[cpa2018]

Hey guys! I was wondering if anyone could help me out and let me know what inflation changes I need to know for Reg Q3. I’m using Becker and the numbers aren’t updated for changes after July 1. taking the exam next week and am stressed about what numbers I studied wrong. Please let me know!!!!! Thanks 🙂

[Operation_CPA]

@CPA2018

Someone please correct me if I am wrong, but it is my understanding that the changes are not testable until January 2019. Originally it was going to be July, but I believe they pushed it.

[glopooka]

Yes, I believe the changes aren't being tested until January 2019. You should be all good for Q3 and people taking it in Q4. Rest easy!

[cpa2018]

thanks guys! i know the new tax laws aren't tested until 2019; but i wasn't sure about the inflation changes. for example gift tax annual exclusion is $15,000 for 2018 and not $14,000 so I wasn't sure which one would be used. so those changes aren't tested either?

[lam2848]

I'm pretty sure that REG this year will use last years law/inflation rates. The inflation rates in the current year are a part of the new tax law and not testable until next year.

[Operation_CPA]

@CPA2018

For the most part – they will probably just tell you the exclusion amount within the MCQ and test you on the concept. The AICPA would have to go back and adjust every single question within their test bank relating to gift taxes if they wanted to go that route. That's my .02 cents at least.

[Author]

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