[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

[Jezzie]

I am a couple weeks into studying for REG. Hoping this will be my last test, waiting on my BEC score to be released on Monday. I am planning to sit the end of November, I haven't scheduled it yet. Good luck everyone and happy studying 🙂

FAR 2/23/16 76
AUD 5/13/16 69, 7/5/16 87
REG Nov 2016
BEC Sept 6

[mtaylo24]

I'm here for the 4th time. After missing it by a point last window, hoping to knock this one out of the park. I'm going to try using Becker this time around.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Determined24]

Anyone using Gleim for REG

I am sitting early December and already scheduled. This is the beginning of my CPA journey not sure what to expect. But the material is complicated enough to keep me engaged hence why I started with REG. But I am nervous I will run out of study time the info is sooo much.

@JP1090CPA I make flashcards
For anyone else working fulltime? How much hours study do you get in on a workday?

[mtaylo24]

^^^Gleim is good, but you have to be dedicated and have a strict schedule. Their testbank is a beast and includes these crazy publisher written and enrolled agent questions on top of the AICPA released ones. I think they offer around 2600 questions. I still think that you have plenty of time to power through their material. Best of luck!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Determined24]

Thanks @mtaylo24

How do I know what formulae will be given on the exam or should I just memorize every formula and threshold I see ?

[mtaylo24]

^^^^Keep practicing and the calcs/thresholds will eventually stick

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[or1on23]

Sitting for the exam in early December?

Didnt think December was an option

[Determined24]

@ or10n23

They are offering 10 extra days in the regular non-sit windows this is up to April 2017 when the new exam launches

Confirm this on the AICPA exam bulletin

PS: Not every exam centre will be open for this so check the availability at Prometric

[or1on23]

@Determined24 – thank you for the quick response!!

Recently restarted this journey after leaving/abandoning my CPA ambition years ago – i. am. back.

Currently work full time – trying to navigate this whole study plan!! Keep telling myself its going to be OK – ITS GOING TO BE OK! lol

Was planning on sitting in early January 17′, but if December is on the table, that might be a game changer…

Moreover i clearly need to check the AICPA site again – this is stuff i obv should have known -thanks again!

[Reg_Slayer]

anyone know why 3% AGI threshold in this problem? I thought it was 2% AGI ?

Dole’s adjusted gross income exceeds $500,000. After the application of any other limitation, itemized deductions are reduced by:

A.
the lesser of 3% of the excess of adjusted gross income over the applicable amount or 80% of certain itemized deductions.

For higher-income taxpayers, the total amount of itemized deductions is reduced by 3% of the amount of the excess of adjusted gross income over the applicable amount of 80% of certain itemized deductions, whichever is lesser. Not all itemized deductions are subject to phaseout. The following deductions are not subject to the phaseout: medical and dental expenses, investment interest expenses, casualty and theft losses from personal-use property, casualty and theft losses from income-producing property, and gambling losses.

[Determined24]

Hi All

What does the IRS mean by “itemized deduction”?

If I do not itemize my deduction what other option do I have in filing taxes ?

PS: Since this is Quarter 4 right, I just need to know the new tax rates etc for 2016 and not prior year right?
Or are the old rates still testable ?

[Reg_Slayer]

if you do not itemize, you take the standard deduction [whichever is larger]. 2016 tax rates are testable until next July. Search this forum for the above-the-line and below-the-line mnemonics.

[Determined24]

Thanks Reg_Slayer

We have to know the standard deductions off hand right ?

Were the mnemonics you referred to in the forum written by you, I may be missing them

[Determined24]

Wow @Reg_Slayer
You are gonna slay this thing

I found this in my review

Gross Income
-Adjustments(Deductions) *this is where you make adjustments for things not constituted as GI ??
_________________________
= Adjusted Gross income
-Greater of itemized deductions /standardized deduction (S/MFS $6,300, MFJ:$12,600, HOH $9,300)
-Personal Exemptions & Dependency Exemptions ($4050, per exemption)
____________________________________________________
=Taxable Income
x Tax Rate
____________________________________
=Gross Tax Liability
-Credits & Prepayments
____________________
=Net Tax liability /Refund Receivable

[Determined24]

@ Reg_Slayer

Re: your question on the 2% or 3% AGI

Maybe the review system you are using didn't update it yet or there is an update somewhere. I would go with the new one or email a query to the course providers?

Mine send out updates all the time

[Author]

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