REG Study Group Q2 2015 - Page 12

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    Topic
  • March 5, 2015 at 8:08 pm #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

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  • March 11, 2015 at 2:16 pm #677366
    Gabe
    Participant

    I only see one huge dog on your right lol

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

    March 11, 2015 at 2:29 pm #677367
    Anonymous
    Inactive

    Well, I wanted to make sure I get the question right. LOL

    Alvin, 8-year old English Mastiff on the left. (175 lbs.)

    Amor, –year-old Filipino Mastiff on the right, LOL!!!

    March 11, 2015 at 2:41 pm #677368
    Anonymous
    Inactive

    Finished R1 yesterday. Starting with blaw 6 today and hoping to finish these 3 chapters up sooner than later. @angel is correct they do go by faster and her/instructor logic is correct about going back to review tax again 🙂

    March 11, 2015 at 3:10 pm #677369
    Anonymous
    Inactive

    Cpa8488: My screen name can get confusing but I'm a guy 😉 I stole the name from an old video game.

    But, more importantly, don't forget R5. That's the ethics chapter(the ohter 20% of the exam) and while it has to do with taxes, it's entirely conceptual. So finish R5 up before you go back to R1 – R4.

    March 11, 2015 at 3:11 pm #677370
    Gabe
    Participant

    Amor- awesome! Gorgeous dogs! I have a 1 year old Great Dane, myself 🙂

    Angel- definitely agree. Found it very helpful during re-take to start with Blaw and circle back to tax.

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

    March 11, 2015 at 3:14 pm #677371
    Troblin
    Participant

    Is there any tool to practice IRC lookup for the REG exam? I'm assuming the Ninja MCQ software for simulations does not mirror the exam tool.

    FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
    AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
    REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
    BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

    Date I Got My Life Back!: 8/4/2015 🙂

    March 11, 2015 at 3:17 pm #677372
    Anonymous
    Inactive

    Dogs and babies get along so well. Great for you and your family!

    March 11, 2015 at 3:31 pm #677373
    Anonymous
    Inactive

    @angel good call about R5 maybe I will start with 5 then do 6-8. And my bad I soooo thought you were a girl lol :/

    March 11, 2015 at 3:33 pm #677374
    Gabe
    Participant

    Troblin- I think Wiley does an excellent job with this.

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

    March 11, 2015 at 3:40 pm #677375
    Troblin
    Participant

    @Gabe Thanks. Does Wiley have a solo test bank available for purchase? I also was in need of some BLaw/Ethics Simulation since Ninja simulations all focus on tax.

    FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
    AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
    REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
    BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

    Date I Got My Life Back!: 8/4/2015 🙂

    March 11, 2015 at 3:59 pm #677377
    Gabe
    Participant

    @troblin I am not positive. CPAexcel and Wiley merged…I thought you could just buy the simulations but I could be wrong…

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

    March 11, 2015 at 4:10 pm #677378
    jeff
    Keymaster

    If I were studying for the CPA Exam today, i would not personally spend time practicing a BLAW sim.

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

    March 11, 2015 at 4:50 pm #677379
    Peterman25
    Participant

    @Troblin…

    If I am recalling correctly from one of my Roger video lectures…Once you have your NTS there is a place on the AICPA website to practice AL lookups. I don't know how true this is today or what the exact link is, but that is kind of what I remember.

    BEC 7/14 - PASS
    FAR 10/14 - PASS
    AUD 1/15 - PASS
    REG 4/15 - PASS

    AZ license - Official 8/20/2015

    March 11, 2015 at 5:23 pm #677380
    Gabe
    Participant

    List of income/expenses that I always have trouble with (re: taxable/deductible):

    municipal bond interest Not taxable

    insurance premiums for possible disability Not deductible

    Foreign income tax Deductible

    Foreign Personal Prop tax Not deductible

    Investment interest on tax free securities Not deductible

    mortgage interest expense- used to buy house Deductible

    mortgage interest expense- used to buy dog Not deductible

    Life insurance premiums- $60k Taxable > $50k

    US EE savings bond Not taxable

    US HH savings bond Taxable

    S corp dividend Not taxable

    Life insurance dividend Not taxable

    Punitive damages received Taxable

    Anybody care to add any?

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

    March 11, 2015 at 5:39 pm #677381
    Anonymous
    Inactive

    The topic of BLaw has me a little nervous. I just started my REG studies and I'm using Becker (going to supplement with Ninja MCQ) like my other sections. I was a little thrown off by how many chapters Becker devotes to BLaw (3 of 8). Any idea why so much time is devoted to what the CSO shows as a fairly small percentage of the exam? Should I be doing BLaw first and then focus on taxation? Am I over-thinking this?

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