March 4, 2019 at 11:36 pm #2249214
sorry not so much useful information:(March 5, 2019 at 12:44 am #2249340
@watermelon, no, it's okay. I don't think you're at liberty to actually disclose the exact topics you had. I'll definitely focus more on the entities before my exam bc that's probably most test-takers' advice. TBS section is probably the scariest part for me bc every time I see a new one, I'm just lost even when I think I already have a good grasp of the topic MCQ-wiseMarch 5, 2019 at 10:06 am #2249916
I just passed AUD (79) and am on to REG. I plan on taking it by May 1stMarch 5, 2019 at 10:10 am #2249922
Taking Reg in about 50 days. I'm determined to pass – this would be my 4th try, and my last exam to pass to get my license!March 5, 2019 at 3:41 pm #2250600
@watermelon, hoping for the best for you! I honestly felt the same way for FAR and I ended up getting a 75 because I was strong in the MCQ and very weak in the SIMs. The new format of the Sims is so confusing, that even if you know the answer you might get it wrong for not inputting the answer correctly. Hope you can pass and be done for good!
@tncincy I hope you're still putting in some study time here and there. I think you and I have been on this journey for about the same amount of time. I started studying back in 2013 and I liked it so much I had to take them all again! 🙂March 5, 2019 at 3:43 pm #2250603
My exam is on sunday and I am so lost on where to focus. I did a second review of everything already, and I know I need to devote time to tax MCQs but I keep getting distracted by all the BLAW stuff. Taking Thursday and Friday off to study and just hope for the best.March 5, 2019 at 4:45 pm #2250744
Thanks for the feed back watermelon. You might feel like crap, but you might have passed. So hold that head up until you get the score. @ahugemistake good luck, you'll do fine. just keep reviewing, nail down the simple blaw stuff. You got this.
Good grief….I can't log in to pay for my exam.March 5, 2019 at 5:40 pm #2250873
Sounds like they don't need your money lolMarch 6, 2019 at 12:29 am #2251506
Thank you guys! @ahugemistake I would say the sims are the most mentally draining part so if you could practice more SIMS before your test, you will feel more comfortable! You got it!March 6, 2019 at 12:58 pm #2252076
Just took reg today and man I was not ready for the Sims. Becker did not prepare me for these at all. For the MC I feel like I killed it, but I was hard stumped on the Sims. Pretty sure I failed so going to try another test prep to better prepare myself for the sims :/March 6, 2019 at 1:29 pm #2252118
While it is still fresh in your head, could you please let us all know what kind of sims were on the exam and any tips you have for us !?
I would appreciate it !March 6, 2019 at 1:50 pm #2252157
I just took it too, what type of sims did you have, did you have one about a US citizen living Canada and how to report that interest income?March 6, 2019 at 3:16 pm #2252358
@abe Best of luck. Thanks for the heads up on the sims. So many say don't bother practicing them, but I think I'm going to do a few just to get a good feel for the types of sims that could be asked.
@CPAnerd: we cannot ask specifics sorry pal.
Keep studying Ninja's 🙂March 6, 2019 at 3:22 pm #2252376
Does anybody know how the real TBS part of the exam compares to Roger's sims? I will be taking REG this coming Saturday and I just want to know if the Roger sims could somewhat prepare well enough me for the questions (like the format and topic similarity)? All these reviews about nothing could've prepared them on the TBS section is making me so worried!March 7, 2019 at 11:05 am #2253714
@G, I am taking REG on Saturday, and I am nervous about the sims too. Focusing on C-Corp, S-Corp, and Partnership basis and income calculation sims based on what others have recommended. I would hope practicing available sims even as skimming through them might be helpful. Some people mentioned that TCJA was tested heavily, but not certain if that's more for MCQs or sims.
Good Luck!March 7, 2019 at 11:44 am #2253747
@motivated2019, I guess people's tests are all different as I have also read that there were less TCJA and more of the blaw and ethics sections. Others' theory is that they are still not sure on how to incorporate the new topics on the exam that's why they add more blaw/ethics. But I do agree with you on knowing entities' basis, distribution, etc like the back of your hand. All this is really overwhelming! I hope we finish through this exam with at least a 75. Btw, what material are you using for your review?March 7, 2019 at 11:49 am #2253756March 7, 2019 at 4:17 pm #2254317
Here I come again.Please help on this question
Rand purchased a sofa from Abby Department Store for use in her home. Abby had her sign a security agreement for the balance Rand owed. Rand did not pay the balance and sold the sofa to her neighbor, Gram, for use in his home. Gram did not realize that Rand had not paid off the balance. Abby filed a financing statement after Rand defaulted. This filing was also after Gram purchased the sofa from Rand. Which of the following is correct?
a. Abby can repossess the sofa from Gram since it has a written security agreement covering the sofa.
b. Abby can repossess the sofa from Gram since it perfected its security agreement by filing.
c. Abby can repossess the sofa from Gram since it obtained automatic perfection.
d. Abby has no right to repossess the sofa from Gram.
I chose b which is wrong, d is correct.
I understand Gram is a good-faith purchaser who is the highest priority over PMSI on consumer goods to be automatically perfected.
However, as far as I remember, there is an exception on this. “Garage-sale rule”
If the debtor sells PMSI consumer goods to secondhand consumer, the 2nd consumer takes free of the good
AS LONG AS THE 2ND CONSUMER HAD NO NOTICE OF THE SI. If the secured party FILES TO PERFECT,
then the 2nd consumer is subject to the SI.
This was the reasoning of choosing b… What did I do wrong…. can anybody help on my understanding? Thank you!!!March 7, 2019 at 6:12 pm #2254479
You’re missing a key piece of the timeline. Abby filed too late – she filed after Gram bought the sofa, so the exception does not apply here.
Think about this in real life. If I bought a car from my friend, but someone else already filed and I knew that… then I can’t keep the car because it’s not mine to begin with. If the other person didn’t file though, then that’s not my problem and the person I bought it from has to deal with it!March 7, 2019 at 7:06 pm #2254602
Thanks! it's much easier to understand better when thinking the real life!! 🙂March 7, 2019 at 8:10 pm #2254770
I need help understanding tax basis and adjusted basis. “Basis” seems like such a foreign concept to me, and I always get basis questions wrong….I need a Basis 101 lecture in common sense / real life examples. Can anyone help me?March 8, 2019 at 9:44 pm #2256930
Can someone please confirm how the calculations go for avoiding underpayment liability:
1. 90% of current year OR
2. 100% of prior year (110% if prior year's AGI is over 150K)
Not sure where the 110% really go? Towards CY or PY?March 8, 2019 at 11:35 pm #2257026
@G, not sure what you mean. If you pay 110% of the tax, you get a refund in the CY. Google Safe Harbor rule.March 8, 2019 at 11:54 pm #2257038
Estimated Taxes – Required Minimum
Taxpayer (TP) is required to make estimated quarterly tax payments if both of the following conditions are met.
1) $1,000 or More Tax Liability
2) Inadequate Tax Estimates
The other condition is met if the TP’s withholding is less than lesser of:
• 90% of the current year’s tax; or
• 100% of last year’s tax
(a) This applies even if an individual files a tax return with a zero tax liability in the prior year
(b) Exception – If a TP has AGI in excess of $150,000 ($75,000 for MFS), in the prior year, 110% of the prior year’s tax liability is used to compute the safe harbor for estimate payments.March 9, 2019 at 12:07 am #2257047
Hot off the press.. I took REG today.. the SIMs require a lot of time! I had to research a bit and I had 30 mins left for the last testlet.. that was a big problem because all 3 sims on the last testlet had lots of documents to look through. MCQ didn’t seem overly tough but you really need to watch the clock. I ran short on time towards the end so didn’t get to look through everthing properly.
I think pretty much everything out of the main topics of tax was tested all around. And of course business law was present too. I do think the most important thing is to focus on knowing the taxation topics in an out.. then hit business law. The reason I say that it it’s such a huge area but it’s only so much of the exam so yes go through the main concepts but tax is the heavy hitter.March 9, 2019 at 12:08 am #2257050
@Amor, thank you for clearing it out to me!March 9, 2019 at 12:34 am #2257059
@sg235, I will be taking my exam first thing in the morning, and what you just said is freaking me out lol what was your sims like — format-wise? Were they dropdown, fill-in the blanks or inputting amts to a Form/Schedule?March 9, 2019 at 1:19 am #2257095
Hi G! Don’t get freaked out hahah
Yes some drop downs, mostly fill ins with numbers that you need to calculate.
Like plan out you need to be done with mcq in an hour max(total 2– because I go slow on them) and then with testlet 3 x amount of time. The main takeaway is narrow down to two items and pick one.. like don’t stay hung up on stuff for too long. Gotta cut your losses at some point and move on to next problem if you can’t figure one out. Best of luck!
Also don’t read much more on here tonight. I had to cut it off night before my exam.. I was also getting freaked out.March 9, 2019 at 1:25 pm #2257710
Hey Ninja's ….starting my power week end today. Pushing myself to get those study hours in. NO EXCUSES. NO BEING LAZY. NO NAPS. Business is kinda slow today. I can read a chapter all the way through and then do some questions. No backing away from the questions either. I don't know why I get cold feet when it comes to doing endless mcq's. I know, I hate getting them wrong. Being tough on myself. Been here too long as a cheerleader.March 9, 2019 at 5:41 pm #2258064
Just got home from taking REG, I got knocked around for 4 hours with that test. On half of the questions, I sat there in my chair debating and arguing with myself if it was a trick question or not, they tested just about every major topic that REG covers, by the end of the exam I was uncertain of just about every tax and business law principle there is and upon walking out of the test center when it was done – I felt as if I never studied for the exam at all. However, the test questions were fairly simple, very little calculation was needed, and the Research and SIMs were not that bad. I only had 3 weeks to study due to the 1st Quarter test window closing, just enough time to read the 500-page book and watch half of the videos, I didn't do any SIMs or MCQs at home, so I need to spend 7 weeks doing that at home and then going back in early May to take it again.
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