Review Course and CPA Exam Fee Write-offs

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  • August 30, 2016 at 11:06 pm #826357
    Anonymous
    Inactive

    Has anyone ever written off the cost of a review course and/or CPA exam fees on their 1040 as an education credit? There seriously needs to be a provision for expensing of failed CPA exam fees on tax returns, right up there with student loan interest and tuition/fees deduction. Or, as part of refundable/nonrefundable ed. credits.

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  • August 30, 2016 at 11:16 pm #826369
    nadroj
    Participant

    It will qualify you for a new trade or business, therefore…

    August 30, 2016 at 11:39 pm #826402
    Anonymous
    Inactive

    Yes but I think the rule is that review courses can't be included unless taken at accredited educational institution where you've paid tuition and are earning credits.

    August 31, 2016 at 12:19 am #826420
    GeauxAwayCPA
    Participant

    agree that we should receive some sort of benefit/relief. Sucks we can't. I remember when I was studying for REG my CPA Excel instructor specifically said “I know what you're thinking – NOPE! you can't deduct this” haha, thanks for rubbing it in bud…

    August 31, 2016 at 12:33 am #826441
    Anonymous
    Inactive

    @geauxawaycpa (great user name btw!) The tax folks in congress need to get this onto the docket… Although I hope I am not one of them, I know people who have dropped in the neighborhood of $10-12K on review courses, cram courses, failed exam fees.
    NASBA has substantial retained earnings from retakes. The exam probably has a cost of $20 per person, if that, and their gross profit is about 400%. Ridiculous. Okay, fine, the review courses, I can understand that they're not qualifying. There are lots of review courses out there in all disciplines. But national board exam fees….seems logical that it would qualify as a deduction if you don't pass.

    I used to work at VITA (volunteer tax prep) and I got people who came in with Schedule C returns who wanted all their training course stuff deducted as business expenses. Sorrrryyyyyy….. Some of them left without filing.

    August 31, 2016 at 2:52 am #826492
    GeauxAwayCPA
    Participant

    @crazyleon haha thanks! Went to LSU for undergrad, if it wasn't obvious.

    Wow! $10-12k is an insane amount! I only have FAR left, so praying I don't get close to that. But agree that a deduction seems logical. I was thinking about that today….NASBA and Prometric must be making a killing on us!

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