD - 79 (lost credit), 75
    BEC - 76
    REG - 91

    CPAexcel and Ninja Notes and Ninja MCQ

    February 1, 2015 at 3:56 am #652361
    Anonymous
    Inactive

    @Laura, I doubt that. This is board exam not mid-term exam for a bachelor's degree or master's.

    The table for tax rates (since they change annually) should be provided just like the PV rates.

    Probably with exemptions, though they change every year, I think it would be very helpful to know them.

    I studied REG not long ago, about two months ago, and all the 2013 forms that I collated are now useless!

    February 1, 2015 at 4:01 am #652362
    Laura M.
    Member

    Thanks! I just got the Ninja notes and they had it on them and I was immediately overwhelmed!

    FAR - 82
    AUD - 79 (lost credit), 75
    BEC - 76
    REG - 91

    CPAexcel and Ninja Notes and Ninja MCQ

    February 1, 2015 at 4:03 am #652363
    Anonymous
    Inactive

    Question:

    How do I report my K-1 income along with my W-2 on Form 1040?

    February 1, 2015 at 4:10 am #652364
    lauren725
    Member

    K-1 income is reported on Schedule E, W-2 wages are reported on page one of 1040. Is that what you are asking?

    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!

    February 1, 2015 at 4:44 am #652365
    BEACPA
    Participant

    Becker R5 Simulation?

    Hello!

    Quick question. I noticed that my simulation for R5 only has 1 tab. This is the first time I ever had 1 tab. Usually there are a minimum of 5 and a max of 9 tabs. Is there something wrong with my software? Just want to make sure I'm not the only one. Thank you!

    Best of luck!

    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!

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