[Anonymous]

Is there anyway I can find the exemption amounts that will be used in the second quarter testing window?

[Anonymous]

So I am guessing there is no way to find a full list of all the exclusion and exemption amounts? Damn. I need help with this

[MikeHoncho]

I usually look up each amount individually if I think it's an inflation adjusted number that has changed.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

I usually look up each amount individually if I think it's an inflation adjusted number that has changed.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[CPA soon]

13K gift exemption for Q2, 14K for Q3!

@Sunni don't worry much about the amounts, know gift, homeowner's gain exclusion and Section 179, Section 1244/45/31 amounts.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

13K gift exemption for Q2, 14K for Q3!

@Sunni don't worry much about the amounts, know gift, homeowner's gain exclusion and Section 179, Section 1244/45/31 amounts.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[Lindrobe]

@CPA soon, are you sure about those gift exemptions? Pretty sure Q2 is testing 2013 tax year, so the exclusion is $14k.

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[Lindrobe]

@CPA soon, are you sure about those gift exemptions? Pretty sure Q2 is testing 2013 tax year, so the exclusion is $14k.

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[MikeHoncho]

@cpasoon I too am very curious as to why you think the 13k gift exclusion is being tested in Q2 of this year. Please explain.

Here's my thought process:

Q3, Q4 of 2013 and Q1, Q2 of 2014: test 2013 tax code

Q3, Q4 of 2014 and Q1, Q2 of 2015: test 2014 tax code

We are in Q2 of 2014. Therefore they test 2013 tax code. Gift exclusion under 2013 tax code is $14,000. Hence, we use the $14,000 exclusion in Q2 of 2014.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

@cpasoon I too am very curious as to why you think the 13k gift exclusion is being tested in Q2 of this year. Please explain.

Here's my thought process:

Q3, Q4 of 2013 and Q1, Q2 of 2014: test 2013 tax code

Q3, Q4 of 2014 and Q1, Q2 of 2015: test 2014 tax code

We are in Q2 of 2014. Therefore they test 2013 tax code. Gift exclusion under 2013 tax code is $14,000. Hence, we use the $14,000 exclusion in Q2 of 2014.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[CPA soon]

@MikeHoncho, you are one year ahead. Remember that when you filed your taxes this year, it was your 2013 tax year therefore 2013 laws. So when you did your taxes last year it was 2012 laws. So Q1/Q2 are 2012 laws and Q3 you start using the 2013 laws.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

@MikeHoncho, you are one year ahead. Remember that when you filed your taxes this year, it was your 2013 tax year therefore 2013 laws. So when you did your taxes last year it was 2012 laws. So Q1/Q2 are 2012 laws and Q3 you start using the 2013 laws.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[Lindrobe]

@CPA soon, here is a link to a thread where Jeff specifies that the first half of the year tests on the previous year's tax law.

https://www.another71.com/cpa-exam-forum/topic/becreg-2013-vs-2014

So, until July, REG will test on 2013 tax law.

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[Lindrobe]

@CPA soon, here is a link to a thread where Jeff specifies that the first half of the year tests on the previous year's tax law.

https://www.another71.com/cpa-exam-forum/topic/becreg-2013-vs-2014

So, until July, REG will test on 2013 tax law.

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[MikeHoncho]

@cpasoon Ok now I understand your confusion. However that tangential relationship between tax returns and the CPA exam is incorrect.

According to the AICPA, “all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections, materials eligible to be tested include federal laws in the window beginning SIX MONTHS after their effective date, and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.”

2013 tax code became effective at the beginning of the year 2013 so the materials are first eligible to be tested in the window beginning SIX MONTHS after their effective date (ie July of 2013).

2014 tax code became effective at the beginning of this year. So the 2104 tax code is first eligible to be tested in the window beginning SIX MONTHS after the effective date (ie July of 2014).

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

@cpasoon Ok now I understand your confusion. However that tangential relationship between tax returns and the CPA exam is incorrect.

According to the AICPA, “all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections, materials eligible to be tested include federal laws in the window beginning SIX MONTHS after their effective date, and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.”

2013 tax code became effective at the beginning of the year 2013 so the materials are first eligible to be tested in the window beginning SIX MONTHS after their effective date (ie July of 2013).

2014 tax code became effective at the beginning of this year. So the 2104 tax code is first eligible to be tested in the window beginning SIX MONTHS after the effective date (ie July of 2014).

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[Author]

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