http://www.another71.com/cpa-exam-forum/forum/regulation Powered by Another71.com en-US Thu, 09 Feb 2012 06:52:25 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/should-i-take-the-cpa-exam#post-146504 Wed, 08 Feb 2012 20:54:09 +0000 lion_cpa 146504@http://www.another71.com/cpa-exam-forum/ <p>I graduate back in 2008 with accounting degree. Since then I am working on different jobs that are not related to accounting, because no body was willing to hire me on accounting jobs (lack of experience). Currently, I have a job and its not related to accounting and decided to study for the CPA exam. Hope to pass all the section and then someone will hire me. </p> <p>Should I pursue the CPA exam or should I look into something different (Career Change)? </p> http://www.another71.com/cpa-exam-forum/topic/bombed-regulation-pretty-bad-when-should-i-retake-it#post-146601 Thu, 09 Feb 2012 00:48:27 +0000 KJCPAwannabe 146601@http://www.another71.com/cpa-exam-forum/ <p>I was going to take BEC next to stay on track but now that I failed Reg, I have to retake it.<br /> Should I put it to the end (I have FAR after BEC) or should I take it the next chance I get.</p> <p>Im just looking for advice on what to do. I HATE taxes and im pretty bummed I failed cause I studied hard. </p> http://www.another71.com/cpa-exam-forum/topic/advice-for-the-exam-day-reg-21112#post-146550 Wed, 08 Feb 2012 23:16:44 +0000 CAL CPA 146550@http://www.another71.com/cpa-exam-forum/ <p>I have an REG exam on Saturday. This is my first exam. Can we get coffee coffee during break or can I sneak in some small energy shot and Kit Kat in my pocket? What do you guys suggest to bring with me on the exam day (besides my ID and NTS....)</p> <p>Thank you! </p> http://www.another71.com/cpa-exam-forum/topic/wiley#post-146559 Wed, 08 Feb 2012 23:32:30 +0000 CPA628 146559@http://www.another71.com/cpa-exam-forum/ <p>So I'm taking REG on 2/20 and in the final review stage right now.</p> <p>I'm basically going over all the Becker passmaster &amp; final review MCQs &amp; the SIMS. </p> <p>So far, I have done R1 &amp; R2 and scored about 95% in passmaster and 100% in the Becker final review.<br /> I also did 2 sets of individual taxation MCQs &amp; SIMS in Wiley and scored 88% &amp; 84%, respectively. (Btw, Wiley's SIMS are SO FREAKIN' HARD compared to Becker. Is that just me?)</p> <p>I have couple questions:<br /> 1). How many questions does Wiley have? I have the 2011 test bank. I wish there was a way to do all "individual taxation" MCQs and SIMs at once. I prefer that more than doing different sets. Is there a way to do that?</p> <p>2). Am I doing this right? Should I be focusing on something else...? I'm taking this for the 3rd time, granted I wasn't prepared last two times...BUT I'm so nervous and really really want to pass this time around. </p> <p>Thank you for reading &amp; Good Luck to everyone!! </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011#post-66738 Tue, 30 Nov 2010 10:58:51 +0000 Jeff - another71.com 66738@http://www.another71.com/cpa-exam-forum/ <p>NINJA + Wiley: <a href="http://www.another71.com/products-page/" rel="nofollow">http://www.another71.com/products-page/</a> </p> http://www.another71.com/cpa-exam-forum/topic/casualty-and-theft-lossess#post-146281 Wed, 08 Feb 2012 03:58:36 +0000 CPA628 146281@http://www.another71.com/cpa-exam-forum/ <p>I'm redoing Becker SIMS and I'm little confused. </p> <p>On one of the R2 SIMS (related to Schedule A), I'm asked to list bunch of itemized deductions...including the medical and theft losses. However, when I'm listing the medical deduction, they ignore the "7.5% limitation" and add all the expenses (disregarding the percentage limitation)....BUT same isn't done when it comes to casualty and theft losses. </p> <p>SO, if I'm asked to fill out schedule A (I doubt I'll be since this will be so easy), should I enter the amount after taking percentage limitation or without it?</p> <p>This might be a dumb question, but had to ask. Thanks:) </p> http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146158 Tue, 07 Feb 2012 13:54:04 +0000 jdj017400 146158@http://www.another71.com/cpa-exam-forum/ <p>On January 4, Year 1, Smith and White contributed $4,000 and $6,000 in cash, respectively, and formed the Macro General Partnership. The partnership agreement allocated profits and losses 40% to Smith and 60% to White. In Year 1, Macro purchased property from an unrelated seller for $10,000 cash and a $40,000 mortgage note that was the general liability of the partnership. Macro's liability:</p> <p>a. Increases Smith's partnership basis by $16,000.<br /> b. Increases Smith's partnership basis by $20,000.<br /> c. Increases Smith's partnership basis by $24,000.<br /> d. Has no effect on Smith's partnership basis.</p> <p>Choice "a" is correct: A partner's basis in the partnership is increased by the partner's share of partnership liabilities (Smith is a 40% partner). Macro is obligated on the $40,000 mortgage; 40% x $40,000 = $16,000. Even though the partnership is obligated to repay the mortgage, as a partner Smith is jointly and severally liable on the debt.</p> <p>I completely understand why the answer is a, but I have a question in regards to a "what if" scenario on this question. What if the question stated that they formed an LLC or LLP, as opposed to a GP. Would this make the answer choice different...perhaps answer choice "d"?</p> <p>I bring this up because Becker shows Basis as Ending Capital Account + "% RECOURSE liabilities"...just a little confused on how the actual exam could throw in curve balls.</p> <p>Thanks in advance. </p> http://www.another71.com/cpa-exam-forum/topic/section-179-180#post-145627 Sun, 05 Feb 2012 19:28:09 +0000 CPA628 145627@http://www.another71.com/cpa-exam-forum/ <p>Just making sure I'm understanding this right:</p> <p>Taxpayer can expense up to $500,000 of the cost of the property as depreciation, granted the property placed in service during the year doesn't exceed $2,000,000. Also, the property has to be new and used for business. Correct?</p> <p>Then what's the deal with bonus depreciation? Becker mentions that new, qualified assets acquired and placed in service after Sept 8, 2010 but before Jan 1, 2012 qualify for 100% write off. </p> <p>So can the taxpayer claim both? I'm confused. Can anyone shed some light on this issue? Please:!) </p> http://www.another71.com/cpa-exam-forum/topic/why-reg#post-143840 Mon, 30 Jan 2012 12:26:04 +0000 lion_cpa 143840@http://www.another71.com/cpa-exam-forum/ <p>Why CPA exam have the Regulation part included: </p> <p>1) TurboTax (Help Line Available, Books and Google)<br /> 2) Tax Law Change every year, and person can take the HR Block course for updates and get perfect at it.<br /> 3) Majority of people file there tax returns using TurboTax who will come to CPA </p> <p>I am thinking to hard, because I am taking REG end of FEB :) I have to stay focus :) </p> http://www.another71.com/cpa-exam-forum/topic/salaries-paid-to-the-sole-proprietor-drawtaxable#post-146008 Mon, 06 Feb 2012 20:45:31 +0000 CPA628 146008@http://www.another71.com/cpa-exam-forum/ <p>Okay, I'm confused on this. </p> <p>I understand personal draw aren't deductible on Sch C, so does that mean are they taxable as other income on 1040? </p> <p>In partnership/S Corp: guaranteed pmts are taxable, are personal draw similar thing or am I loosing my mind?</p> <p>Help!! </p> http://www.another71.com/cpa-exam-forum/topic/who-passed-reg-on-1st-attempt-only-using-becker#post-142624 Thu, 19 Jan 2012 19:36:21 +0000 CPA = Continuous Pain & Agony 142624@http://www.another71.com/cpa-exam-forum/ <p>Please reply to this post if you passed REG on your first attempt only using Becker. If your scores are not in your signature, could you also please post your scores in the reply? </p> <p>Just a quick survey to see what my chances look like of passing REG on first try without using Wiley or any other second source. </p> <p>Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/taking-reg-in-8-days#post-145717 Mon, 06 Feb 2012 04:46:10 +0000 CPA628 145717@http://www.another71.com/cpa-exam-forum/ <p>Technically, Full SEVEN days to study!</p> <p>This is really sad, but I don't know how I should be reviewing. I'm mainly using Becker, but have Becker Final Review, Roger Cram as well as Wiley test bank.</p> <p>I'm planning to redo all Becker Passmaster MCQs &amp; SIMS, as well as the Final Review.<br /> Planning to scan through Roger Cram and do all its MCQs &amp; SIMS.<br /> Def. hoping to do Wiley and do its MCQs and SIMS.</p> <p>I'm writing down what I'm getting wrong or what I need to pay attention (small details that I tend to overlook). </p> <p>Am I doing this right? I'm afraid I may not have enough time to do everything, but I'm not working, not married and don't have kids...so I should be able to finish everything. </p> <p>My main concern: Will Becker be enough if I don't get around to Roger and Wiley?</p> <p>I just took Becker progress test (R1-R7) and got 94%. I also took Wiley mini test and got 85%.</p> <p>Any advice or tips?? Thanks in advance:!) </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145881 Mon, 06 Feb 2012 15:05:39 +0000 CPAMan 145881@http://www.another71.com/cpa-exam-forum/ <p>I feel the need to start this thread so I can maintain the confidence and determination that's needed to pass this beast. Because each day my retake date draws near, I get more and more nervous. I need to pass next time and will pass next time!!</p> <p>Must repeat to myself 100x a day.... I am going to pass, I am going to pass, I am going to pass...... </p> http://www.another71.com/cpa-exam-forum/topic/reg-2011-or-2012-in-effect#post-143370 Thu, 26 Jan 2012 20:30:48 +0000 Soproudofmyself 143370@http://www.another71.com/cpa-exam-forum/ <p>I'm taking REG in the first quarter of 2012 and in the past I've heard that we get tested for 2011 laws in the first 2 quarters of the year. I just want to confirm, is that true? </p> <p>Also, is the adoption credit a refundable tax credit or nonrefundable in 2011? </p> http://www.another71.com/cpa-exam-forum/topic/just-took-reg-this-morning-and-feel-terrible#post-142647 Thu, 19 Jan 2012 20:57:48 +0000 ihorses 142647@http://www.another71.com/cpa-exam-forum/ <p>3rd time taking this test. Before the test I felt like I know EVERYTHING. I did literally thousands of MCQs, probably couple hundred of sims, read all chapters twice and watched all the lectures several times. There was not a thing in that book that I didn't know. After the test I literally wanted to kill myself. 4 out of 6 SIMS were completely out of the left field, 2 about the things I haven't even heard of. 1 of the 2 that I knew was a research tab!<br /> Most of the MC were about minutia that you normally don't pay much attention too, or just forget because there is so much of it. There were probably 10 questions that were related to ind. and entity taxation TOTAL. The rest were mostly from ancillary material, or not even in the book at all. Bottom line - I think I failed again. So, looking for answers - what now? Different course, test bank, study method? Sorry for the rant, just frustrated... </p> http://www.another71.com/cpa-exam-forum/topic/pros-and-cons-of-working-for-irs-vs-public#post-143855 Mon, 30 Jan 2012 14:40:51 +0000 CAL CPA 143855@http://www.another71.com/cpa-exam-forum/ <p>Could you please share your thoughts on Pros and Cons of working for IRS vs. Public.</p> <p>Would it be easy to come back to public after working for IRS for a while? </p> http://www.another71.com/cpa-exam-forum/topic/question-on-prepaid-income-and-the-1-year-deferral#post-145342 Sat, 04 Feb 2012 19:47:47 +0000 CPAMan 145342@http://www.another71.com/cpa-exam-forum/ <p>Sorry to keep spamming this site, but I really need to make sure I get all my detailed facts straight so I can pass this test. Please see these two questions...</p> <p>Gleim MCQ...</p> <p>Alayna is a voice and singing coach. She is a calendar-year taxpayer using the accrual method of accounting. On<br /> November 2, 2010, she received $3,200 for a 2-year contract for 64 one-hour voice and singing lessons beginning on<br /> that date. The contract provided that Alayna give eight lessons in 2010 and 48 lessons in 2011, with the remaining<br /> lessons to be given in 2012. What is the amount that Alayna should report on her 2011 return?<br /> A. $0<br /> B. $2,800<br /> C. $3,200<br /> D. $2,400</p> <p>Answer (B) is correct. Amounts that are paid for future services are required to be included in the year of<br /> receipt. This rule applies whether the taxpayer is on the cash or accrual method of accounting. There is an<br /> exception that allows accrual taxpayers a limited one-year deferral of income for services performed in<br /> subsequent years. Payment for the 8 lessons in 2010 is included in income on the 2010 return. The remaining<br /> payment of $2,800 ($3,200 – $400) may be deferred to 2011.</p> <p>Gleim Simulation....</p> <p>An accrual-basis corporation received cash on December 28, Year 1, for services that will be performed in Year 2. Included or Excluded in Year 1?</p> <p>Answer- Included. Amounts that are actually or constructively received must be included in gross income for the year of receipt if that taxpayer has unrestricted claims to that amount.</p> <p>In the MCQ, it deferred the income to the next year since it was allowed a 1-year deferral for those services that are to be performed later on. But on the Simulation question, it didn't defer the income to Year 2. It said that it should be included in Year 1. Shouldn't it have been allowed a 1-year deferral? If not, is it because Corporations don't get the 1-year deferral, but individual taxpayers do?? I didn't see that difference specified anywhere in my book.</p> <p>Again, I thank you all for the help and I'm sorry to be such a bother. </p> http://www.another71.com/cpa-exam-forum/topic/just-took-reg-yesterday-2412#post-145569 Sun, 05 Feb 2012 16:04:09 +0000 yankeeaccountant 145569@http://www.another71.com/cpa-exam-forum/ <p>@jax</p> <p>Thanks for the tip. I sit in about a week. Best of luck to you, I hope you are going to be done!!! </p> http://www.another71.com/cpa-exam-forum/topic/s-corp-shareholder-holding-period#post-144581 Thu, 02 Feb 2012 19:22:41 +0000 CPAMan 144581@http://www.another71.com/cpa-exam-forum/ <p>Need help with this question....</p> <p>Maui Corporation (an S corporation) reported a $72,000 ordinary loss during 2011. At the beginning of 2011, Elvis<br /> and Frank equally owned all of Maui’s stock. On July 1, 2011, Frank gave one-fourth of his stock to his son, George.<br /> What amount of the 2011 loss is allocated to George?</p> <p>A. $4,537<br /> B. $9,000<br /> C. $0<br /> D. $18,000</p> <p>Answer (A) is correct. An S corporation shareholder includes his/her pro rata share of loss from the S<br /> corporation [Sec. 1366(a)]. Sec. 1377(a) defines pro rata share as the taxpayer’s share of loss determined on a<br /> per-day and then a per-share basis. Therefore, the amount of loss allocated to George is $4,537 ($72,000 ×<br /> 12.5% × 184 ÷ 365).</p> <p>From what I'm reading and understanding, a shareholder's holding period should NOT include the date of acquisition. Therefore, shouldn't this question use 183 days for George (July 2 - Dec 31) and not 184, thus making his share of the loss $4,512??</p> <p>Can someone clarify if there is a mistake in this question or whether I've lost my mind?</p> <p>Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/first-impressions-after-taking-reg-my-first-section#post-145462 Sun, 05 Feb 2012 11:10:37 +0000 bscarbor 145462@http://www.another71.com/cpa-exam-forum/ <p>I am really torn on whether I passed the exam or not. I know I did well in the first testlet and the TBS but the other testlets are a toss up for me. For those of you that have passed REG, did you KNOW you passed when you left or were you surprised when you got your results? This was the first part of the exam that I have sat for and I am just trying get an idea of how much I can rely of my gut after taking the exam. </p> <p>Thanks and good luck everyone!!! </p> http://www.another71.com/cpa-exam-forum/topic/first-impressions-after-taking-reg-my-first-section-1#post-145463 Sun, 05 Feb 2012 11:10:48 +0000 bscarbor 145463@http://www.another71.com/cpa-exam-forum/ <p>I am really torn on whether I passed the exam or not. I know I did well in the first testlet and the TBS but the other testlets are a toss up for me. For those of you that have passed REG, did you KNOW you passed when you left or were you surprised when you got your results? This was the first part of the exam that I have sat for and I am just trying get an idea of how much I can rely of my gut after taking the exam. </p> <p>Thanks and good luck everyone!!! </p> http://www.another71.com/cpa-exam-forum/topic/change-profile-picture#post-145426 Sun, 05 Feb 2012 02:50:00 +0000 lion_cpa 145426@http://www.another71.com/cpa-exam-forum/ <p>How do I change the profile picture? </p> http://www.another71.com/cpa-exam-forum/topic/a-good-13-day-plan-for-regulation-1#post-145299 Sat, 04 Feb 2012 17:58:00 +0000 DreamingofDeloitte 145299@http://www.another71.com/cpa-exam-forum/ <p>I just finished Audit and am now on to taking the Regulation exam.<br /> I'm taking it February 21.</p> <p>What I've Accomplished So Far<br /> 1.) Went to all the Becker classes<br /> 2.) Listened to all the Becker lectures<br /> 3.) Did all the Becker homework</p> <p>I haven't done anything else. Tips? </p> http://www.another71.com/cpa-exam-forum/topic/a-good-13-day-plan-for-regulation-2#post-145300 Sat, 04 Feb 2012 17:58:00 +0000 DreamingofDeloitte 145300@http://www.another71.com/cpa-exam-forum/ <br /> http://www.another71.com/cpa-exam-forum/topic/reg-gift-and-estate-unified-credit#post-144423 Wed, 01 Feb 2012 20:05:54 +0000 Soproudofmyself 144423@http://www.another71.com/cpa-exam-forum/ <p>Ok...so this might be an easy concept to some of you guys but I'm lost. lol </p> <p>So...the "unified estate and gift tax credit" is a combined credit for federal gift tax and estate tax. </p> <p>Gifts of $13,000 or less per year/per person are excluded from tax. In my study materials gift tax rules mention a $1,000,000 lifetime credit and they also mention something about $345,800? </p> <p>How does the $1,000,000 lifetime credit work? Does that mean I can avoid tax on gifts if I make them under $13,000 per individual thoughout my lifetime but only up to $1,000,000. So if I were rich, I can give 76 people $13,000 thoughout my lifetime and not pay taxes on that?</p> <p>What is the $345,800 about? </p> <p>Ok, so now what's the unified thing about?<br /> They are combining estate and gift tax credit...so the $1,000,000 mentioned above includes estate transfers as well? </p> <p>But there is reference to $5,000,000 for estates?</p> <p>Help! =)<br /> I wish I had someone to study with... </p> http://www.another71.com/cpa-exam-forum/topic/2012-reg-experiance#post-142612 Thu, 19 Jan 2012 18:27:56 +0000 40Gloc 142612@http://www.another71.com/cpa-exam-forum/ <p>Just got back from REG, failed REG in november by getting a 74. </p> <p>1st MCQ - Super Easy, or so I thought, breezed through it real fast ~25 min. It had a couple of questions that were out there that I assumed were pretest because you would need to harness the power of google to figure them out because they were so specific and super obscure scenario related. Lots of simple business law/ethics, and basic straight forward calculations for the most part. </p> <p>2nd MCQ - Pretty easy again, not very wordy like I expected with a bump of difficulty because I felt like I knocked the 1st part out of the park with the exception of a few questions. Finished ~25 min. I expected I must have gotten a lot wrong in the 1st part to still be getting questions that were 2-3 sentences in length again. There were a few calculations that made me think that it might have been hard due to their length, but I don't know because I still found them very easy once you dug through the body of useless misinformation.</p> <p>3rd MCQ - If this is what a hard testlet is so supposed to be, then I know I must have done poorly of the first section. Took me a long time ~50 minutes. Lots of obscure theoretical stuff, long calculations, and calculations on stuff not tested in Wiley or Gleim (I did every second question in both books at least twice, along with tons of questions on their software) . I feel that I did alright on this one, this one took me the longest of the two previous ones combined. Although I guessed on a lot of questions, but was able to narrow them down to two. </p> <p>Overall Impression of Sims: Significantly toned down a from 2011, even easy by most CPA test standards. </p> <p>Sim 1 - Pretty easy, I know I got the majority of it correct with a few answers being educated guesses. I had a feeling that this question may have been screwed up by the test maker because there was nothing to respond to with a key fact in the question. Second hardest question on the simulation part in my opinion.</p> <p>Sim 2 - Research, found it in seconds. Easiest research question I've ever had.</p> <p>Sim 3 - Felt like this question should have been on FAR, but pretty sure I got most of it correct barring a few details because the question was so vague on the treatment it wanted for one part. </p> <p>Sim 4 - Easiest non-research question I've ever had on the CPA exam. Got a 100% on it without a doubt. </p> <p>Sim 5 - Really weird way of asking a question that's commonly asked, even weirder in how they wanted you to answer it. I felt I did okay on this, with it being hit or miss. The majority of it was educated guesses, with only one part I know that I nailed. Definitely the hardest question by a mile.</p> <p>Sim 6 - Another easy sim, there may have been one part I got wrong because I've never seen in asked in any practice questions or sims, and couldn't find anything referencing it in the research tab. I took my best educated guess on it, but I know I got the majority of it correct. </p> <p>Finished with 17 minutes to spar, looked over my sims but I didn't want to second guess myself. I have a tendency to change my correct gut answers with wrong answers. Walking out of the test, and reviewing some material, already I know for a fact that I got 5 questions wrong on the MCQ, which had me worried with my previous test being a 74. I don't know how I did. I assume that I did comparable-stronger on the sims, while being all over the place on the MCQs; which was the exact opposite how I felt last time I took it. </p> http://www.another71.com/cpa-exam-forum/topic/recording-law-race-notice-and-race-notice#post-143734 Sun, 29 Jan 2012 15:13:14 +0000 bobkorz 143734@http://www.another71.com/cpa-exam-forum/ <p>Can someone explain how these laws work?</p> <p>I understand race completely. Whoever records the deed first wins. </p> <p>But what about notice and race-notice? How do those work? </p> http://www.another71.com/cpa-exam-forum/topic/reg-chapter-3#post-144204 Wed, 01 Feb 2012 10:45:17 +0000 gr8dane 144204@http://www.another71.com/cpa-exam-forum/ <p>I think this chapter is the devil himself, anyone else having a hard time understanding all of the information regarding C-Corps? Sorry just need to vent, my wife and friends have no idea what studying for this is like... </p> http://www.another71.com/cpa-exam-forum/topic/reg-taxpreparer-penalties#post-144583 Thu, 02 Feb 2012 19:50:17 +0000 Soproudofmyself 144583@http://www.another71.com/cpa-exam-forum/ <p>Posting these topics helps me remember them...</p> <p>A taxpreparer must retain records properly. My book says "the tax preparer is required to keep, for 3 years following the last day of the return period, either a copy of the return or claim or a listing of the name and ID of each taxpayer for whom the preparer prepared a return or claim". The penalty is only $50 per individual for a maximum of $25,000 per return period. </p> <p>So if I were a taxpreparer, I would probably just keep a listing electronically...sounds a lot easier! The penalty does not apply to the extent the failure is due to reasonable cause and not due to willful neglect. </p> <p>What would be a reasonable cause? Taxpreparer business was burnt down? </p> http://www.another71.com/cpa-exam-forum/topic/reg-section-179#post-143858 Mon, 30 Jan 2012 15:28:55 +0000 Soproudofmyself 143858@http://www.another71.com/cpa-exam-forum/ <p>Help! I'm trying to understand how section 179 works for businesses. </p> <p>I'm getting the deductions all confused, is the 2011 deduction maximum = 25,000 (per machiney or equipment)? and then your allowed 50% of the remaining balance as a deduction as well? plus depreciation on the equipment? </p> <p>that is of course, if we are getting tested on 2011 laws in the first 2 quarters of the year. </p> <p>Thanks guys! </p>