[sariya]

Hello. I wanted to know if CARES ACT still applies for 1st quarter of 2021 REG exams? I am taking in 4 days.

There were not that many changes but the ones I remembered were Corporation charitable contribution went up from 10% to 25%, NOL 80% to 100%, & non-itemizers individual were allowed to take $300 above the line deduction for charity.

I would really appreciate if someone can confirm.

Thanks!

[b.cast]

I was wondering the same thing. I take it in 8 days!

[CPAHOPE]

I need to retake REG and yes it will be tested in the first quarter of 2021. It started back on Oct 1 of 2020.

AUD - 78
BEC - 76
FAR - 80
REG - 77

FAR 80

REG 79*,77

AUD 78!!Final

BEC 76

"Theres no limit unless you allow it"

*expired

[sariya]

I have Roger and I just saw the update from them. I am going to post it below.

“As mentioned in our Q4 2020 REG Book Update, the CARES Act enacted several tax provisions
that affected only 2020. Thus, these temporary changes were generally eligible for testing in Q4
of 2020 only. Most of these changes have been removed from the program for 2021. The
altered NOL rules remain, however, as it is possible that they could still be tested (although it is
unlikely).
The medical expense limitation is also set to revert to 10% of AGI for 2021.”

After reading this, I think we shouldn't worry about it.

[b.cast]

I agree. I asked a friend about it last night who took reg in December. She also mentioned that she was pretty sure that testing of CARES act ended 12/31/2020. So I’m not going to worry about it 🙂 thanks for the update!

[Author]

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