REG Study Group Q4 2018

CPA Exam Review CPA Exam Forum REG REG Review REG Study Group Q4 2018

This topic contains 201 replies, has 118 voices, and was last updated by  jaya 1 week, 5 days ago.

Viewing 22 posts - 181 through 202 (of 202 total)
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  • #2061065
    Cannell
    Cannell
    Participant

    Hi,

    I have just recently started my pursuit of taking the CPA Exams. I started studying for the REG exam a week ago and have scheduled to take the test on December 10th. I'm using Wiley CPAExcel and just going through that material as intended.

    I guess I just wanted to introduce myself. I've been reading posts on this forum now for the past week and figured I had might as well register just in case I needed to make a post.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Never half-ass two things. Whole-ass one thing.
    #2061125

    Tim
    Participant

    @Hass

    Thanks! I guess I looked at the score release dates too quickly. Dec. 11 it is. I'm off to take my test now and feeling good and refreshed. Gonna hit Dunkin for a sandwich on my way over there. I'll let you all know how it goes.

    Studying with Gleim
    FAR - 97 (10/12/17)
    BEC - 95 (01/15/18)
    AUD - 88 (04/06/18)
    REG - 89 (11/16/18)
    #2061224

    Hass
    Participant

    @Tim great, you got this. Please take a look at my earlier post and let me know what you think as well.

    #2061395

    Determined24
    Participant

    Hi Guys:
    Do I have this AMT exemption correct?
    A company is exempt from AMT if:
    Annual gross receipts for all THREE-tax-year periods ending before the tax year do not exceed $5,000,000 or
    Average gross receipts for 3 years do not exceed $7.5 M.

    I am not getting the distinction between the $5M and the $7.5M.

    Also for the Dec 2018 exam what would be the corporate AMT $$ exemption amount and taxable phase-out limit?

    Thank you in advance.

    All or Nothing
    #2061737

    Tim
    Participant

    Post-exam comments:
    -Finished 1 hour, 20 minutes early again, making it the 4th straight exam I had over an hour left
    -First like 8 MCQ's I felt great cause I was 100% sure on them, then they threw a whole lot of questions at me I wasn't sure on. This was the first time I didn't feel confident after the first set of MCQ. The second set did get much more complex/difficult, though, so I guess I did alright.
    -I used the authoritative literature a LOT in answering the sims just to double-check things. This is something I did not do on any of the previous exams even though it likely would have helped me.
    -I feel pretty good about the majority of the sims. There was one sim, though, that was on such a narrow concept I was pretty surprised by it. The topic was so narrow I could see maybe an MCQ on it, but an entire sim was a bit much. Even reading practically the entire authoritative literature on that topic it was still a difficult sim.
    -I don't have the foggiest clue what my score will be. I hope it's passing.

    Studying with Gleim
    FAR - 97 (10/12/17)
    BEC - 95 (01/15/18)
    AUD - 88 (04/06/18)
    REG - 89 (11/16/18)
    #2061743

    Ace CPA
    Participant

    Hi @cannell
    Welcome! Im new to CPA and have the first exam (Reg)Tmr!! What do you take after Reg?

    NEVER GIVE UP!
    #2061746

    Ace CPA
    Participant

    I have my test tmr!! What do you suggest to review before exam?

    NEVER GIVE UP!
    #2061755

    Hass
    Participant

    @Tim do you feel like you got a lot of partial credits on the sims? I felt my MCQs were easier but sims threw a lot of tricks so I’m hoping on partial credit.

    #2061809
    Cannell
    Cannell
    Participant

    @Ace CPA
    Thanks! Welcome to you as well! Good luck tomorrow! Good question, I'm not quite sure yet. If I pass REG I was thinking of doing FAR next, although there are supposed to be changes, so not sure if I will or not. If I fail REG, I was thinking I was just going to take that one again next quarter, but REG is changing for 2019 as well, so again no sure what I will do. Before I get my REG score back though, I will make sure I figure out what is most advantageous in general, and for me. I'm sure some folks on here will have some good opinions though.

    @Tim
    Based on your previous scores and time finished with similarity to your other exams, I'm confident I did okay if I'm in your shoes. 🙂

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Never half-ass two things. Whole-ass one thing.
    #2061944

    Ace CPA
    Participant

    Thats funny I want to take Far! But it depends how am I gonna do with tmr’s test!

    NEVER GIVE UP!
    #2062277

    Determined24
    Participant

    Anyone here studying for REG Dec 2018 from Michigan area?

    All or Nothing
    #2063357
    jmodi.mba
    jmodi.mba
    Participant

    Exam experience: Took REG on 11/17. Prepared using Wiley and Ninja. Completed Wiley videos at least once and practiced all the Ninja MCQs. I was trending 66 in Ninja by taking only the new questions. I have no tax experience and this is my last exam.

    MCQs: I had 5-6 questions in the first testlet that I had to mark. I believe the second testlet got harder but maybe I was nervous so felt that. There were 3-4 questions that took me by surprise. There were at least 10 questions that I heard/read at least once but didn't think it will be tested so I was slightly disappointed as I did not to feel 100% confident when answering. Ninja MCQs are great. They will prepare you well but when you get some questions incorrect, you should consider redoing it. I took approx 95 minutes for first two testlets.

    TBS: 7/8 questions had documents. Two DRS and one research question. At least 5 TBS had more than 5 documents. Almost all of them were calculations and none of them were conceptual. The only question I feel confident about is the research question. There were two TBS that took me by surprise. Ninja Sims won't help at all. Wiley Sims are close enough but overly simplified. MUST pratice AICPA practice exam. I had two Sims with similar pattern as one of the practice exam question. When practicing the AICPA exam, I was sloppy in understanding that but it was a mistake.

    I felt heartbroken after the exam and think if I would have sharpened some of the concepts (for MCQs) and overcome slopyness (for Sims), I would have done better. But then that's how most of us feel after the exam. Certainly not talking about genesiuses who score in 90s.

    AUD - 78
    BEC - 86
    FAR - 85
    REG - NINJA in Training
    “Beyond our ideas of right-doing and wrong-doing, there is a field. I’ll meet you there". ― Coleman Barks
    #2063498

    QuoVadimus
    Participant

    @determined24

    The $5m is for the first year of business only! The $7.5m is the three year average. And once you exceed it once that's it forever.
    E.g. Year1 $5.5m, Year2 $4.5m, Year3 $4.5m, this is going to be liable for AMT as it failed the test one year….

    #2065595

    Determined24
    Participant

    @quovadimus

    Thanks much. So to clarify.

    It is automatically exempt Year 1; then year 2 it is disqualified forever because its Year 1 annual gross receipts exceeded $5 million.

    What if it did not fail in Year 1; let's say:
    Year 1 was $4.5m,
    Year 2 is $7.5m and
    Year 3 is $6.5.
    The year of assessment is year 3; to determine if it is exempt from AMT in year 3; we would add year 1 gross receipts plus year 2 gross receipts and divide by 2: ($4.5 M +$7.5 M)/ 2 = $6 M.
    This means for Year 3 it would be exempt from AMT as its AVERAGE ANNUAL GROSS RECEIPTS did not exceed $7.5 M.
    Is this correct in determining AMT qualification after the first year of existence for a corporation?

    All or Nothing
    #2068613

    Lauren G
    Participant

    Hi all,
    I am taking my exam Dec 7. I am wondering if anyone has some times on the top formulas I should really focus on. I have taken this section in the past and felt that some items I am studying were not even tested. There are so many concepts to remember just wondering if anyone has some tips on ways to remember the most important formulas for the exam!

    Lauren G
    #2082074

    jeff
    Keymaster

    Sorry – this study group got un-sticked…here's to everyone making the final push in Q4! Finish strong.

    – jeff

    #2082086

    jeff
    Keymaster
    #2093793

    sashapalekha
    Participant

    Hi, all.
    I have my exam scheduled for tomorrow. I feel pretty confident but this will be my first attempt for first CPA exam. I wish everyone good luck who had passed or just in studying process

    #2094420
    felixsphone
    felixsphone
    Participant

    Good luck Sasha! I didn't take my preparation super seriously until the last 3 weeks and I'm starting to feel the pressure, overwhelming insecurity about my preparation, and just bad decisions. It's hard to let it go sometimes but I believe I can tackle the tax code if make good decisions from here on out!

    AUD - 75
    BEC - 83
    FAR - 85
    REG - 73
    He who controls others may be powerful, but he who has mastered himself is mightier still.

    Lao Tzu

    #2095626

    Lauren G
    Participant

    Post edited – please read the forum rules:

    https://www.another71.com/cpa-exam-forum-rules/

    We aren’t trying to be sticklers – just consistent.

    – Mod NINJAs

    Lauren G
    #2095875

    sashapalekha
    Participant

    Thank you, Felixphone.
    My exam experience as follows:
    1st testlet was harder for me than second because of b/law tricky questions. Sims were complex with bunch of attachments but doable. I didn’t saw any uncovered questions on exam.I don’t have any bad or good feelings about this test, that means that I did either extremely bad or extremely good, hope for the best.
    Good luck everyone.

    #2101359

    jaya
    Participant

    Hi Guys,

    Hope you all doing good.. I have my REG exam scheduled on Dec 10th. Due to family reason I am running way short of schedule and I don't think I will have time to study business laws or the whole topics in business law group. I understand I am about to leave around 10- 20 % of weighage but I am helpless at this time. Can you guys advise is there any way for quick preparation like hitting MCQs directly for this topic or any other options ??? I am currently using Wiley CPA for preparation… Please please throw your opinions..

    FAR - 87 ( Expires 04/13/2019)

    BEC - 77 (Expires 09/09/2019)

    REG - Dec 1st week

    AUD - 57 🙁 on 07/31/2018

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