[Anonymous]

Hi folks –

With all of the upcoming changes in taxation (and I am biting my tongue on this highly controversial topic – let’s just say that I personally agree with almost none of what’s happening but that’s as far as I shall go here) – I had a question. Here it is:

I have heard tell that for the first half of any given year, the REG exam reflects the previous year’s taxation laws. For the second half, the exam reflects the current year’s taxation laws. Is this true? Any insights on this issue would be appreciated, although I don’t know if even the AICPA has come to any decisions yet.

REG is the last exam that I need to take…before starting my retakes on the first three that I did not pass. I have 6 months and a few days left on the clock of my Roger review course, purchased many moons ago now. Despite not being a fan of Roger’s program, I have decided to bite the bullet on it and just use it up as well as I can, because I paid about $500 for it.
If all goes as planned, I will take REG in July. So, that’s on the cusp of 2017/2018 topics being tested I guess. Again….a case of great timing for me, in this CPA labyrinth.
Right after taking BEC in August, I started a new job that has kept me busy and I have not studied or thought much about CPA-related things since then. I won’t be able to think about it until probably about a month from now, after 2017 books are completely closed and locked and financials issued….sound familiar??

Thanks,
Leon

[Adam]

The tax changes are minimal really, the best thing you can do to pass REG is work in tax during busy season..

But yes the CPA wont change testing for 6 months until after the new law is signed.

[TommyTheCat]

concer with Adam.

And best advice I can give otherwise about tax law changes and the politics that go into it is that you do bite your tongue. Been doing this awhile now and nobody cares about your political opinions, they dont care about my political opinions, they dont care about person xyz's political opinions. Interjecting any bias in your professional opinion is a disservice to your client and ultimately to your practice. Ive learned that I have had the most success with growing my firm and my client base when I leave the bias out and advise my clients based on the reality of their situation and what they prefer or impacts them. I can discuss my thoughts on the political climate or some bill passed with the folks around me outside of my professional life (ie wife, family, close friends). All of which I promise you don't give a rats ass about what my personal political leanings or thoughts.

There is no cut and dry answer as to whether this is a good bill or not. Its going to help a lot of people and hurt a lot of people. Plain and simple. Understanding that you need to look at the bill through a different lens for each client and evaluate how it helps them or hurts them and how to game plan to steer them in the best position is the best thing I think anyone can do professionally at this time.

[Anonymous]

I don't work in tax. And, I don't think I will at this stage of my career, although it's an interesting sector of the accounting world. My boss was rather vocal about his approval of the new tax bill…although I reminded him quickly about a few things, and he was kinda forced to (tacitly) agree with me…if you're gonna take one thing away, then you have to make up for it somewhere else.
But of course, we must maintain professionalism in the workplace. Like you say, nobody cares about our opinions.

Anyway though, I was just kinda wondering what the timeline was, as far as testing on the new tax laws. No, the changes won't be that extensive…I don't think? And obviously all we must do is memorize those things that were changed. Not really looking forward to studying for REG but I'm making myself do it. I don't know what the future holds for me as far as the other three sections so trying to maybe get a pass on REG before thinking about retaking the others.

[Author]

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