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TryingCPA
Major Contributor
Joined: 01 May 2009
Location: United States
Online Status: Offline
Posts: 425
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| Posted: 07 Jul 2009 at 17:12 | IP Logged
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cpayesican wrote:
TryingCPA wrote:
| ok, so just got home from taking REG. It ended up not being what I expected. There was so much information I spent lots of time studying not on there at all. For those of you using Yaeger, there was a lot of material on the exam not covered at all, so go through the entire Wiley book. I ran out of time on the second simulation. Both of the simulations were time consuming and not straightforward. Not feeling real good about this one. |
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Tryingcpa,
I passed BEC. I appeared for FAR on 7/2 using Yaeger Homestudy. I will be appearing for REG next, do you have suggestions/tips for using Yaeger Homestudy for REG? I am not from here so I am not familiar with tax laws. Is 2-3 months a reasonable time frame to set a date for REG? What are you using for AUD?
Thanks for your help!
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Congratulations on passing BEC! I'm sure you did well on FAR. Two to three months is fine for REG; I took it four weeks after BEC and wish I had allowed more time. I'm using Yaeger for Audit right now, I'm about half way through the DVDs. I'm shooting for the end of July.
__________________
FAR-85 (5/01/09)
BEC-83 (5/30/09)
REG-81 (7/02/09)
AUD-84 (8/03/09)
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tboott
Newbie
Joined: 08 Jul 2009
Location: United States
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Posts: 2
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| Posted: 08 Jul 2009 at 09:00 | IP Logged
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Just took REG yesterday. I thought it to be quite difficult. I passed AUD and FAR with Becker already but this one was rather difficult. Simulations were very involved and time consuming. Could not finish the first one and still have time for the second. I have heard from multiple people that they have left one whole simulation blank and still passed. Its hard to say, but all we can do is hope of the best.
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gimmeCPA
Newbie
Joined: 22 Jun 2009
Location: United States
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Posts: 25
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| Posted: 09 Jul 2009 at 12:07 | IP Logged
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Hi everyone,
Please help me solve this Becker question:
A taxpayer filed his income tax return after the due date but neglected to file an extension form. The return indicated a tax liability of $ 50,000 and taxes withheld of $ 45,000. On what amount would the penalties for late filing and late payment be computed?
a. $0
b. $5,000
c. $45,000
d. $50,000
Answer: b.
Becker's explaination:
The penalty for failure to file a tax return by the due date is 5% per month or fraction of month (up to a max 25%) on the amount of tax shown as DUE on the return. The penalty for failure to pay by the due date (1/2% per month) is also based on the amount DUE on the return.
I can not get how the $5,000 calculated. If anyone knows, please share. Thanks.
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qualler
Regular
Joined: 13 Jan 2009
Location: United States
Online Status: Offline
Posts: 153
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| Posted: 09 Jul 2009 at 12:09 | IP Logged
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gimmeCPA wrote:
Hi everyone,
Please help me solve this Becker question:
A taxpayer filed his income tax return after the due date but neglected to file an extension form. The return indicated a tax liability of $ 50,000 and taxes withheld of $ 45,000. On what amount would the penalties for late filing and late payment be computed?
a. $0
b. $5,000
c. $45,000
d. $50,000
Answer: b.
Becker's explaination:
The penalty for failure to file a tax return by the due date is 5% per month or fraction of month (up to a max 25%) on the amount of tax shown as DUE on the return. The penalty for failure to pay by the due date (1/2% per month) is also based on the amount DUE on the return.
I can not get how the $5,000 calculated. If anyone knows, please share. Thanks. |
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My answer would be that $5,000 is due, because $50,000 was calculated as the tax on the tax return whereas $45,000 had been withheld on the individual's paycheck and thus already paid. Therefore the amount that was late ($5k) is the amount that would be penalized. The other $45k was paid on time throughout the taxable year.
Hope that helps!
__________________
FAR - 56, 65, 67, 71, *78*
BEC - 60, 69, 71, *81*
AUD - 54, 67, 72, 74, *81*
REG - 49, 51, 66, 65, *78*
Ethics - *90*
Qualler, CPA
The Blogulator
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gimmeCPA
Newbie
Joined: 22 Jun 2009
Location: United States
Online Status: Offline
Posts: 25
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| Posted: 09 Jul 2009 at 12:15 | IP Logged
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qualler wrote:
gimmeCPA wrote:
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Hi everyone,
Please help me solve this Becker question:
A taxpayer filed his income tax return after the due date but neglected to file an extension form. The return indicated a tax liability of $ 50,000 and taxes withheld of $ 45,000. On what amount would the penalties for late filing and late payment be computed?
a. $0
b. $5,000
c. $45,000
d. $50,000
Answer: b.
Becker's explaination:
The penalty for failure to file a tax return by the due date is 5% per month or fraction of month (up to a max 25%) on the amount of tax shown as DUE on the return. The penalty for failure to pay by the due date (1/2% per month) is also based on the amount DUE on the return.
I can not get how the $5,000 calculated. If anyone knows, please share. Thanks.
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My answer would be that $5,000 is due, because $50,000 was calculated as the tax on the tax return whereas $45,000 had been withheld on the individual's paycheck and thus already paid. Therefore the amount that was late ($5k) is the amount that would be penalized. The other $45k was paid on time throughout the taxable year.
Hope that helps!
Hey,
Thanks a ton! I overanalyzed this question..lol. never thought that simple..lol. Thanks. I hope you'll pass.
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Topic: * REG - Jul/Aug 2009 Window
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