[Ramana]

I was initially planning on taking the CPA exam next year and FAR was going to be my first section. However on seeing that the new tax laws go into effect Jan 2018 (for CPA testing), I am wondering if I should take REG this year and get it out of the way?

However this would mean that FAR would fall in the 18-month window of completion and I may be taking a big risk. What do you all reckon I should do? Are the new tax laws a huge thing to be worried about or should I just stick to my original PoA?

[MIsconnie]

Only take the exam when you feel you can complete all of them in succession. Planning to take time off from studying is not ideal because of the time constraints. You are gonna study REG in its entirety regardless of when you take it, so waiting until the new changes neither hurts nor helps your understanding (unless you work in tax currently). I would recommend taking FAR first because of the length of material involved, it is not an exam you want to study for when you have limited time to pass.

[Becca]

If I were you, I would take FAR first. If you didn’t pass REG this year (not sure if you are wanting to take it) or if you had to re-take it later, you would have to learn the new material anyway.

[aaronmo]

My opinion…and I don't know exactly what they will or won't teach…

Most of the harder stuff in REG didn't really change…

Basis, distributions and entity differences/rules. That's the stuff that is tricky and highly tested IMO.

Some of the new rules are, as of now, very unclear…especially around the most relevant change – 199A deductions. Many things are still TBD in terms of approach and court cases.

Losing the exemptions makes things easier from a testing perspective. No more AOTC and life time credit to worry about. The 2% misc stuff is gone. The rules around service corps with 199A is going to be obnoxious…but all told, from a testing perspective, I don't think it's any harder. Probably the opposite.

Most of the stuff that changed is form/process rather than conceptual. It's stuff an HR block person has to learn…if the HR and Blocks survive this.

[Ramana]

Really appreciate the responses in here. Puts my mind at ease so I can prepare for FAR wholeheartedly

[Author]

Replies