[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.

[Anonymous]

Name five (5) businesses or events in which accrual basis of accounting is REQUIRED for tax purposes.

Did I say five? Yes, I did!

[Anonymous]

OK, one more and then I am off to bed. 🙂

Except I don't know 5!

Generally I know if you have inventory you do (I know there is some exceptions).

Tax shelters

C-corps

OK, looking forward to the answer on this one.

[blueberrycpa]

is there any simpler way to remember when the question is classified under sec 1231 , 1245 and 1250? and also the recapture rules? I'm getting so confused with this:(

FAR- TBD
BEC - 75
REG - 76
AUD- TBD

[blueberrycpa]

is there any simpler way to remember when the question is classified under sec 1231 , 1245 and 1250? and also the recapture rules? I'm getting so confused with this:(

FAR- TBD
BEC - 75
REG - 76
AUD- TBD

[Anonymous]

Accrual basis of accounting is required on the following (5 events/businesses/persons)

[1-5-F-I-T]

a) 1 Million*

b) 5 Million**

c) F – Farming Corps.

d) I – Inventory => Accounting for purchases and sales of inventory

e) Tax Shelters

** For taxpayers whose annual gross income exceeds $1M, accrual basis is required!

** For C-T-P: C Corps, Trusts, and partnerships having a C Corp as a partner whose annual gross receipts exceed $5M in 3 years, definitely must use accrual.

[The_AmYam]

Gabe –

No, I wouldn't print off the tax forms. When you review, look at them and know what is on there just in case you have a simulation (and do work the sims that require filling in a tax form). Generally, the text covers all of the components of the inputs to the forms. So you really need to know how to calculate the inputs and then after that it's pretty easy to figure out where they go on the tax form (IMO).

AMT didn't click for me until I used Wiley – it was explained better. Just think of it (generally) as this way: you are calculating an INCREASE to your tax liability (essentially). So you need to calculate the difference between AMT components and regular tax. ie., what is the difference between how it is treated in AMT vs .regularly. I didn't think that was explained well. Once I realized what I was trying to accomplish, the rules made more sense. If I recall correctly there is a Becker SIM for AMT.

I save sims to do last in my review after I really drill concepts/calculations.

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[Anonymous]

@kickass – I came across this explanation on youtube and it made the whole recapture rules and gain/losses on personal and real property much more sense. See if this will help you.

https://www.youtube.com/watch?v=g2rwfBexF2s

[blueberrycpa]

Thanks cracked !

FAR- TBD
BEC - 75
REG - 76
AUD- TBD

[Anonymous]

Just did the R3 C Corp MC questions. Didn't do so good. Going to go back and reread the chapter and try again. I struggle with C Corps/Partnerships, ect. Good with B Law, Individual, and usually Sims. Anyone have any tricks to keep all this straight?

[Gabe]

@corp doing the same thing… I would say just going over it again and again until it sticks. I've been trying to think of mnemonics to help…for example, AMT ACE adjustments= My little sister owns everything

Municipal bonds

life insurance

Seventy percent DRD

Organtizational expenditures capitalized

For those that have taken REG before…how much study time do you think is appropriate? I am doing 6 weeks (I work FT but it's deserted around here during the Holidays)…I don't want to spend too much time (which was my downfall with FAR) but I don;t want to blow through it either.

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

[Anonymous]

I'm planning on sitting the first week of Jan, right after the New Year. It will give me a couple days to study on the job during the holidays when it is quiet around here and then give me the extra days off of work. I will boycotting watching Bowl games and partaking in my usual NYE traditions, but I keep telling myself NYE has nothing on the party I'm having once I finish these tests.

i think 6 weeks will be plenty of time. I've been doing 2 chapters a week and then I plan on reviewing for the final two weeks. Let me know if you come with some more mnemonics. I find those extremely helpful.

[Gabe]

@Corp will do! Are you reviewing now? Or working the another section? You using Becker? Ninja?

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

[Anonymous]

Reviewing R3 now, between work emails and twitter browsing. I'm really not feeling it this afternoon, but I know I need to be working some MCQs. Right now I just have Becker. Considering getting some Ninja stuff, but I don't want to spend a lot more money. Any suggestions?

[lauren725]

I should be through R2 in a few days. I have not had too much trouble (yet) but I think the 2 hour lecture in R3 will be a battle. I am glad to hear that phase out limits are not a focus, because I try to remember certain ones, then get stressed out because there are so many and so many different limits. The credits HW section in R2 was a lot shorter than I think it could have been and so I will probably need to review that again. I had trouble with the stock options section at end of R1 like others, but because there were only a few questions I moved past it and will just have to review more.

NJ – I look back and BEC chapters one and two and it makes me want to throw up and so happy I am not looking at it again. So that is where I am right now, it could all change in a week though 😉

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]

Reading Becker book right now..on R3. Going through all homework, then I will switch to NINJA MCQ

Seems like everyone is having difficulties with the stock options..glad I'm not the only one. I actually find tax interesting, and am not having too much trouble, but there are a LOT of rules/numbers to remember/get confused

@corp for my last 2 exams I have added Ninja MCQ and have passed, so I would highly suggest it. It's like..$30? Yeah..no brainer.

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

[Author]

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