[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/

[Anonymous]

@faith would you happen to know if what I posted is correct or missing anything?

[Evwy_Mom]

That is a great explanation of AAA. Now my question becomes, what is the purpose of the AAA? I understand (mostly) what goes into it, but I think I would understand it better if I understood what its purpose is and how it relates to E&P of a corporation.

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[rzrbkfaith]

@Evwy_Mom – I posted an answer under the basis study thread…

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Evwy_Mom]

I saw that, and thank you!

Have you ever considered a career in teaching? Because you are good at it!

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[rzrbkfaith]

Ha ha ha! Actually yes, and I get asked on a frequent basis if I am a teacher (usually an elementary school teacher LOL) and have thought about it. I honestly have thought about trying to get on with a review course. I actually love teaching the new staff at our office. Some people think its frustrating, but its one of my favorite things to do!!

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

REG book says:

Nondeductible Fringe Benefits:

The cost of fringe benefits for shareholders owning over 2% is not deductible to the S corporation, unless the corporation includes the benefits in the employee/shareholder's W-2 income

I am confused with the 2nd phrase beginning with the word “unless….”

Can someone give me a simple illustration/example before I bang my head to the wall tonight, LOL. Thanks guys.

[rzrbkfaith]

@Aussie – sorry, I didn't see your post originally!!

My thoughts – overall, superb summary!

Edits: long-term unused min tax credit is refundable (listed as nonrefundable above)

Adjustments to reach AGI: add educators expenses and domestic production activities deduction

Schedule A: for taxes its either income OR sales, not both

Exemption: must be a citizen of US OR resident of US, Mexico, or Canada

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Evwy_Mom]

@Amor – I hope someone corrects me if I'm wrong because this is me just reasoning this out. I'm thinking by including it as part of the compensation on the W-2, it would become deductible.

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[rzrbkfaith]

@Amor – here is a good example that I encounter very often.

We have many clients that use company vehicles or airplanes for personal use. We calculate their usage and include the cost of usage as income on their W-2 and as part of salaries and wages on the income statement. When you have a vehicle that is used for both personal and company use, if the employee doesn't pickup the usage as income, the company only gets to deduct a pro rata share of depreciation. If the employee does pick up the usage as income, the company can take the full amount of depreciation.

That's the best example I could come up with tonight!

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

@ Evwy_mom You're right. 🙂

[Anonymous]

[Anonymous]

[Anonymous]

[leglock]

@Rzr

If u do become a teacher, u should consider doing so in The great state of illinois. Rite now, thiose nearing retirement make about 150 thousand if u have a masters degree and ur guaranteed not to teach more than three or four prds a day ( union negotiated) if ur a high school tchr. Calculate that hourly rate ( the school year is only 39 weeks and u teach 3 hrs per day)Nd its quite impressive. Pension is 75 percent of ur 4 highest years of salary and when u let ur district know ur gonna retire 4 yrs before u do, they will reward u with ovr 6 percent salary increases each year just so u will get a higher pension. Its partly y our state is broke

[Windel]

OK! So I took REG yesterday 10/6 and I totally felt comfortable with the MCQ’s which is a relief. All I can say to those that are using NINJA MCQ’s and Becker HW questions, you’ll probably do just fine (that’s all I can say about that). As for the SIMS…I don’t think another week or month of prepare would have done any justice. The way in which the questions are asked seems very vague and is certainly subject to ones interpretation of what is to be expected (yep…its just as confusing as that last comment I just made. LOL). I went through all 69 REG SIMS in the Ninja MCQ, All Becker sims and a about 11 Wiley sims that I found online and I still felt like the SIMS on the actual exam wasn’t asking me for the information that was included in my study material. All I can say is—know your AMT, Schedules, M-1’s and BLAW BLAW BLAW. Good luck guys & gals, you’ve all been a tremendous help.

[Author]

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