[Anonymous]

I’m getting ready for REG on Sep 6 and am just curious what I should be expecting. This coming year will be my 5th tax season though I’ve only been out of school for 1 year. I guess I’m just curious how much the real world would prepare me for the REG exam. My tax seasons have been 75% corp / 25% individual tax.

Going through the material I feel like it’s all pretty familiar minus some numbers that need to be memorized. Any thoughts on this though?

[Anonymous]

any thoughts?

[Recked]

I have 15 years in tax, and felt the exam was testing some pretty basic/elementary concepts.
Not sure if that helps or not, I would still take REG very seriously.
Keep in mind this exam is geared for someone 1-2 years out of school. The devil is in the details, as always.

[Anonymous]

That's good to know! Thanks for all your help Recked, really appreciate it.

[TalkNerdyToMe]

I have 13 years in tax experience working with about 600 personal clients and 250 business clients a year. There were many topics that I knew without even having to cover the sections so you should have a good basic understanding going into the exam. The area I struggled with the most for some reason was Corporations (Partnerships and S-Corps were a piece of cake). I have never handled half of that stuff with our small business clients plus I have been out of college for quite a while so I had to re-learn a lot of the material. Not to mention that our tax software does most of the dirty work for us. All in all, I really enjoyed REG, and as long as you've put in the time studying, you should do great! Good luck!! & don't forget about Business Law!

[alloverit]

Basic for sure. In fact, so basic that you might even think you've missed something. For me, the test was about 50/50…maybe slightly more entity than individual.

I took the test with pneumonia and still stayed awake and passed, so yes…your tax experience will be a benefit for sure.

[Anonymous]

Yes- definitely helps. I only had about 1.25 busy seasons (1 as an intern, .25 full time) experience when I took REG, but it definitely helped. Even the clients I worked on as an intern were usually more complex than this exam. Especially, if you actually understand tax well enough to know WHY the software kicks back diagnostics or what things means (basis, liability allocation, etc.) you will find yourself a leg up on this exam. Not to say you should overlook this exam, I would still go through all of your material, but its okay to skip the topics you already know very well IMO.

[Author]

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