[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/

[BEACPA]

@Gabe,

This may sound redundant b/c in essence, it's exactly what you said and @Angle confirmed. However, I wanted to toss it out there just in case you find in useful on exam day.

Two Rules for M-1:

1.) Add back items that would decrease Net Income per the books, but doesn't effect taxable income.

2.) Subtract line items that increase Net Income per the books, but don't effect taxable income.

Cheers…

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!

[priyadele]

Hi all,

I failed REG several times…the last exam i got stronger in MCQ and weaker in simulations…

Its the simulations that bring me down every time…any suggestions on how to crack this one

thanks

[Anonymous]

I think the common advice is to practice as many Sims as possible just to get a feel for them. Becker, NINJA, whatever else you have access to is all good.

Also, REG is one of those exams where time management is even more critical than other exams. We only have 3 hours for it and it can be very easy to run out of time between the MCQ and Sims. Running out of time on the Sims and not answering some of them is not good. Consensus seems to be at least an hour for the Sims and the closer to 1.5 hours you can get, the better.

Finally, the Authoritative Literature is supposed to be pretty good for REG to the point where it will spell out, word for word, the answers to some of the Sims. Again, remember time management but if you're OK on time, use the AL.

Just some practical advice from a guy who hasn't taken it yet.

[Gabe]

Good Morning all! (at least here 🙂 )

Thanks for all the replies for M1 adjustments! I did a few SIMS on it and it finally clicked!

@Angel- correct. Becker does not use the term “cutback” but it's the same thing.

@Sam- I did not feel prepared for the SIMS at all, but I also didn't really give them much thought. I really feel like REG Sims should be approached differently than any other exam. I left myself plenty of time for them and the AL wasn't as helpful as, say, FAR. I recommend going over the Becker SIMS as many times as possible, especially on “weaker” areas. Of the 6, I feel like I aced 2. The other 4 were over topics that were barely covered in Becker or were my weak areas and the AL was useless lol. When did you sit?

@BEACPA- Thanks!! Writing that down too 🙂

@priyadele get your hands on as many SIMS as humanly possible. I got my score report back and it revealed the same thing- stronger on all MCQs, weaker on SIMS. My current plan of attack: re-did all of Ninja MCQs until I answered every one correct at least once (~3500 MCQs), did all of Wiley's MCQs (~1200), did all of Ninja SIMS, and currently going through all of Wiley's SIMS until I get an 80+ on each one. I also marked SIMS that I found difficult, or on “weak” areas. Hope this helps! When do you sit?

@Angel- I think if I didn't go into panic mode when I saw the SIMS I would've been better off 🙂 However, I feel like the AL was only so helpful. It didn't spell out things like the AL in FAR did.

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

[NJPRU]

@Angel – I agree with you statement; however, I will add that working the MCQs and becoming familiar with the topics will most definitely help you with the SIMs as well. I know this sounds like a no brainer, but I felt as though, I could do the SIMs without much hassle because I knew the topics inside and out. I guess we will see for sure later, but this is generally true for me even if I don't pass the exam (fingers crossed that's not the case).

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

IM GOING TO BE A CPA!!!!!

[Gabe]

@NJ I think I just freaked out when I got to the SIMS, which is what happened when I took FAR for the first time…it's like that when I take any exam for the first time. Meh…good luck tomorrow!!!!!!!!!!

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

[Gabe]

Book depreciation on computers for 2013 was $10,000. These computers, which cost $50,000, were placed in service on January 2, 2012. Tax depreciation used MACRS with the half-year convention. No election was made to expense part of the computer cost and Reliant elected not to use bonus depreciation.

The calculation shown for tax depreciation= 50k-10k= 40k * 40%= 16k

Why are they multiplying by 40%?

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

[NJPRU]

@Gabe – I've never been so freakin' nervous in my entire life. Definitely doesn't make for good sleeping habits, that's for sure.

Also, to answer your question, computer equipment is a 5 year life and uses the 200% double decling balance method, thus, you would —-> 1/5 = 20% x 2 = 40%.

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

IM GOING TO BE A CPA!!!!!

[Gabe]

@NJ Thanks! Looking forward to your post in the “I am DONE” thread tomorrow 🙂

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

[Anonymous]

Dumb observation. I've noticed the REG study thread has twice as many posts as its nearest competitor (FAR) and more posts than the other 3 study threads combined.

[Holly]

So….no countdown this time on NASBA score release?

BEC - 79
REG - 85
AUD - 5/27/16

[Gabe]

@HR I think the clock is up…I am an Indie state so I don't get that, but there's a thread below 🙂

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

[Gabe]

Anybody have any good E&P notes?

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

[NJPRU]

@Gabe – crap, I am so sorry. I stayed home today as I'm not feeling well. I'll bring them in tomorrow before (hopefully) shredding them. 🙂

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

IM GOING TO BE A CPA!!!!!

[Gabe]

ah no worries. Feel better man!

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

[Author]

Replies