REG Study Group - Page 15

Viewing 15 replies - 211 through 225 (of 694 total)
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  • #2282280
    Abe
    Participant

    I failed Reg when I took it this early march. I knew I failed since I was very unprepared with the sims. I hoped my MC would carry me, but nope. Becker really did help me prepare for the MC, just hoping ninja can help me prepare for the sims. Retaking it early april and hoping to get this over with.

    #2283081
    Tncincy
    Participant

    @74phoenix, yes I'm in. I have been battling a virus for a few days. Lord knows I can't be sick now it's still tax season, 🙁 . But while I lay in bed and ache, I am listening to the ninja audio, and reading my flash cards. I did come to work, but I am feeling really bad today. I think I am going to go home early and let my clerk make appointments the rest of the day. Hopefully, I am feeling better tomorrow. I am smelling like garlic….I put it in everything. Stay Healthy everybody and study hard.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2283192
    74phoenix
    Participant

    @Abe GOOD LUCK! Keep going!! @Tncincy wow, feel better!! Rest so you can give studying your all!

    AUD - 80
    BEC - 77
    FAR - 79
    REG - 77
    Finally free of the CPA cloud hanging over my head. Moving on.....

    Graduated 05/2016.
    NY CPA Candidate.
    Public accounting.
    FAR COMING UP 07/07/2016 !! GOD HELP ME.

    #2283411
    CPA
    Participant

    Hello everyone!

    I am taking REG in about a week, and I was working on the AICPA sims. I am having a hard time on solving one of the testlet's 4 sims: Smith & Company CPAs- Form 1120 US Corporation Income Tax Return.

    1. Parcel of land @ Wayside Street, Greensburg- I am not understanding how we come up with the amount of $63,763.

    2. Color Copier–Looks like we are not considering the 11,000. Not sure why.

    3. Why are we not considering the extended two year warranty amount of $3500?

    Any help would be really appreciated! Thank you!

    #2283426
    CPA
    Participant

    Hello everyone!

    I am new to this forum and this is my first time posting, but looks like a great way to discuss about the most effective ways to study for the exam, and also give solutions to different questions.

    I am taking REG in about a week, and I was working on the AICPA sims. I am having a hard time on solving one of the testlet's 4 sims: Smith & Company CPAs- Form 1120 US Corporation Income Tax Return.

    1. Parcel of land @ Wayside Street, Greensburg- I am not understanding how we come up with the amount of $63,763.

    2. Color Copier–Looks like we are not considering the 11,000. Not sure why.

    3. Why are we not considering the extended two year warranty amount of $3500?

    Any help would be really appreciated! Thank you!

    #2283507
    CPA
    Participant

    Hi everyone!

    I am sitting for REG in about a week. I am working on the AICPA practice exam, and I am having a hard time on one of the simulations from testlet 4–Smith & Company CPAs.

    1. Land- How do we come up with a basis of land of $63,763?

    If anyone has solved this sims can you please share?

    Thank you very much!

    #2285781
    Tncincy
    Participant

    I have been waiting for my NTS to schedule my test for about a month. I found out yesterday that NASBA does NOT mail NTS anymore. How was I to know, go figure. I hope no one else is having this problem.
    I'm feeling much better today, still a little clogged up but no aches, no chills….much better. Back to study 🙂

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2286402
    MelonTea
    Participant

    Hi, new here and I'm a little confused and need help on the question below:

    Robin Drews, a single taxpayer, was divorced in 2018. Robin had the following income and expense items for 2018:

    Wages $55,000
    Alimony paid to former spouse 5,000
    Child support paid to former spouse 4,000
    Moving expenses 2,000
    Mortgage interest on personal residence 6,000
    Credit card interest 1,000
    What is Robin's total deductible itemized deduction amount for 2018?

    A) $11,000
    B) $8,000
    C) $7,000
    D) $6,000

    The answer is A for $11,000. I thought the answer was D for $6,000 since alimony paid to former spouse was not an itemized deduction on Schedule A. I'm not sure whether is answer is wrong or I'm missing something here.

    Thanks in advance!

    #2286408
    74phoenix
    Participant

    Hi @MelonTea, I believe it has to do with the new Tax Cuts and Job Act (TCJA) with the dates of the divorce being key here. The difference is pre-2019 divorces and 2019 onward divorces.

    I found an article about this: https://www.marketwatch.com/story/new-tax-law-eliminates-alimony-deductions-but-not-for-everybody-2018-01-23

    Take a read through and if you have additional questions let us know!

    AUD - 80
    BEC - 77
    FAR - 79
    REG - 77
    Finally free of the CPA cloud hanging over my head. Moving on.....

    Graduated 05/2016.
    NY CPA Candidate.
    Public accounting.
    FAR COMING UP 07/07/2016 !! GOD HELP ME.

    #2286471
    MelonTea
    Participant

    @74phoenix Thanks for helping clear up the confusion. I think I got confused because I thought the question asked for what was included as itemized deductions for Schedule A only . I guess it included alimony even though it goes on schedule 1 because alimony can be deducted whether or not you itemize. The wording was tricky.

    #2286660
    74phoenix
    Participant

    @MelonTea I definitely agree that the wording is tricky. I don't like that they say “itemize” either.

    AUD - 80
    BEC - 77
    FAR - 79
    REG - 77
    Finally free of the CPA cloud hanging over my head. Moving on.....

    Graduated 05/2016.
    NY CPA Candidate.
    Public accounting.
    FAR COMING UP 07/07/2016 !! GOD HELP ME.

    #2286765
    CH89
    Participant

    I agree, that wording is a bit tricky and deceiving. Paying alimony for a divorce prior to 12/31/18 would be a deduction in arriving at AGI, not an itemized deduction. While the mortgage interest would be an itemized deduction. Which review course is that question from? If you don't mind me asking.

    AUD - 84
    BEC - 82
    FAR - 76
    REG - 79
    What a journey! It took me 12 attempts, do not give up, keep going! Praise God!

    Passed Exams: 8/25/2020

    Licensed in Pa: 11/24/2020

    #2286903
    Tncincy
    Participant

    I'm with CH89. Alimony pre 2018 is taxable income, Post 2018 it is not. Mortgage interest and moving expenses pre 2018 is itemized deductions and post 2018 only mortgage interest. I think there is something missing in the explanation.

    On another note: Does anyone know where to find the score release dates? I'm trying to schedule my test and I really don't want to wait too long for score release.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2286906
    Tncincy
    Participant

    @74phoenix, When are you taking Reg? anybody want to post their test dates? I'm trying to decide when to schedule, I certainly don't want to wait too long.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2286909
    74phoenix
    Participant

    @tncincy Reading off my print out from AICPA:
    If you take by April 20th, score release is May 7
    If you take by May 15, score release is may 23
    If you take by May 31, score release is June 11
    If you take by June 11 score release is June 19

    My test is May 6.

    AUD - 80
    BEC - 77
    FAR - 79
    REG - 77
    Finally free of the CPA cloud hanging over my head. Moving on.....

    Graduated 05/2016.
    NY CPA Candidate.
    Public accounting.
    FAR COMING UP 07/07/2016 !! GOD HELP ME.

Viewing 15 replies - 211 through 225 (of 694 total)
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