REG Study Group Q1 2016 - Page 10

Viewing 15 replies - 136 through 150 (of 1,064 total)
  • Author
    Replies
  • #747966
    ahugemistake
    Participant

    The answer was in the next chapter:

    According to SSTS No. 2, only if both (a) the information is not readily available, and (b) the answer is not significant in terms of taxable income or loss, is omission of an answer permitted.

    makes more sense now.

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    #747967
    Anonymous
    Inactive

    Which one of the following expenditures qualifies as a deductible medical expense for tax purposes?
    a.
    Health club dues.
    b.
    Mandatory employment taxes for basic coverage under Medicare A.
    c.
    Vitamins for general health not prescribed by a physician.
    d.
    Transportation to physician's office for required medical care.

    Explanation
    Choice “d” is correct. Transportation to physician's office for required medical care is a deductible medical expense for tax purposes.
    Choice “c” is incorrect. Vitamins are not deductible.
    Choice “a” is incorrect. Health club dues paid on a membership for general health care are not deductible. In order for the dues to be deductible, the membership would need to be recommended by a physician for a specific illness.
    Choice “b” is incorrect. Premiums paid for insurance that covers the expenses of medical care are deductible as medical expenses, including Medicare B premium payments and any voluntary premiums for Medicare A.

    I find the explanation for Choice B so confusing.
    Does Choice “B” qualify as Adjustment/Above the Line Deduction?

    #747968
    marqzho
    Participant

    Mandatory employment taxes for basic coverage under Medicare A

    I think it is the Medicare portion of the FICA tax. you paid 1.45% + 0.9%( if income over 200,000) of your income. It is withheld by your employer on every of your paycheck. They are not a deductible expense on 1040, above or below AGI.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #747969
    ahugemistake
    Participant

    Just curious about questions like this:

    Under which of the following scenarios will Jenny be in trouble under Section 6713's confidentiality provisions?
    A. When she sells a celebrity client's confidential tax information to a tabloid newspaper.
    B. When she discloses a rich client's confidential tax information pursuant to court order.
    C. When she shows several of her clients' tax returns to another accountant performing a peer review of Jenny's firm.
    D. All of the above.

    Correct!

    This is an improper disclosure of the client's confidential information and will violate 6713 (as well as 7216).

    I just started studying, and I am wondering how important it is to know the IRC sections, or should I just be focusing what is legal or illegal in general?

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    #747970
    another9215
    Participant

    Hi all – REG is my last exam to pass. I got a 71 when I took the exam in November. I'm hoping to pass in this next window but am having a small issue. My BEC credit expires on Jan. 2nd. I am trying to schedule REG for Jan 2nd, however, the test date just isn't opening up! I've tried different cities, different states, etc. I am currently scheduled for Jan. 4th, but don't know what to do. I called the test centers, and they are offering the exam on Jan 2nd, I am just unsure if it will open up since it's right after the New Year's holiday. Do I have a chance? Or do I need to accept the fact that I need to retake BEC? Has anyone ever had their state board extend their credit? It would only be 2 days!! Ugh!

    #747971
    ahugemistake
    Participant

    Send an email to your state board right now, and also call the testing centers first thing tomorrow morning. If neither help then prepare the best for Jan 2nd, and keep your fingers crossed that it opens up.

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    #747972
    rosecpa
    Participant

    Ahugemistake, is the answer a?

    #747973
    CPA2B_NJ
    Member

    Have you guys found it better to watch all the lectures then focus on the MCQs, or work the MCQs as each lecture is watched?

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

    #747974
    marqzho
    Participant

    For me, at the very beginning, I watched all the lecture from individual tax to the end of business law. When I tried to work out the MCQ, I couldn't remember a single thing in individual taxation 🙂 Turn out I have to re-watch all the taxation lecture again and it was kinda waste of time. So now I am studying FAR, I keep doing MCQ after watching couple lectures.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #747975
    ahugemistake
    Participant

    @rosecpa

    yes the answer is A, sorry I should have put that in there.

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    #747976
    wombataholic
    Participant

    @ahugemistake For the most part, you don't need to know the IRC Section numbers themselves, but you'd better know the concepts behind each one, especially 1231, 1244, 1245 and 1250.

    Licensed CPA
    Passed each section on the first try with Ninja Notes/MCQ/Audio

    #747977
    ahugemistake
    Participant

    Thanks Wombat, I'm just getting started right now, I'll keep this in mind. Also is anyone else using CPAexcel in here?

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    #747978
    CPA2B_NJ
    Member

    I'm so stressed!! This is my last test and my last testing window.

    I'm starting from the beginning using Roger lectures and Ninja MCQs. I just finished Individual Tax lectures and I'm doing the 200+ MCQs tonight.

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

    #747979
    CPA2B_NJ
    Member

    @marqzho – Thanks, I'll follow your advice since I just finished with Individual taxation today.

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

    #747980
    CPA2B_NJ
    Member

    @another9215 – I see that you're in the same situation as me. How is your study schedule to tacke all topics before month end?

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

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