May 12, 2020 at 1:00 pm #3000609
What are the keys for this section? To those of you who passed REG, what topics did you make sure to go over and emphasize? My exam in 4 weeks…May 12, 2020 at 2:48 pm #3000645animalwithinParticipant
Currently studying for this section, first time.
I have observed that AUD and BEC are somewhat similar in that a lot of their material is conceptual. I learned the material best by jumping right into MCQ's before really knowing any of the material and I progressed from there.
I'm feeling REG and FAR are similar to each other and the above strategy does not work for me for these two sections. I'm going to have to do for REG what I did with FAR which is go chapter by chapter through the material. I'm not happy with that as it's slow and tedious, but just jumping into MCQ's before really knowing any of the info is proving to be a waste of time with REG thus far.May 12, 2020 at 8:10 pm #3000882jdParticipant
I recommend B-law and contracts, but I feel like my testing experience with reg covered more of my book than did the other exams. It felt spread out and not concentrated toward certain areas. Good luckMay 12, 2020 at 10:21 pm #3000972IcaritoParticipant
Key with REG is to not get overwhelmed with the little nuance details. If you do, it can feel like it's more than FAR. Stick to the big picture.
Know Corporate/Partnership/SCorp completely. It's a major part of the exam and if you get ~100% on that and everything else wrong, you'll still pass.
Know individual taxation well. You don't need to memorize all the tax credits and phase-outs, just stick to the major topics and at least be comfortable with majority of the topics. Be prepared to fill out a 1040 with 5-6 exhibits.
Know Contract Law and the legal system regarding tax.
REG is very passable if you have a general understanding of how tax works compared to GAAP.May 13, 2020 at 5:15 pm #3001557
Thank you! It helps a lot.May 13, 2020 at 8:23 pm #3001671CGParticipant
anybody know how the score release schedule is going to be affected?May 13, 2020 at 9:12 pm #3001689CH89Participant
In addition to what's already been mentioned, I would also recommend working simulations too. I felt that helped me get over and pass, as practicing simulations helped my understanding. I used Wiley as well, and I mainly focused on the last 3 blueprints regarding simulations.May 13, 2020 at 10:56 pm #3001758monikerncParticipant
Pull bus law in with other sections – it is too big to tackle on its own and it can be boring. Plus you will forget other sections because of the time it will take to learn. Familiarize yourself with IRC structure. The UCC was impossible for me. Good luck!May 15, 2020 at 1:20 pm #3002703
Bus law takes so much time… but I finished it. Thanks a lot, all of you!May 17, 2020 at 6:36 pm #3004299taxmachineParticipant
Do not skip over b-law. If you review it thoroughly, it's essentially easy points, especially if your tested on certain definition-type questions or scenarios in which you need to identify the correct b-law concept.
Regarding tax, I would focus on corporate taxation, partnership taxation, individual taxation, and property transaction taxation. I consider those the big 4 major areas of tax that you will likely get a good chunk of MCQs and mostly all your sim topics. For less tested topics such as estate and gift taxation and tax credit stuff, focus on the basics like others have mentioned. My biggest weakness on REG was estate/gift taxation, yet I was fortunate on the exam to get less complex questions related to that topic. All the luck of the draw but again, I strongly encourage you to build a solid foundation in those 4 tax areas.
A question to the blog: Does anyone know how to create a brand new post? I want to create one that is called AUD study tips as I just finished taking FAR a few days ago and am moving on to AUD. The material is VERY DIFFERENT from that of both REG and FAR and I wanted to create a post that asked for tips to approaching AUD given it's been a struggle just going through the first study unit. Thank you.May 17, 2020 at 9:21 pm #3004380
taxmachine Thank you for the advice! Something happened with the forum… For AUD it's very important to focus on the big picture and try to understand the process + practice as many MCQs as you can and always look for the best answer.