[jeff]

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

[NJPRU]

@PASS – Best of luck to you! I'm sure you'll do great!! On my last day, I studied itemized deductions in detail and worked on R8. I also worked on the property chapter too. Sorry I can't be more of a help, I really just worked on the items that were a little more difficult for me rather than the things I already knew.

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

IM GOING TO BE A CPA!!!!!

[PasstheCPA7]

@ NJ – thanks! Hope to hear good news from you next week 🙂

[Gabe]

@cluck I think the key to this question is seeing “no capital loss carryovers from prior years.” That, to me, indicates, the question is testing your knowledge of the capital loss max of $3k. If they had carryovers, than it would be less. Hope that helps.

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

[Troblin]

Hi everyone,

Looks like I will be joining you all for the Q2, 2015 REG study group. Can't wait to get started!

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 🙂

[terryharm]

Good Luck to everyone, hope to see you all on the other side of being done…

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Gabe]

Thanks for checking in terry!

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

[PasstheCPA7]

Hi guys,

I came across a question in Ethics. What is the difference between the “State Board of Accountancy” and the”State Society?” I know it is the State Board of Accountancy that issues the CPA license and discipline it's members. But – how about the State Society then? What do they do and how are they different than the State Board?

Thanks.

[Tncincy]

My guess would be that the society does not have any authority….But if the state board makes a decision to suspend, or revoke, the society might automatically drop you as well sort of like AICPA.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

The State Board has the ability to grant and / or revoke your CPA License.

A State Society is simply a professional organization. For example, in Ohio we have the Ohio Society of Certified Public Accountants (of which I'm a member even though I'm not yet a CPA since I got in for free as a student). The Ohio society keeps you up to date with accounting changes, offers CPE and other such stuff.

[PasstheCPA7]

@ angelwatch – thank you for the clear explanation. I'm working on ethics right now, so, I might post a question or two on here.

Thanks again.

[PasstheCPA7]

@ angelwatch – I'm not sure if you use Becker. But – there's a question CPA #06551. It's a question on “Aiding and Abetting.” In this question, they are saying that the Burden of Proof is shifting from the taxpayer to the IRS. Can you explain what they mean by burden of proof and why would it even shift to the IRS? If you can provide an example, that would be great.

Thanks.

[OnlyBelieve]

@Pass, generally the burden of proof is on the party bringing the case, so it will depend on the wording of the question. But generally the IRS will be required to ‘proof beyond reasonable doubt' when they have the burden of proof.

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[PasstheCPA7]

@ Onlybelieve, Becker says this: “With respect to the penalty for aiding and abetting an understatement of tax liability on a tax return, the burden of proof shifts to the IRS FROM the taxpayer. I wasn't sure why though.

[OnlyBelieve]

@ Pass, i'm thinking about law school after my CPA. So lets see how i will fair in court:) This is the way i see the “aiding and abetting” issue. He who blames, must proof! If the IRS is claiming that there was some sort of conniving in understanding a tax liability, then it will behove on them to proof it. Eventhough, the IRS may have the right to impose penalties and fines on taxpayers, it must be based on reasonable evidence.

for example, If i was blaming a friend for stealing my pen, then the burden of proof will lie on my to show that my friend in fact really stole my pen.

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[Tncincy]

you got it onlybelieve, .that's what Judge Judy says……if you are suing you must have proof….

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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