REG CPA Exam | Which Tax Law Numbers Should You Memorize?

REG CPA Exam Tax Law Numbers Memorize

Hey Jeff. I failed reg with the 70 in June supplementing with NINJA CPA for my second. I have a retake tomorrow morning with the 2021 changes. What can I expect with regards to question wording? Will they tell me to use 2021 tax law numbers?

No, I don't think it'll tell you “2021” or anything. I think it'll. I think it'll just give you the number that you need. So like for instance, Section 179 is indexed for inflation. So the question is, what does the AICPA test for Section 179? And I asked them about this and I'm like, do they memorize the base number of 1 million?

Two and a half million or do they memorize the inflation-adjusted numbers? Because there's a big difference. And with the AICPA exam team told me is that the candidates we'll have enough. We'll have, yeah. Info required to answer the question. So that tells me that they're going to give you the number just in general.

It's good to so for instance I scored a 92 on regulation, memorizing, walking into my exam, having the section one, the Section 179 number memorized. And I think the medical deduction is memorized. And I don't mean that as a humblebrag, you can go read My Story on another 71.

Look at my scores from back in the day when I wasn't very serious. But I say that to say, I didn't memorize any thresholds or phase-outs other than 1 79. And I scored 92. Taxes, also my best subject. Hope that's helpful. I don't think you're going to need to memorize any 2021 specific numbers.

It's just you are going to have to know the 2021 numbers, but that's just what the, there, there are no other numbers. Memorized. It's just 2021 tax law adjusted back to TCJA. So the cares act right now is in effect for tax purposes like real life, but for CPA exam purposes, it's not testable. And so like the net operating loss rules, it's back to that 80% threshold.

So that's the difference between real life and CPA exam life. But. All that to say, I wouldn't worry about it. Regulation is more conceptual and people realize it's because the AICPA can't go in and change their database for just every whim of Congress. And so I wouldn't worry about it.

Have a question for the podcast? Ask Jeff.

Jeff Elliott, CPA (KS)


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