My CPA Regulation journey:
For me clearing CPA REG was the toughest thing. After failing twice in the regulation part I didn’t lose my hope but instead I started preparing again from scratch.
There were lots of disturbances while preparing for the exam but consistency and determination to pass the exam has indeed helped me clear the exam.
Everyone has their own strategies and plans for studying and clearing exams.
Here are few things that I have done before preparing for the exam that might be helpful,
conceptual clarity is very important to clear the regulation part .Find a study partner and make a study plan together. Keep targets for each day & make sure you maintain a discussion after completing every chapter/module. Before you start a new module revision of previous modules is a must as it helps retain concepts for a long time.
Make your own notes and note every mistake you do in mcqs or simulation and check them before you sit for the final exam.Lastly mock exams are very important to pass the exams. Do practice mcqs & simulations everyday after completing every module and practice unlimited tests.
I have divided regulation into 4 parts as it helped me complete the chapters quickly along with gaining conceptual knowledge
–First one is individual taxation(1&2) : read 1&2 chapters together. You need not remember all the phaseout limits as they will mention in the exam.
Here be thorough with Adjustments, itemized deduction, standard deduction, AMT, mom-pop exception
–Second one is property taxation(3):But few topics that are most tested are:
1. Basis question
2. Involuntary conversion
3.Like Kind exchange
4. Home ownership exclusion
5. Wash Sale losses
(Hide it and wrap)
3 Installment sale
4. Sec 1231 gains and losses along with sec1245 & 1250
5. Sec179, bonus, macrs(module5)
*In this chapter 3 there is one long simulation consisting 25 questions if you can master that then you can solve any mcq or simulation in final exam
– Third part is of corporations and partnership(chapter 4&5)
Here the most important thing to be noted is
1) Basis ,liquidating & non liquidating distributions(c-corp, s-corp & partnership)
2) m1&m3 differences
3) DRD
4) Check sale of partnership interest
5) Know the difference between separately stated and nonseparately stated items (there are chances that you get in mcqs )
6) Misc topics like organizational and startup costs,fringe benefits (you will surely get one or two mcqs from these topics)
–Fourth part comprised of law and ethics part along with estate and trust
1) Law part is mostly tested in MCQs
Most important things here are
– The mailbox rule
– Damages
– my legs( goods exception swap)
– Parol evidence
– In suretyship(important topics are calculation when surety turns bankrupt, gratuitous surety)
– Perfection and attachment, bankruptcy , securities act 1933&1934 are very important
– Also do check skill master video for last modules in chapter 8
2) Ethics part is heavily tested don’t leave any topic (you can get mcqs or simulation)
Most probably simulation will be on penalties
3) In trust and estates
– DNI
– Gift exemption
– Simple/complex/grantor trust
Regards,
Sai Likkitha
SIMANDHAR EDUCATION
Simandhar Education is India’s No.1 training provider for US CPA, US CMA, Enrolled Agent IFRS and HRCI professional courses.
