REG CPA Revision — Flashcards | CPA (Certified Public Accountant) | FatSkills

REG CPA Revision — Flashcards

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The REG CPA section focuses on U.S. federal taxation, business law, and ethics, covering individual/entity taxation (55-65%), property transactions (5-15%), business law (15-25%), and ethics/tax procedures (10-20%).

Key concepts include basis calculations, corporate/partnership taxation, contract law, and Circular 230.

It heavily tests routine tax compliance for newly licensed CPAs.

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Qualifying Child - CARES
C - Close relative: Child, sibling, or descendent of sibling; A - Age: 19 or 24 if a full time student; R - Residency: Must live with taxpayer for ½ year; E - Eliminate gross income test; S - Support: Must not have contributed more than half of own support.
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