REG Study Group Q2 2015 - Page 3

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    Topic
  • #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 31 through 45 (of 3,544 total)
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    Replies
  • #677231
    NJPRU
    Member

    @PASSBest of luck to you! I'm sure you'll do great!! On my last day, I studied itemized deductions in detail and worked on R8. I also worked on the property chapter too. Sorry I can't be more of a help, I really just worked on the items that were a little more difficult for me rather than the things I already knew.

    AUD: DONE
    FAR: DONE
    BEC: DONE
    REG: DONE

    IM GOING TO BE A CPA!!!!!

    #677232
    PasstheCPA7
    Participant

    @ NJ – thanks! Hope to hear good news from you next week 🙂

    #677233
    Gabe
    Participant

    @cluck I think the key to this question is seeing “no capital loss carryovers from prior years.” That, to me, indicates, the question is testing your knowledge of the capital loss max of $3k. If they had carryovers, than it would be less. Hope that helps.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #677234
    Troblin
    Participant

    Hi everyone,

    Looks like I will be joining you all for the Q2, 2015 REG study group. Can't wait to get started!

    FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
    AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
    REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
    BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

    Date I Got My Life Back!: 8/4/2015 🙂

    #677235
    terryharm
    Member

    Good Luck to everyone, hope to see you all on the other side of being done…

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

    #677236
    Gabe
    Participant

    Thanks for checking in terry!

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #677237
    PasstheCPA7
    Participant

    Hi guys,

    I came across a question in Ethics. What is the difference between the “State Board of Accountancy” and the”State Society?” I know it is the State Board of Accountancy that issues the CPA license and discipline it's members. But – how about the State Society then? What do they do and how are they different than the State Board?

    Thanks.

    #677238
    Tncincy
    Participant

    My guess would be that the society does not have any authority….But if the state board makes a decision to suspend, or revoke, the society might automatically drop you as well sort of like AICPA.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #677239
    Anonymous
    Inactive

    The State Board has the ability to grant and / or revoke your CPA License.

    A State Society is simply a professional organization. For example, in Ohio we have the Ohio Society of Certified Public Accountants (of which I'm a member even though I'm not yet a CPA since I got in for free as a student). The Ohio society keeps you up to date with accounting changes, offers CPE and other such stuff.

    #677240
    PasstheCPA7
    Participant

    @ angelwatch – thank you for the clear explanation. I'm working on ethics right now, so, I might post a question or two on here.

    Thanks again.

    #677241
    PasstheCPA7
    Participant

    @ angelwatch – I'm not sure if you use Becker. But – there's a question CPA #06551. It's a question on “Aiding and Abetting.” In this question, they are saying that the Burden of Proof is shifting from the taxpayer to the IRS. Can you explain what they mean by burden of proof and why would it even shift to the IRS? If you can provide an example, that would be great.

    Thanks.

    #677242
    OnlyBelieve
    Participant

    @Pass, generally the burden of proof is on the party bringing the case, so it will depend on the wording of the question. But generally the IRS will be required to ‘proof beyond reasonable doubt' when they have the burden of proof.

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    #677243
    PasstheCPA7
    Participant

    @ Onlybelieve, Becker says this: “With respect to the penalty for aiding and abetting an understatement of tax liability on a tax return, the burden of proof shifts to the IRS FROM the taxpayer. I wasn't sure why though.

    #677244
    OnlyBelieve
    Participant

    @ Pass, i'm thinking about law school after my CPA. So lets see how i will fair in court:) This is the way i see the “aiding and abetting” issue. He who blames, must proof! If the IRS is claiming that there was some sort of conniving in understanding a tax liability, then it will behove on them to proof it. Eventhough, the IRS may have the right to impose penalties and fines on taxpayers, it must be based on reasonable evidence.

    for example, If i was blaming a friend for stealing my pen, then the burden of proof will lie on my to show that my friend in fact really stole my pen.

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    #677245
    Tncincy
    Participant

    you got it onlybelieve, .that's what Judge Judy says……if you are suing you must have proof….

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

Viewing 15 replies - 31 through 45 (of 3,544 total)
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