January 20, 2019 at 3:22 pm #2173480
hello everyone, I am using Becker V3.1, i am planning to sit for the REG in FEB 2019, would that cover the new changes or i need to buy the new version.January 21, 2019 at 10:44 am #2174569
@determined24 I’m not sure yet. I’m going to focus on getting through the material again, but I’m shooting for end of February beginning of March.January 21, 2019 at 6:11 pm #2175436
Need your help on the below question . Can you answer this ?
Mr and Mrs are born in united states. On behalf of their work Mr stayed in US Virgin Islands for 4 months and returned back to US rest of the year. where as Mrs stayed in US virgin islands for 6 months on behalf of her work and the reminder of the year she is in US. They want to file their Tax return as Married filling jointly. Which section of the code determines their filing statusJanuary 21, 2019 at 6:11 pm #2175439
Need your help on the below question . Can you answer this ?
Mr and Mrs are born in united states. On behalf of their work Mr stayed in US Virgin Islands for 4 months and returned back to US rest of the year. where as Mrs stayed in US virgin islands for 6 months on behalf of her work and the reminder of the year she is in US. They want to file their Tax return as Married filling jointly. Which section of the code determines their filing statusJanuary 22, 2019 at 10:12 am #2176156
@zettrawl44 Ok our scores are close; I started studying the day the score released because I feared waiting too long and losing what I knew already. Well, now I am counting on NINJA to get me over the pass mark because I failed so many times with the same review course. As they say, don't do the same thing and expect different results.January 22, 2019 at 11:56 am #2176276
I think you are going to be very out of date with v 3.1. you should try to pick up the new book in my opinion!January 22, 2019 at 3:54 pm #2176639January 24, 2019 at 2:25 pm #2179552
Got my exam a week from tomorrow guys! I've been very busy with work and personal things going on but I'm trying my best. I have been trying to continue to look at mock exams and I'm going to spend a few hours and really master the QBI rules this weekend because I feel like its going to show up on my simulations. If anyone who has taken the test recently has any advice, would be very appreciated!
Thanks and good luck guys !!January 24, 2019 at 2:30 pm #2179561
Have my (hopefully) last test scheduled for 1/30/19. I am doing great in individual, ok in property & entity, and horrible in b-law…. Need to pass as I am heading into audit busy season and AUD expires 1/30/19 if I do not pass.. Anyone take REG this quarter yet? How are you feeling?January 24, 2019 at 2:37 pm #2179570
@Hopefulfor75 hey man kind of in the same boat as you im taking my test on 2/1/19 tho. I feel comfortable with most of the individual stuff and most corporate. a little uneasy about section 1250 and such…and some things in regards to trusts and estates. business law i feel good with atm so im happy about that. wishing you the best of luck!January 24, 2019 at 2:47 pm #2179591
Thank you, you too! I guess I'll see you in the score release thread. I feel like I honestly have no idea how I passed FAR, total crapshoot and really have to believe in the curve after that exam. My other ones I knew I passed. Hoping I get some kind of miracle with REG as long as I'm close….January 24, 2019 at 2:51 pm #2179603
Section 1245 is a mechanism to recapture at ordinary income tax rates allowable or allowed depreciation or amortization taken on section 1231 property. Allowable or allowed means that the amount of depreciation or amortization recaptured is the greater of that actually taken or that could have been taken but was not. Another words I agree with your logic.January 24, 2019 at 2:51 pm #2179606
@Hopefulfor75 I notices the huge jump in your scores? What did you do differently? Did you switch courses too?
I am going in for REG retake; have not schedule as yet but I feel ok in most except this new QBI I read the text plus several articles and my eyes just keep rolling. Plus I am not seeing a lot of mcq or tbs in the review course.January 24, 2019 at 2:58 pm #2179615
U.S. Code Title 26. INTERNAL REVENUE CODE Subtitle F. Procedure and Administration Chapter 61. INFORMATION AND RETURNS Subchapter A. Returns and Records Part II. TAX RETURNS OR STATEMENTS Subpart B. Income Tax Returns Section 6013. Joint returns of income tax by husband and wife
The answer may be in that section somewhere. I would still think they can file jointly as on the last day of the tax year they were both married and US citizen and reside in the US since they returned to the US by year-end. The code title 26 above is where I could find so far that refer to this situation.January 24, 2019 at 3:46 pm #2179789
@determined24, what review course are you using? I am using Wiley CPAexcel and I've thought it's done a great job. Honestly, the score jumps are from not taking a risk and assuming I could get by with knowing 60% of the material. So I made sure I at least did a very basic review on everything I had a hard time with, but no way I knew more than 80% of the material going into the exam.
FAR, I didn't put insanely more effort from the two times I didn't pass, so I have no idea what changed there… I do remember that my tests were insanely different, and I got “lucky” with the material I received on the third one.January 24, 2019 at 6:22 pm #2180008
@Hopefulfor75 I am using Wiley too failed so many times with it, and it keeps drawing me in due to their access until you pass with updates. However, now I am hoping to get through with NINJA.January 25, 2019 at 6:05 am #2180329
In Becker Reg, section 1.4. Can someone explain the phase in and phase out for QBI AND SSBT?
Thanks!January 25, 2019 at 8:12 am #2180401
@determined24, I know, the access till you pass has definitely kept me staying and not using something else…and at this point if I fail I know it's me and not the materials… I wanted to supplement with NINJA this go around, but I am a crammer…. I only study 3 weeks out and only on weekends…which also explains my long stretch of not being able to pass! Put in more work for REG due to changes and the motivating factor of it's my last one!January 25, 2019 at 8:19 am #2180404
@Hopefulfor75 Yeah I have been using Becker and I have to say that it has been working for me. I know its an expensive course, but I think if you stick with any of these courses Wiley,Becker,Ninja, I think that you can pass. It is just a matter of putting your time in and figuring out which studying materials provider matches with your study habits the best.January 25, 2019 at 9:03 am #2180431
@typical, I definitely agree! They are definitely not hard to pass if you have put in the time.. like I said with the exception of AUD, I knew maybe only 80% of the material. It's not ideal for anyone going into the test, but a passing score is definitely still attainable.January 25, 2019 at 9:10 am #2180440
@hopefulfor75 Yeah I would argue that its close to impossible to know more then 70% of the material that is going to be on any of these exams. It is just a matter of mastering what you do know really well and then applying it to your exam. I think if you try to master 100% of the material you often will not be successful on the exam.January 25, 2019 at 9:17 am #2180443
@Se7en.14 So I myself am actually spending most of today while im at work looking at OBI and trying to master it. I don't know for sure but I would imagine this could be a decently heavily tested topic on the exam. I can def see it being a simulation question for sure. In regards to the phase out, I would assume you are talking about the income limitations and the w-2/property limitations.
The taxable income limitation basically gives us a dollar value phase out to see if one would be able to take the deduction, single (157,501-207500) married (315,001-415,000). the other limitation is the w2 and property limitation.
Limited to the greater of
1) 50% of w2 for the business OR
2) 25% of the w2 + 2.5 % of qualified property at its ORIGINAL COST. (Qualified property is anything that is tangible and subject to depreciation by the business during the year)
I'm still figuring it out myself…hope this helps.January 26, 2019 at 1:23 pm #2181916
I came here to discuss this QBI myself and see you guys are already on the topic @typical I don't feel it could be heavily tested I have read several articles on the topic and 3 different review courses I am seeing that potential users of the information themselves do not fully understand it. For example, I am seeing where there is a difference in the review courses in agreeing on what is classified as SSTB versus qualified trade or business. The most common is partnership interest…how would you classify this as SSTB or a qualified trade or business?
I agree with mastering what we know really wellJanuary 26, 2019 at 7:33 pm #2182324
@typical – so is Phase out amount the range? 157,501-207,500=$50,000 for single filing? ($100k for married filing?) I keep seeing the $50k in the examples and so I am assuming this.
Also, for between the threshold, after calculating the limitation %, is it always: (QBI minus limitation) x limiation %?
Thanks.January 27, 2019 at 1:30 pm #2183167
Guys if I am stuck in time, and I haven’t started business law yet, which one you think I should focus my attention r7 or r8 (Becker)
Many of my friends just telling me to drop it and that’s based on there personal experience.
Any thoughts?January 30, 2019 at 10:21 am #2188681
I am hoping to take Reg in April. I just started my study plan this week. Not sure if this is too much time, but 10 years post college I hope not!January 30, 2019 at 10:23 am #2188684
I am hoping to take Reg in immediately after Q1. I just started my study plan this week. Not sure if this is too much time, but 10 years post college I hope not!January 30, 2019 at 12:43 pm #2188813
Welcome to the group Zen32. 10 years can't be too long considering how long I've been at this. Many have asked why keep trying? This is my dream and I will realize it. I have figured out though, that you have to study, there is no easy way to do this. I have tried over and over to find the easy way only to walk a way starting over after a fail. It's like you already know there is no easy way, but you try anyway. 🙁 . But hey, jump right in.January 30, 2019 at 1:33 pm #2188855
Anyone else take REG yet and feel like they bombed it?! I just took it and without giving anything away, was heavy on one topic. My only hope is that most of the things I got wrong were pre-test.
with my score for AUD expiring I’m praying for a miracle at the end of February.January 30, 2019 at 1:40 pm #2188858
@hopefulfor75 I am taking my test on Friday. Going through the final review with Becker. Hoping that I know enough to get me that 75. I usually try to go into my tests as confident as possible, hoping for the best!
Good luck to anyone else taking there exam this week.
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