Potential REG SIM Topics from the AICPA

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This topic contains 23 replies, has 15 voices, and was last updated by  Anonymous 1 year, 4 months ago.

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  • #1657687
    Lentilcounter
    Lentilcounter
    Participant

    I made a similar thread like this for FAR based on the AICPA blueprints and I can definitely say it helped tremendously in studying for the simulations. It is a great way to know how well you need to know a topic. MCQ questions can be tested at a remembering and understanding or application level. But something at the analysis or evaluation (audit only) level is definitely going to be a simulation.

    As I look at this list of topics, it looks like another language to me because I have never taken REG before. But if someone can align these topics with simulations in NINJA, Becker, or Wiley, I would greatly appreciate it. Thanks.

    Acquisition and Disposition of Assets\Taxable and nontaxable dispositions

    Analyze asset sale and exchange transactions to determine whether they are taxable or nontaxable

    Acquisition and Disposition of Assets\Amount and character of gains and losses, and netting processes (including installment sales)

    Review asset transactions to determine the character (capital vs. ordinary) of the gain or loss for federal income tax purposes

    Analyze an agreement of sale of an asset to determine whether it qualifies for installment sale treatment for federal income tax purposes

    Cost Recovery (Depreciation, Depletion, and Amortization)

    Compare the tax benefits of the Section 179 expense deduction vs. the regular tax depreciation deduction

    Reconcile the activity in the beginning and ending accumulated tax depreciation account

    Gross income (inclusions and exclusions) (including taxation of retirement plan benefits)

    Analyze projected income for use in tax planning in future years

    Analyze client-provided documentation to determine the appropriate amount of gross income to be reported on federal Form 1040 – U.S. Individual Income Tax Return

    Adjustments and deductions to arrive at adjusted gross income and taxable income

    Analyze client-provided documentation to determine the validity of the deductions taken to arrive at adjusted gross income or taxable income on federal Form 1040 – U.S. Individual Income Tax Return

    Loss Limitations

    Analyze projections to effectively minimize loss limitations for federal income tax purposes for an individual taxpayer.

    Determine the basis and the potential application of at-risk rules that can apply to activities for federal income tax purposes.

    Tax treatment of formation and liquidation of business entities

    Compare the tax implications of liquidating distributions from different business entities

    Analyze the tax advantages and disadvantages in the formation of a new business entity

    Differences between book and tax income (loss)

    Reconcile the differences between book and taxable income (loss) of a business entity

    C Corporations/Net operating losses and capital loss limitations

    Analyze the impact of charitable contributions and/or dividends received deductions on the net operating loss calculation of a C corporation

    Analyze the impact of potentially expiring net operating and/or capital losses during tax planning for a C corporation.

    C Corporations/Entity/owner transactions, including contributions, loans, and distributions

    Reconcile an owner's beginning and ending basis in C corporation stock for federal income tax purposes.

    S Corporations/Determination of ordinary business income (loss) and separately stated items

    Analyze both the accumulated adjustment account and the other adjustments account of an S corporation for federal income tax purposes.

    Analyze the accumulated earnings and profits account of an S corporation that has been converted from a C corporation.

    Analyze the components of S corporation income/deductions to determine classifications as ordinary business income (loss) or separately stated items on Federal Form 1120S – U.S. Income Tax Return for an S Corporation

    S Corporations/Basis of shareholder's interest

    Analyze shareholder transactions with an S Corporation to determine the impact on the shareholder's basis for federal income tax purposes

    S Corporations/Entity&Owner transactions (including contributions, loans, and distributions)

    Analyze the shareholder's impact of an S corporation's loss in excess of of the shareholder's basis for federal income tax purposes.

    Analyze the federal income tax implications to the shareholders and the S corporation resulting from shareholder contributions and loans as well as S corporation distributions and loans to shareholders.

    E Partnerships/Determination of ordinary business income (loss) and separately stated items

    Analyze components of partnership income/deductions to determine classification as ordinary business income (loss) or separately stated items on federal Form 1065 – U.S. Return of Partnership Income

    E Partnerships/Basis of partner's interest and basis of assets contributed to partnership

    Analyze partner contributions to the partnership to determine the impact on the partner's basis for federal income tax purposes.

    E Partnerships/Transactions between a partner and the partnership (including services performed by a partner and loans)

    Analyze the tax implications of a partner transaction with the partnership (such as services performed by partner or loans) to determine the impact on the partner's tax basis for federal income tax purposes


    E Partnerships/Impact of partnership liabilities on a partner's interest in a partnership

    Analyze the impact of partnership liabilities as they relate to the general partners and limited partners for federal income tax purposes.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1658233
    Lentilcounter
    Lentilcounter
    Participant

    https://docs.google.com/spreadsheets/d/e/2PACX-1vR_ieFFdbzbdu7XDTF4DNIIEm9k9mhZDX11yBk-vM0Q651HomlERjKgEYm05xyH_Lpo7Nn52tSz3_4h/pubhtml

    Above is a link to a Google doc that I created which outlines all the Becker skills practice and simulation topics for REG (for people testing in Q1 2018 and beyond)

    The next step is to take all these topics and narrow it down to those which are simulation candidates per the blueprints.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1658249

    Anonymous

    YES! THANK YOU

    #1658335

    Anonymous

    Wow! Thanks for all of the information!

    Goodluck!!

    #1658995

    Wanna_B_TXCPA2014
    Participant

    FYI the link does not work

    AUD - 76
    BEC - 77
    FAR - 75
    REG - NINJA in Training
    B-Passed
    A-Passed
    R-Ninja in Training
    F-Passed
    #1659001

    Ana
    Participant

    works for me

    BEC - 78
    AUD - 75
    REG - 64, 77
    FAR - 73, 73, 73, 82
    Ethics: 74, 84, 98
    Finally done after 23 months.
    #1659028

    Wanna_B_TXCPA2014
    Participant

    Really, bc I get the following message:

    ” Google Docs encountered an error. Please try reloading this page, or coming back to it in a few minutes.To learn more about the Google Docs editors, please visit our help center.”

    Whats on the document?

    AUD - 76
    BEC - 77
    FAR - 75
    REG - NINJA in Training
    B-Passed
    A-Passed
    R-Ninja in Training
    F-Passed
    #1659031

    Ana
    Participant

    it's the Becker reg chapters lined up with the skills practice and simulation topics.

    BEC - 78
    AUD - 75
    REG - 64, 77
    FAR - 73, 73, 73, 82
    Ethics: 74, 84, 98
    Finally done after 23 months.
    #1659395
    Lentilcounter
    Lentilcounter
    Participant

    My original post contained a typo. There are no “E” partnerships to my understanding. Please ignore the “E” before the 4 partnership objectives. Thanks.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1659674
    Lentilcounter
    Lentilcounter
    Participant

    Here are the analysis objectives paired up with Becker skills practice/sims. Credit @ana.

    Acquisition and Disposition of Assets\Taxable and nontaxable dispositions
    Analyze asset sale and exchange transactions to determine whether they are taxable or nontaxable
    Chapter 5 Sim 12, 13

    Acquisition and Disposition of Assets\Amount and character of gains and losses, and netting processes (including installment sales)

    Review asset transactions to determine the character (capital vs. ordinary) of the gain or loss for federal income tax purposes

    Analyze an agreement of sale of an asset to determine whether it qualifies for installment sale treatment for federal income tax purposes

    Chapter 3 Module 1 & 3 skills practice; Chapter 3 Sim 3


    Cost Recovery (Depreciation, Depletion, and Amortization)

    Compare the tax benefits of the Section 179 expense deduction vs. the regular tax depreciation deduction

    Reconcile the activity in the beginning and ending accumulated tax depreciation account

    Chapter 3 Module 5 skills practice

    Chapter 3 Sim 4, 5, 7, 10

    Gross income (inclusions and exclusions) (including taxation of retirement plan benefits)

    Analyze projected income for use in tax planning in future years

    Analyze client-provided documentation to determine the appropriate amount of gross income to be reported on federal Form 1040 – U.S. Individual Income Tax Return
    Chapter 1 modules 2 and 5 skills practice
    Chapter 1 Sim 2; Chapter 1 Sim 4;

    Adjustments and deductions to arrive at adjusted gross income and taxable income

    Analyze client-provided documentation to determine the validity of the deductions taken to arrive at adjusted gross income or taxable income on federal Form 1040 – U.S. Individual Income Tax Return
    All of Chapter 2


    Loss Limitations

    Analyze projections to effectively minimize loss limitations for federal income tax purposes for an individual taxpayer.

    Determine the basis and the potential application of at-risk rules that can apply to activities for federal income tax purposes.
    Chapter 1, Module 4 skills practice

    Tax treatment of formation and liquidation of business entities

    Compare the tax implications of liquidating distributions from different business entities

    Analyze the tax advantages and disadvantages in the formation of a new business entity

    Chapter 4 Module 1 skills practice


    Differences between book and tax income (loss)

    Reconcile the differences between book and taxable income (loss) of a business entity
    Chapter 4 Module 3 skills practice

    C Corporations/Net operating losses and capital loss limitations

    Analyze the impact of charitable contributions and/or dividends received deductions on the net operating loss calculation of a C corporation

    Analyze the impact of potentially expiring net operating and/or capital losses during tax planning for a C corporation.
    Chapter 4 Sim 4
    Chapter 4 Module 7 skills practice

    C Corporations/Entity/owner transactions, including contributions, loans, and distributions

    Reconcile an owner's beginning and ending basis in C corporation stock for federal income tax purposes.
    Chapter 4 Module 8 skills practice

    S Corporations/Determination of ordinary business income (loss) and separately stated items

    Analyze both the accumulated adjustment account and the other adjustments account of an S corporation for federal income tax purposes.

    Analyze the accumulated earnings and profits account of an S corporation that has been converted from a C corporation.

    Analyze the components of S corporation income/deductions to determine classifications as ordinary business income (loss) or separately stated items on Federal Form 1120S – U.S. Income Tax Return for an S Corporation
    Chapter 5, Sims 1-7

    S Corporations/Basis of shareholder's interest

    Analyze shareholder transactions with an S Corporation to determine the impact on the shareholder's basis for federal income tax purposes
    Chapter 5, Sims 1-7

    S Corporations/Entity&Owner transactions (including contributions, loans, and distributions)

    Analyze the shareholder's impact of an S corporation's loss in excess of of the shareholder's basis for federal income tax purposes.

    Analyze the federal income tax implications to the shareholders and the S corporation resulting from shareholder contributions and loans as well as S corporation distributions and loans to shareholders.
    Chapter 5, Sims 1-7


    Partnerships/Determination of ordinary business income (loss) and separately stated items

    Analyze components of partnership income/deductions to determine classification as ordinary business income (loss) or separately stated items on federal Form 1065 – U.S. Return of Partnership Income
    Chapter 5, Sims 1-7

    Partnerships/Basis of partner's interest and basis of assets contributed to partnership

    Analyze partner contributions to the partnership to determine the impact on the partner's basis for federal income tax purposes.
    Chapter 5, Sims 1-7

    Partnerships/Transactions between a partner and the partnership (including services performed by a partner and loans)

    Analyze the tax implications of a partner transaction with the partnership (such as services performed by partner or loans) to determine the impact on the partner's tax basis for federal income tax purposes
    Chapter 5, Sims 1-7

    Partnerships/Impact of partnership liabilities on a partner's interest in a partnership

    Analyze the impact of partnership liabilities as they relate to the general partners and limited partners for federal income tax purposes.
    Chapter 5, Sims 1-7

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1666202

    gottabeacpa
    Participant

    FYI,

    I took REG last week. One of the topic was not on the list.
    Actually I've never expected to see the topic at my simulation. Please be prepare other chapter as well.

    AUD - 83
    BEC - NINJA in Training
    FAR - 87
    REG - 79
    .
    #1691096

    dj
    Participant

    @lentilcounter thank you for posting this!

    I have a question about becker and your post on 11/08/2017 @ 7:37 am. I believe becker changed its format recently and I just want to confirm what you are saying.

    Becker is broken up into R1 (Individual taxation Part 1) through R8 (Business Law: Part 2)

    1. When you say chapter 5 for example is that R5 (Entity Taxation) in Becker?

    2. For R5 (entity taxation) the simulations are broken into two groups. Simulation 1 has 9 simulations and Simulation 2 has 9 simulations.

    You said Chapter 5 Sim 12,13. Would that be R5 Simulation 2 –> simulation 3, 4? (my logic is that Simulation 2 would be Simulation 10-18 with what you described above.

    Thank you again!

    Done! Thank you A71!
    #1691111
    Lentilcounter
    Lentilcounter
    Participant

    1. Yes, chapter 5 = entity taxation
    2. Chapter 5 Sim 12,13 = simulation 2 –> simulation 3, 4

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1691113
    Lentilcounter
    Lentilcounter
    Participant

    @gottabeacpa

    I see you passed REG with a 79! Congrats. The topic you got that wasn't on the list was probably a pre-test question.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    #1752827
    Defo
    Defo
    Participant

    Thanks for this! Bump for REG Q2

    AUD - 83
    BEC - 84
    FAR - 78
    REG - 92
    AICPA
    #1753028

    Anonymous

    Has anyone ever aligned the Wiley material with these topics?

    #1768640

    Anonymous

    Does anyone have a sort of answer key to the AICPA blueprints? I am making one, but would love to compare to another and make sure I am correct. I will attach mine, though it is not complete.

    https://drive.google.com/open?id=1pLohTqA4o1hvOVYkxWNFZemAZLBmSZj7GSQwPQbODKA

    #1768679

    Anonymous

    Has anyone had any luck aligning the blueprints with Gleim SIMs?

    #1823359

    Anonymous

    Has anyone that has taken REG found this list to be reflective of the SIMs they actually received on the exam?

    #1823369

    Anonymous

    That list is good and accurate IMO. But I would just say know everything haha. You don't need to do any special sim prep if you don't cut corners

    #1823407

    Anonymous

    I've gone through all the material and reviewed a couple of times. Done a extreme number of MCQs and a good amount of SIMs. Just trying to fill in wholes of my knowledge with some SIM practice.

    #1824116

    Anonymous

    @lentilcounter

    I just saw this and I am taking my REG on 9th. This has given me some hope to pass as I am scoring 85-90% on MCQs on Beckers mocks but SIMS are a different story. I am going to try to do as much as possible between today and my exam day following your list. Thank you so much.

    #1824137

    CS
    Participant

    Is the IRC available on the exam close to this?

    https://www.law.cornell.edu/uscode/text/26/62

    I'm assuming so. The search function is nowhere nearly as useful as FASB & AUD (forgot what it's called), whenever I search for a specific topic it goes straight to the actual law cases, or is this because it's on the website itself (I'm really hoping that's the case)?

    Also, the link above has information like gifts are excluded from tax up to $ 10,000 etc. and I saw a bunch of other #s while practicing SIMs that are outdated, how do you use this? Or I'm just completely messing it up

     

     

    #1824248

    Anonymous

    I took REG yesterday. One of the SIMs I got is not mentioned anywhere on this list. Not even close to being mentioned, so I am hoping that was a pretest SIM because I was thrown for a loop on the actual test when I saw what the question was asking. Another SIM I got was technically on this list, but concerned a very specific area that was not covered in Becker besides a passing mention. All the other SIMs I received were definitely on this list, so I would say overall this list is pretty comprehensive.

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