NY.CPA.Someday
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I have read through several past REG posts and was just wondering if anyone could provide me with a quick laundry list of the most essential items for REG. I read that for Becker R2-4 are the most pertinent and to not spend too much time on the Law chapters. Is there any validity to this? Any help would be greatly appreciated!
75 CPA
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You should not skip anything in REG. These CPA exams are a mile wide. Expect the AICPA to cover topics that you did not have in college, like estate tax. Also expect the AICPA not to extensively test subjects that everyone has to take in college, like individual tax.
Knowing ALL of the most complicated tax problems in corporate tax and estate taxe is a must. I thought that Becker did a very good job with business law. However, Becker left me confused on the complicated tax problems. Dr. Yaeger and Bob Monette with Bisk Hot Spots did a very, very good job explaing the most complicated tax problems.
I nailed these complicated tax problems on the REG exam. However, I only spent 5 days studying business law. The adaptive REG exam soon figured out that I was very weak in business law. Almost all of my questions in the third testlet were on business law! I did not expect to pass the REG exam, but I passed on the first try using Yaeger Home Study for tax. Go figure. I did not study 40% of the exam (business law).
kccpa
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If you follow the Becker and AICPA content breakdowns, they match the exam content pretty well. Do the Becker in order and try to get through all the tax topics first. Then the hardest part will be done. Gift/Estate tax is tough, AMT is tough, but the pneumonics for AMT were helpful. Knowing where to put items on a tax return is critical. For me what was nice about REG is that you could somewhat prepare for the simulations (compared to the horrors I saw on FAR). If you could spend 3/4 of your time on tax, and the other quarter on law/ethics/independence you will be in good shape. Gleim has a TON of questions for cheap that I used to supplement Becker in the last two weeks. Spent 90 hours on tax and 40 on BL/ethics/Independence. Looks like you'll have plenty of time to study and sit for BEC. Good luck to you!
NY.CPA.Someday
offlineMember
@75 CPA & Kccpa - I greatly appreciate your comments. I will certainly try to put more emphasis on the tax chapters and make sure I have a thorough understanding of the Law chapters. I work at a Big 4 accounting firm at the entry level so I'm being worked like a dog and have virtually no time to study except on the weekends so I'm trying to really find the areas that warrant the most attention.
NY.CPA.Someday
offlineMember
Any other REG tips? Seems that people really stress AMT but Becker only has a handful of questions on it. I memorized the mnemonic and the adjustments vs preferences. Anything else that I should really concentrate on that's heavily tested? Thanks.
75 CPA
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Questions
--Name three types of income that are taxable.
--Name three types of income that are nontaxable.
--How do taxpayers qualify to file a joint return and what are the advantages?
--How do taxpayers qualify as head of household and what are the advantages?
--How do taxpayers qualify as qualifying widow or widow (surviving spouse) and what are the advantages?
--In general, what are the five rules for qualifying as a dependent on a taxpayer's tax return?
--When does the amount of money that a person makes not impact the decision as to whether they are a dependent on another person's tax return?
--When are dividends nontaxable?
--When is interest received from a US Series EE bond nontaxable?
--When is a scholarship taxable?
--What are examples of passive activities?
--When you have passive activity gains and losses, what is the tax effect?
--When is a prize taxable?
--How are gambling gains and losses taxed?
--An employer pays for life insurance on an employee. When is that benefit taxable to the employee?
--What is the statute of limitation in connection with the filing of an individual tax return? When does it go up to six years?
--What is a capital asset?
--What is meant by short-term versus long-term in connection with the sale of capital assets?
--What are the tax rules if you sell your house at a gain?
--What are the tax rules if you receive a gift and later sell it?
NY.CPA.Someday
offlineMember
Thank you very much 75 CPA! I'm halfway into R3 in Becker so I'm familiar w/ the answers to most of the questions in your first post. I will certainly keep in mind the questions in the second post as I progress. Your insight is always appreciated!
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