Roger CPA Review Text Books. Roger’s CPA books follow his patented teaching style called the Roger method. They are more detailed than the CPAexcel books, but they can’t be purchased outside of the full course. There are a few reasons for this. Roger wants more money. They are made to compliment the rest of the course.
The Regulation section of the CPA Exam tests the knowledge and understanding of the following topics:
1. Ethics and professional responsibility 2. Business law 3. Federal tax procedures and accounting issues 4. Federal taxation of property transactions 5. Federal taxation-individuals 6. Federal taxation-entities
The outline below describes the above topics, lists the major components tested for each topic, shows the degree to which each topic is tested, and provides the sources from which the test questions are derived:
I. Ethics, Professional, and Legal Responsibilities (15% -- 19%).
Ethics, Professional and Legal Responsibilities tests the knowledge and understanding of the legal and professional responsibilities of a CPA’s business transactions. Professional ethics issues relate to tax practice issues and are based on the AICPA Code of Professional conduct, Treasury Department Circular 230, and laws for tax practitioners.
A. Licensing and Disciplinary Systems.1. Role of state boards of accountancy2. Requirements of regulatory agencies.
B. Legal Duties and Responsibilities.1. Common law duties and liability to clients and third parties.2. Federal statutory liability3. Privileged communications, confidentiality, and privacy acts.
II. Business Law (17% -- 21%)
The Business Law section of the Exam tests the knowledge and understanding of the legal implications relating to accounting, auditing, and financial reporting.
A. Agency1. Formation and termination2. Authority of agents and principals.3. Duties and liabilities of agents and principals.
B. Contracts1. Formation2. Performance3. Third Party Assignments4. Discharge, breach, and remedies
C. Uniform Commercial Code1. Sales Contracts2. Negotiable Instruments3. Secured Transactions4. Documents of title and title transfer
D. Debtor-Creditor Relationships1. Rights, duties, and liabilities of debtors, creditors, and guarantors.2. Bankruptcy and insolvency.
E. Government Regulation of Business1. Federal securities regulations2. Other federal laws and regulations (antitrust, copyright, patents, money-laundering, labor, employment, and ERISA).
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F. Business Structure (Selection of a Business Entity)1. Advantages, disadvantages, implications, and constraints2. Formation, operation, and termination3. Financial structure, capitalization, profit and loss allocation, and distributions
III. Federal Tax Process, Procedures, Accounting, and Planning (11% -- 15%)
A. Federal Tax Legislative Process
B. Federal Tax Procedures1. Due dates and related extensions of time.2. Internal Revenue Service (IRS) audit and appeals process3. Judicial process4. Required disclosure of tax return position5. Substantiation requirements6. Penalties7. Statute of Limitations
C. Accounting periods
D. Accounting Methods1. Recognition of revenues and expenses under cash, accrual, or other permitted methods.2. Inventory valuation methods, including uniform capitalization rules3. Accounting for long-term contracts4. Installment Sales
E. Tax Return Elections, Including Federal Status Elections, Alternative Treatment Elections, or Other Types of Elections Applicable to an Individual or Entity’s Tax Return.
F. Tax Planning1. Alternative treatments2. Projection of tax consequences3. Implications of different business entities4. Impact of proposed tax audit adjustments5. Impact of estimated tax payment rules on planning6. Role of taxes in decision-making
G. Impact of Multijurisdictional Tax Issues on Federal Taxation (Including Consideration of Local, State, and Multinational tax Issues).
H. Tax Research and Communication1. Authoritative hierarchy2. Communications with or on behalf of clients
IV. Federal Taxation of Property Transactions (12% -- 16%)A. Types of AssetsB. Basis and Holding Periods of AssetsC. Cost Recovery (Depreciation, Depletion, and Amortization)D. Taxable and Nontaxable Sales and ExchangesE. Amount and Character of Gains and Losses, and Netting ProcessF. Related Party TransactionsG. Estate and Gift Taxation1. Transfers subject to the gift tax2. Annual exclusion and gift tax deductions3. Determination of taxable estate4. Marital deductions5. Unified credit
V. Federal Taxation of Individuals (13% -- 19%)
A. Gross Income1. Inclusions and exclusions2. Characterization of income
B. Reporting of Items from Pass-Through Entities
C. Adjustments and deductions to Arrive at Taxable Income
D. Passive Activity Losses
E. Loss Limitations
F. Taxation of Retirement Plan Benefits
G. Filing Status and Exemptions
H. Tax Computations and Credits
I. Alternative Minimum Tax
VI. Federal Taxation of Entities (18% -- 24%)
A. Similarities and Distinctions in Tax Treatment Among Business Entities
B. Differences Between Tax and Financial Accounting
1. Reconciliation of book income to taxable income.2. Disclosures under Schedule M-3
C. C Corporations
1. Determination of taxable income/loss2. Tax computations and credits, including alternative minimum tax3. Net operating loss4. Entity/owner transactions, including contributions and distributions5. Earnings and profits6. Consolidated returns
D. S Corporations
1. Eligibility and election2. Determination of ordinary income/loss and separately stated items3. Basis of shareholder’s interest4. Entity/owner transactions, including contributions and distributions5. Built-in gains tax
E. Partnerships
1. Determination of ordinary income/loss and separately stated items2. Basis of partner’s member’s interest and basis of assets contributed to the partnership.3. Partnership and partner elections4. Transactions between a partner and the partnership5. Treatment of partnership liabilities6. Distribution of partnership liabilities7. Ownership changes and liquidation and termination of partnership.
F. Trusts and Estates
1. Types of trusts2. Income and deductions3. Determination of beneficiary’s share of taxable income
G. Tax Exempt Organizations
1. Types of organizations2. Obtaining and maintaining tax-exempt status3. Unrelated business income
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