January 30, 2019 at 1:43 pm #2188861
Good luck to you guys too. @Hopefulfor75 was this your first take at REG?January 30, 2019 at 4:34 pm #2189092
@Determined24, technically no. Took it because NTS was expiring but had put no real time in. And thank you! I knew a fair amount of the material on my test, just don’t think it was enough.January 31, 2019 at 5:45 am #2189848
@hopefulfor75 I know you are not allowed to talk about exam specifics, but did you find the MC harder or the simulations? Also what are you using as studying materials? Thanks! Hopefully good news for both of us!!January 31, 2019 at 7:03 am #2189872
@hopefulfor75, I think the Sims were definitely harder… the MCQ really just threw at me some small detailed questions where I had the answer narrowed down to 2 choices and just guessed hopefully the right one. It was extremely frustrating that 4 of my Sims regarded the same topic, it’s only frustrating because it’s the one topic I’ve trid to learn several times with different resources and I just struggle with it. I’ve been using Wiley only, and when I’ve put the effort in, I’ve passed. What have you been using? Good luck!January 31, 2019 at 7:05 am #2189875
@hopefulfor75 wow four sims on the same topic? That is crazy. I am using Becker. It has been working out for me so far, hopefully I get lucky on the exam. Thanks again!January 31, 2019 at 6:10 pm #2190955cpaforthewinParticipant
I took my REG test today, it was not particularly hard, but I only studied for it for less than a month and I did not know half of the answers. I will have 3 more attampts at it (June 10, September 10, December 10) before my scores start expiring.January 31, 2019 at 7:18 pm #2191027
I am currently trending 80s on mcq both NINJA and Wiley. If I do 100 mcqs my score always comes up around 80s and I have been doing this for about 4 weeks in prep for a retake. I am so nervous to schedule. Should I go ahead and schedule now or practice some more. I am also tired and feel like I am forgetting little bits of information as I have been going at it for a while now; as I write I have refreshed and started over the course from ground zero as some sort of final review. This is my 3rd part to pass and I want to move to FAR next. Any advice?January 31, 2019 at 8:01 pm #2191105
@determined24 if you have been getting 80s consistently on mc for the past four weeks i would say you are over prepared! Haha. Make sure you look at simulations tho because I think that is what messed me up the first time I took my test!
Goodluck! Taking it tomro!!January 31, 2019 at 8:13 pm #2191123
@Typical haha if there is such a thing as being over prepared in REG I would be glad to have experienced it. My results from the last quarter said I am weaker in SIMs so you are right I should be doing SIMs.
All the best tomorrow.February 1, 2019 at 8:50 am #2192452
@Determined24, I agree with @Typical…if you are getting 80% every time you take the exam, you are likely a little over prepared.
For 2 of the 3 I passed (AUD & BEC), I was getting 80% on random sets of 30 MCQs leading up to the exam. Never once looked at SIMS, and got an 82 on both. My scores look skewed because I didn't try the first attempts.
For FAR, I was trending 65% the last week leading up to the exam, and passed with an 80… questions were in my favor that day.
For REG, I was trending 69% week leading up to exam, and hopefully that pushes me to at least a 75 in a few weeks.
Good luck!!February 1, 2019 at 10:47 am #2192626shanfield2011Participant
Noticed IRS redesigned new 1040 tax forms for 2018, and they have schedule 1 – 6, sounds different than the old schedules with letters, does anyone know if the those new forms will be testable in Q1? Thanks..PeteParticipantFebruary 3, 2019 at 9:30 pm #2198701
Well I took REG on Friday, sorry it took me so long to respond. Big rams fan here, so im writing this with some sadness lol. Anyway, I found the MC to be not too bad. But the sims, about 3 of the 8 of them were on a topic that I did not expect to be so heavily tested. Hopefully the other ones carry me through. Good luck to everyone!!February 8, 2019 at 1:11 pm #2207113
I am so worked up and stressing out about the rules under 1934 and 1933 and the rules for the different securities that are exempt from Registration under 1933…It's making me forget the other sections; I read the chapters but the MCQs just keep throwing me all over the place with the tricks; its just never straightforward. 🙁February 9, 2019 at 10:09 am #2208178
Hey Guys, First time posting on this forum. I thought I would share my experience and feelings about the REG exam that I just took yesterday (2/8/19).
First, and lasting impression of the exam was that it focused A LOT on property tax, partnership and S Corp formation contributions and formations. I would be sure to be very comfortable with calculating the basis of the shareholders AND the partnership/corp, as well as any gains/losses that result from non-liquidating and liquidating distributions.
Also, I did not see a whole lot of questions regarding BLAW, maybe 2 or 3…
The sims were surprisingly simple.. I got hung up on certain parts but all-in-all, I thought they were a little easier that the Becker mock exams. I am sure that everyones test will be at least a little different through out Q1 but I just thought I'd give my 2 cents.
Good luck to everyone!
FAR – 67 – retaking later on '19
BEC – yet to take
AUD – 74 :/ – retake 3/6/19
REG – 2/8/19 – Hopeful!!February 9, 2019 at 10:15 am #2208205
I wouldn't get too hung up on the 1933 and 1934 rules. Know the basic surface level rules and move on to reviewing the more challenging taxation sections. At most, I think you will get 1 or 2 questions on '33 and'34 rules and they most likely won't be too in-depth.
Just one persons opinion. GOOD LUCK!!February 9, 2019 at 10:25 am #2208220
@bryguy. Thanks that’s really helpful, Taking mine over the next few days.
Any BLAW in the sims or all from the first 5 chaptersFebruary 9, 2019 at 11:10 am #2208289
There is no blaw in the sims. usually blaw is only tested through the mc. at least in my experienceFebruary 9, 2019 at 11:39 am #2208328February 9, 2019 at 12:20 pm #2208415
@kakooakki I had a sim that asked about the different penalties that apply to certain fraudulent filings.. It was a sim where it said to use the authoritative literature to search the answers. I feel as though the answers were very easy to find using the right key words in the search bar. Nothing to really focus on in your studies but I thought it was a unique sim that I had never seen before. But as far as BLAW in the sims, @typical is right, there likely won't be any sims in regards to BLAW.February 9, 2019 at 12:48 pm #2208478
thanks guysFebruary 9, 2019 at 6:59 pm #2209024se7en.14Participant
for self-employment tax calculation, 15.3% is used in becker book example page R1-29. I'm assuming it is made up of 2.9% Medicare tax and 12.4% Social security tax. can someone confirm? Thanks.February 9, 2019 at 10:43 pm #2209234LeoLeoParticipant
@BryGuy I had that as well.
@se7en.14 yesFebruary 10, 2019 at 5:38 pm #2210197reymundo03Participant
Hey guys, I was wondering if any of you could solve this SIM based of the AICPA.
5. Quest, Inc. is a calendar-year, accrual-basis C corporation engaged in manufacturing. Listed in column A are year 2 transactions from Quest’s financial statements and tax records. In column B, enter the amount to be reflected on Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return as an adjustment to calculate federal taxable income. Each transaction should be considered independently of the others. Enter increases to net income per books as positive, whole values and decreases to net income per books as negative, whole values. If a response is zero, enter a zero (0).
Year 2 net income per books: $632,000
Year 2 Transactions Adjustment to calculate federal taxable income
2 MACRS depreciation $224,000
Sec. 179 deduction 16,000
Book depreciation 200,000
3 Quest declared and paid a $40,000 cash dividend in June, year 2, and declared a $30,000 cash dividend in December, year 2, payable in January, year 3.
4 $30,000 of cash contributions were paid in year 2, and $10,000 of charitable contributions (approved by the board of directors) to qualifying organizations were accrued at the end of year 2 and paid on the extended tax return filing date.
5 Ordinary gain on the sale of fully depreciated office equipment to a 60% shareholder:
Gain recorded per books $8,000
Gain calculated for tax purposes 2,000
6 Gains (losses) on sales of investments in public companies recorded for book and tax purposes:
May 1 ($4,000)
June 2 7,000
Sept 4 (8,000)
There were no other asset sales during the year.
7 Ordinary gains (losses) on sales of property to a 25% shareholder recorded for book and tax purposes:
Jan 15 $6,000
May 15 (4,000)
July 16 (8,000)
Sept 25 2,000February 11, 2019 at 3:02 pm #2211694ahugemistakeParticipant
Can anyone here confirm how much Becker dives into disproportionate distributions? Wiley has an entire page for it but it's prefaced by: Most CPA Exam questions on this topic (hot assets) will be proportionate distributions.February 11, 2019 at 4:46 pm #2211844
@reymundo03 Working on this question and decided to share for you. The answer figures are posted with the question in the test so I am assuming you need the workout.
The question starts with Net income per books. You would make the adjustment to it as follows:
Line 2. ($40,000): Book depreciation 200,000 less MACRS depreciation $224,000 PLUS Sec. 179 deduction 16,000 (both MACRS and SEC 179 can be taken for tax purposes. This is saying to arrive at Tax income you can deduct more depreciation if you had use MACRS plus SEC 179 but of course for book income have to follow GAAP or IFRS (not discussed in REG in FAR) that is why you ended up with this temporary difference.
Line 3. No adjustment for this $0. We do not deduct dividends from Net income either for tax nor book-it comes from Retained earnings adjustment for Sch M-2, not M1 or M3.
Line 4. For tax purposes, the company has enough Net income to suffice the 10% limit on charitable contributions for tax purposes so the #30,000 is fine-no adjustment needed. However, the 10000 needs to be put back into net income because though accrued it was not paid timely to be deducted on that year's return (have to wait until next year). This is how we knew “and paid on the extended tax return filing date” that means it got paid around October and tobe deducted on current year it have to be paid by March 15 if it is a calendar year Corp providing it was properly approved and accrued.
Line 5. The capital gains for book is different from tax reason being that the depreciation system used to calculate depreciation on the equipment before sale is different from the one used in tax. Book uses straight line while tax uses MACRs so the basis of the asset would be different if we were to recalculate the basis of the asset at the time of sale for tax purposes. This results in the difference in gain.
Line 6 For tax purposes capital losses are only deducted up to the amount of capital gain. For book purposes the corporation deducted $4000 plus $8000 of capital loss but it only has $7000 of gains; therefore to arrive at tax income then put back the $5000 extra of capital loss that they deducted in book income making it ok now for tax.
Line 7 This is not a related party because this shareholder does not own more than 50% stock. The shareholder in Line 5 is a related party because he owns more than 50% stock but while gains for related party can be recorded in the books for tax purposes the losses cannot. On the other hand this 25% shareholder, both the gains on losses can be recorded for tax purposes; so no adjustment needed.
Disclaimer: Please note that the attempt above at answering the question2 from Testlet 5 from the AICPA REG sample test in no way represent any official answers that might have been posted from AICPA nor directly linked to the material of any course providers. They are answer attempts from my personal recollection of knowledge gathered from studying various topics in pursuit of the CPA designation and shared with the intention of assisting fellow candidates in answering said question noted.February 11, 2019 at 6:34 pm #2211931February 12, 2019 at 9:00 am #2212687nicdpowellParticipant
So I have a question. Has anyone passed REG in 2019 just using NINJA and the new MCQs? I noticed many people keep posting with errors/edits on questions and was wondering if that has effected their preparation. Didn't know if I should use my Wiley materials more. I passed FAR with NINJA only last year, but that was before the new MCQ system. Thanks!February 12, 2019 at 1:01 pm #2213047Jeff Elliott, CPAKeymaster
@nicdpowell – the TCJA was a monster, literally impacting hundreds of questions, answers, and explanations. Candidly, we missed quite a few early on…one database of questions hit the live MCQ site without going through the editorial process – which caused a lot of late nights of fixing.
When an error – or a questionable explanation is found – people report it and those aren't happening very often now, thankfully. With thousands of users, the content is vetted.
That said – if something is missed (an answer had $14k for gift tax instead of $15k just this week)…we try to fix it within 24 hours.
Relatively speaking, the recent score release wasn't very big. In the dojo study group, Briquell posted on score release that she passed – I believe with an 84. Others have chimed in on their recent exam day experience and nothing crazy…mostly positive experiences.
I'm not perfect (ask my wife), but when there's an issue – I (we – I have a great team) jump on it asap and make it right – or try to.
jeffFebruary 22, 2019 at 4:09 pm #2228352CPAnerdParticipant
hey everyone! I take reg next week and was wondering what everyone thought of it?? what type of sims did you have?AuthorPostsViewing 30 posts - 91 through 120 (of 694 total)