CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities :  In CPA Exam syllabubs 60-80% Federal Taxation

• Federal taxation of individuals
• Federal taxation of entities
• Federal taxation of property transactions

 CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities   : The CPA profession offers unlimited possibilities for career growth and development. From students to seasoned professionals, the AICPA has a variety of tools to help you take your career to the next level.

CPAs and potential CPAs have a variety of career paths from which to choose. Within public accounting, you can work for any sized firm, ranging from a large, international CPA firm to a small local accounting practice. Within the firm, you can work in such areas as audit, tax and management consulting. The same holds true in business and industry, where you can choose careers in companies of all sizes, working in diverse areas such as financial accounting and reporting, management accounting, financial analysis and treasury/cash management. CPAs can also provide services in specialised areas of accounting like financial forensics, business valuation, personal financial planning, and IT consulting. Within government, you can create a path to success at either the federal, state or local level. Non-profit organisations and education also offer many diverse opportunities.

This section covers knowledge of federal taxation, ethics and professional responsibilities related to tax practice, and business law, and the skills needed to apply that knowledge.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities   : The Regulation (REG) section of the CPA Exam tests a CPA candidate’s knowledge on federal taxation, business law, business ethics and professional and legal responsibilities. More than 60% of the REG exam focuses on federal taxation.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. In the United States, the CPA is a license to provide accounting services directly to the public. It is awarded by each of the 50 states for practice in that state. Additionally, almost every state (49 out of 50) has passed mobility laws in order to allow practice in their state by CPAs from other states. Although state licensing requirements vary, the minimum standard requirements include the passing of the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting related experience.

Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfillment of the required CPE or have requested to be converted to inactive status are in many states permitted to use the designation “CPA Inactive” or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants and their state CPA society.

State laws vary widely regarding whether a non-CPA is even allowed to use the title accountant. To illustrate, Texas prohibits the use of the designations “accountant” and “auditor” by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : REG EXAM CONTENT

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities  : The REG Exam is 4 hours long, though the candidate is not required to use all the allotted time, and consists of 76 Multiple Choice Questions (MCQs) and 8 Task-Based Simulations (TBSs).

Of the 76 MCQs, 64 are operational, meaning they count toward the exam score, while 12 are pretested and do not count toward the exam score. Of the 8 TBSs, 7 are operational and 1 pretested. Other than scoring, there is no functional difference between operational and pretested questions and no sure way for the candidate to tell the difference between an operational and pretested question.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : The REG Exam is organized into five testlets – two 33-question MCQ testlets followed by a 2-question TBS testlet, then an optional 15-minute break that does not count against the 4-hour test time, then two additional TBS testlets of three questions each.The candidate proceeds at his or her own pace through the testlets. Once a testlet has been submitted, it cannot be revisited.

The operational MCQs count 50% toward a candidate’s exam score. The operational TBSs count 50% toward a candidate’s exam score.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : By default the first MCQ testlet is of ‘Medium’ difficulty. The difficulty level of the next  MCQ testlet depends on the candidate’s performance on the first testlet. The candidate will therefore experience one of the following MCQ testlet difficulty sequences:

• Medium – Difficult (candidate performed well on first testlet)
• Medium – Medium (candidate did not perform well on first testlet)

Characterizing a testlet as ‘medium’ or ‘difficult’ refers to the average difficulty of the questions in an MCQ testlet. There is not a binary ‘medium’ or ‘difficult’ value assigned to each MCQ. Rather, the difficulty level of each question exists on a numeric scale.

Credit awarded for MCQs is weighted by difficulty level, meaning more credit is awarded for getting a more difficult question correct than for getting a less difficult question correct. Therefore, a candidate with a difficult testlet is not penalized for having harder questions, nor is there any advantage in having two Medium testlets.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities  :  It is still possible to pass the exam even with a Medium-Medium MCQ testlet sequence. In these cases, good-to-excellent performance on the second MCQ testlet and the TBS testlets is key to passing.

The assigned TBS testlets are pre-selected and have nothing to do with the candidate’s performance on the preceding MCQ testlets, nor do the TBSs within the TBS testlet proceed according to performance on the previous TBS.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities :  The Examination consists of four sections:

Auditing and Attestation (AUD)

This section covers knowledge of audits of issuer and nonissuer entities, attestation engagements for issuer and nonissuer entities, preparation, compilation and review engagements, and the skills needed to apply that knowledge.

Business Environment and Concepts (BEC)

This section covers knowledge of general business environment and business concepts that candidates need to know in order to perform audit, attest, accounting and review services, financial reporting, tax preparation, and other professional responsibilities in their role as certified public accountants, and the skills needed to apply that knowledge.

Financial Accounting and Reporting (FAR)

This section covers knowledge of generally accepted accounting principles for business enterprises (public and nonpublic), not-for-profit entities, and state and local government entities, and the skills needed to apply that knowledge.

Regulation (REG)

This section covers knowledge of federal taxation, ethics and professional responsibilities related to tax practice, and business law, and the skills needed to apply that knowledge.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : Eligible candidates have the opportunity to take the Examination at Prometric test centers in Bahrain, Kuwait, Japan, Lebanon, and the United Arab Emirates (UAE) and Brazil. In order to qualify to take the  Examination outside the U.S., candidates will have to first establish their eligibility through application to a state board participating in the International CPA Examination Administration Program.

For specific instructions on how to apply to take the Examination, please visit the CPA Examination section of the NASBA website.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities  : Qualifying through a board of accountancy is the ONLY route to the U.S. CPA license. There is NO central professional body in the U.S. through which candidates may qualify as CPAs.

The application process is basically the same for U.S. and international candidates alike. Prospective candidates must select the U.S. jurisdiction to which they will apply, contact the Board of Accountancy (or its agent) in that jurisdiction to obtain application materials, submit completed applications and required fees as instructed, and once deemed qualified, schedule the examination. Any special requirements that international applicants must meet (such as arranging for an evaluation of their educational credentials by an agency approved by the board) are explained in accountancy board application instructions.

Prospective candidates who are undecided about the jurisdiction to which they should apply may wish to review the requirements of several Boards of Accountancy before making their decisions.

CPA Regulation REG Federal Taxation of Entities

CPA Regulation REG Federal Taxation of Entities : Eligible candidates have the opportunity to take the Examination at Prometric test centers in Bahrain, Kuwait, Japan, Lebanon, and the United Arab Emirates (UAE) and Brazil. In order to qualify to take the  Examination outside the U.S., candidates will have to first establish their eligibility through application to a state board participating in the International CPA Examination Administration Program.

For specific instructions on how to apply to take the Examination, please visit the CPA Examination section of the NASBA

CPA Regulation REG Federal Taxation of Entities

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