I am currently using Becker to study regulation.
One of the questions in Becker says stocks, bonds, and negotiable instruments can be only perfected by
possession or control. So is it not possible to perfect by filing on those?
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youngstyle on "Stocks, bonds, negotiable instruments perfection"
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lastsection4mee on "NY CPA application and licensing experience"
I would like to tell people about my experience with being certified in NY and what to look out for. I successfully completed the CPA exam in October 2012, received my one year of work experience in January 2013 and submitted my application for licensure that same month.
Literally almost every single thing that could go wrong when trying to get your license happened to me.
1) My college never sent my official transcript once I graduated.
2) NASBA never notified me they did not have an up-to-date transcript and sat on my application. It took three calls and seven emails to straighten the situation out and get a transcript sent to them so it could be forwarded to NYS.
3) My old firm incorrectly notarized Form 4B thereby deeming it null and void and requiring me to have them fill out another one. (The person filling out my experience form at my old firm sat on it for three weeks the second time)
4) After multiple calls to the NYS office of licensure I was told my application was at the board being reviewed. After a month, I called again and again they said it was at the board. Called again two weeks later and was able to be transfered to the board and they notified me it was basically just sitting there. No one had looked at it and although it looked like I had all the paperwork it was just sitting there not being reviewed. They tell me an evaluator will look at it this afternoon.
5) NYS evaluator notifies me that afternoon the person signing my experience form at my current firm is not licensed in NYS and therefore I need to obtain a new Form 4B. I notify him the Form 4B does not require a NYS CPA to sign off on the experience so I don't understand what is going on. Another employee was just certified with the same person signing her experience form.
It has been over six months and I have still not received my license due to all these ridiculous issues.
A couple pieces of advice I would like to tell people who are applying for licensure in NYS.
Send all your paperwork to NASBA and NYS. What I didn't know was NASBA sends all your paperwork to NYS once you are done with the exam. If you are missing any paperwork, NASBA will sit on it and not let you know you are missing anything. You won't know you are missing things unless you call and continue to inquire.
Follow up with NASBA and NYS every week. Ask for a status update from each when you call and try to drill down as deep as you can to get to the person actually responsible for doing the work. For the state once you clear the Office of the Professions it will be sent to the board. I called the office of the professions at least seven times and got a different response each time, sometimes someone will actually look through your file and see whats going on, other times they will just tell you it's going to the board, other times like recently they actually transferred me to the board.
Here is the number and extensions you will need for NYS.
Office of the Professions: Phone: 518-474-3817, ext. 270
Board of Accountancy: Phone: 518-474-3817, ext. 160
I would recommend to get the person to tell you as much as they can. Don't take a simple answer of "oh it looks okay, it's being sent to XXX." I have literally spoken to every single person involved in the process from the people at NASBA to the people at the office of the professions and the people at the board of accountancy. Don't wait a month thinking that everything is resolved and they will let you know if there is a problem because they won't.
I hope this helps people who are applying in NYS because the process is a pain in the rear end and hopefully with this advice it will make it a little easier to navigate licensure if an issues arises with your application.
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Jeff - another71.com on "Andrew - A Must-Read CPA Exam Success Story"
Andrew overcame the loss of a parent, a mass in his lung, pneumonia, and busy season - all while studying - and Passed the CPA Exam.
>>http://www.another71.com/ninja-cpa-blogger-andrewe-1/
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aliciamarie on "Business law tips/help with REG"
Hi Everyone -
I am taking REG this Saturday. I feel somewhat "okay" with the tax portion of it. I have 2 years of experience, so hoping that will work in my favor. However, I am having a really hard time understanding business law. I feel like I've been at the multiple choice for business law for days during my final review and I'm still not having things click. I use the NINJA audio which is an excellent supplement to my Becker review.
Anyone have any tips on the business law part? Should I be SUPER worried? Or should I spend about another day or so on business law and then swing back to tax to really get that nailed down before Saturday?
Any tips/help would be much appreciated! Thanks!
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barronn30 on "Estate & Trusts: Principal vs. Income"
Hello,
I am starting to review on estates and trusts and I have no clue what my textbook is talking about when referring to allocations between principal vs. income.
Could anyone provide a brief explanation on what they are?
The only part I understand is figuring out Distributable Net Income, and if this the amount that the estate/trust can deduct when they make distributions to the beneficiary. If the actual distribution is more than the DNI, then the remaining amount is considered nontaxable (principal) distribution.
But then the Becker textbook talks about all these other stuff like: "Corporation distributions -> call for shares = principal, while cash dividend = income, liquidation = principal, etc."
So, I am confused on what is the general rule/treatment for estates and trusts.
Thanks again for your help everyone.
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lsp2361 on "Audit - Compliance"
When is compliance restricted- GAAS?
When is compliance restricted- GAGAS?
Thanks!
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Jeff - another71.com on "Score Release - January & February 2014"
Score Release Dates:
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AMax95 on "Pay cut to pursue career in public accounting???"
Hi Ninjas,
Here's the situation:
- recently passed exams
- no accounting experience
- GPA < 3.0
- current salary in sales = $65k to $80k
I'm assuming entry-level staff accountants in my area are starting off around $45k to $55k. What are your thoughts on taking a $10k+ pay cut to gain the experience needed to get licensed?
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siufor on "Congratulatory letter and license questions? New York state."
Hi, everyone, I received my Congratulatory letter yesterday. I have some questions regarding my license requirements. Have anyone know? I completed my undergrad in 2002 and I tried to take exam but totally failed. During 2002-2011, I obtained my Master degree (Accounting) in the mid 2011, and began take CPA around 2012 then passed all 4 sections with last 18 months. I remember my initial exam application I only submitted my undergrad education result. Until now, I still didn't submit my Master degree credits. In addition, my previous jobs all are not accounting-related and not supervision of CPA. Would you guys advise me my license progress? Do I need to updated my education in NASBA or NYSED now? In my situation, all 4 sections passed, those credit will be expired or not in a time-frame? or do I need to take any CPE within a several years to keep my score credits. (New York State)
Thank you so much,
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The CPA Kid on "What do you find hardest about BEC?"
I got a little ambitious and gave myself 2 weeks to study for BEC after I just took AUD 2 days ago. What do you all find to be the most difficult parts of BEC that I should prioritize?
I work ~25 hours/week as an online tutor and have a nice base for topics taught in managerial/cost accounting (variances, breakeven points, etc.) so I intend to go light on that and focus more on topics that you all suggest. I'd appreciate any input!
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Focus662 on "Average Hours in Typical Mid-Sized Private Industry Sr. Accounting Role?"
HI Guys,
I am considering making a move to private industry and need advice about what the typical hours per week a senior accountant in private industry works? I am considering a senior accounting job at a mid-sized publically traded pharmaceutical company. I currently work as an assistant controller at a small non-profit and have a very stead 40 hour work week with tons of downtime. I am trying to advance my career and earning potential, but am also looking forward to marrying my fiancé and starting a family with her, so some sort of work/life balance is ideal. Previously, I did 4 years at a small public auditing firm, but that was basically 40 hours per week as well. Any insights as to thoughts or personal experiences working in private industry would be extremely helpful.
Thanks in advance!
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CPAhereIam on "What are the heaviest sections tested in FAR?"
Hey guys,
Without breaking the confidentiality issue, I would like to make a smart review,
For you guys that have done the exam, any suggestion about the heaviest sections tested on FAR?
Thanks
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TTTZZZ on "Audit 2013 vs Audit 2014"
Hi all,
I was wondering what the differences are between Audit 2013 and Audit 2014. I have the audit 2013 book for becker and have ordered the 2014 version (it was only $15), however, I want to start studying now. I dont want to waste too much time studying old material so I was wondering if anyone knew exactly what the differences are between the 2014 and 2013 tests. Thanks!
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Beardown on "Question regarding operating leases"
I'm not quite understanding a problem in the Becker book regarding operating leases and free/reduced rent.
Say you sign a 5 year operating lease for $10,000 and get the first 6 months free. The calculation to figure out your monthly payments is:
$60,000
-$6,000 (first 6 months free)
------------
$54,000
÷60
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$900 per month
The journal entries for the first 6 months would be:
Rent expense_______$900
______Rent payable_________$900
The entry for the subsequent months would be:
Rent expense_______$900
Rent payable________100
______Cash/rent payable____$1,000
Tim Gearty says its a reversing entry but I don't understand why the journal entries are different. What's the purpose of crediting rent payable in the first 6 months but debiting it the next 54? I have a feeling the matching principle has something to do with it but I can't figure it out.
Thanks in advance.
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mszhao on "Is it enough to read Becker Final Review only for R5-R8?"
I only have few days left before the REG exam, and I finished R1-R4 but haven't touched R5-R8 yet. For R5-R8 exam review, each has average 3 1/2 hours lecture and 60 pages. I plan to use the remaining time to focus on R1-R4 problems.
To those who use Becker textbook and passed the REG test: do you think it's possible to pass R5-R8 questions if I only read Final Review (about 20-30 minutes for each chapter) instead of Exam Review (3 1/2 hours & tons pages)?
Do I need to finish all practice questions for R5-R8?
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ALLISON on "Can anyone answer this question?"
T Brown and S Brownare married and filed a joint return. Their medical expenditures included the following:
medical insurance premiums 1,000
medicines prescribed by doctors 600
over the counter cold drugs 200
doctor fees 700
transportation to and from doctors 800
ambulance 500
doctor fee related to an injury incurred by the Brown's son, Dale. The Brown's paid the bill; however, they provided no other support for Dala during the year. Dale earned $800 as a self-employed plumber. Assuming the Brown's AGI was $ 40, 000, what amount of medical expense can the Brown's deduct as an itemized deduction?
The answer is 0. Just for this question, can you use 7.5% floor?
My answer is different. I'd like to know what I am missing.. Can anyone help me?
Thank you!
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youngstyle on "Becker simulation R3 question. please HELP!"
I have a few questions on Becker simulation.
Jones, Mitchell, Carey, and Gorman are knowledgeable about landscape design. They have decided to pool their knowledge and resources to form Arrington Enterprises, Inc., a C corporation. They will provide professional services to area businesses and homeowners. All participants expect to work full time for Arrington Enterprises, and each expects to contribute sufficient assets to become a 25% shareholder with a total stock equity of $50,000 each.
In addition to the skills that each brings to the new entity, the owners will contribute assets that will enhance the company's ability to provide quality technical design and planning services. These assets include a building, land, lawn care equipment, office furniture and equipment, and cash for initial operating expenses.
The table below shows the assets contributed by each shareholder. In all cases, the liabilities are recourse and are assumed by Arrington Enterprises, Inc. There are no tax avoidance purposes inherent in the assumption of shareholder liabilities.
Shareholder contributions to Arrington Enterprises.Inc
Jones $120,000 $60,000 $100,000 $0 $10,000
Mitchell $ 80,000 $50,000 $40,000 $20,000 $0
Carey $40,000 $20,000 $20,000 $30,000 $0
Gorman $70,000 $0 $50,000 $0 $20,000
*the first number: Noncash property contributed (FMV)
the second number: Liability associated with property
the third number: Basis in noncash property contributed
the fourth number: Cash contributed
the fifth number: Cash distributed to shareholder
So the first question is
What is Jones' tax basis in shares?
The answer is $40,000.
But here is what I think.
Jones contributed $100,000 basis in property with haas $ 600,000 liability attached to it
so his basis is $40,000 ( this is how Becker got their answer). However, the corporation distributed $10,000.
His basis should be $30,000 since he received boot when contributing the property.
My second question is
What is corporation tax basis for assets that Mitchell and Carey transferred in.
.
So for Mitchell, even though the liability assumed by corporation was greater than the basis of Mitchell's property,
she also contributed cash of $20,000, which makes the corporation basis of $60,000. but the answer is $40,000
Also for Carey, the basis of Carey's property was $20,000 and the cash contributed was $30,000. I believe the tax basis of the corporation should be $50,000. but the answer is $20,000
For both Mitchell and Carey, the corporation did not take the cash contributed by Mitchell and Carey into the answer.
I know it is a very long question. Please someone help me out..I thought I was pretty much ready but this is killing
my confidence!!
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mszhao on "Is it enough to pass REG if I only read Becke Final Review Summary for R5-R8?"
I only have few days left before the REG exam, and I finished R1-R4 but haven't touched R5-R8 yet. For R5-R8 exam review, each has average 3 1/2 hours lecture and 60 pages. I plan to use the remaining time to focus on R1-R4 problems.
To those who use Becker textbook and passed the REG test: do you think it's possible to pass R5-R8 questions if I only read Final Review (about 20-30 minutes for each chapter) instead of Exam Review (3 1/2 hours & tons pages)?
Do I need to finish all practice questions for R5-R8?
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decrescenzio529 on "What do I do?"
I have 4 days left until my first exam - audit. I'm not sure what to do these last couple of days.
Should I do as many MC questions as possible from WTB (1500-2000)
or
Should I rewrite the notes and then get to the MC (750-1000)
I am not working this week and have nothing else to dedicate my time to. Which one of these would you do? Or should I do something else?
Thanks!
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neika822 on "Felt Pens"
I have an odd question. Does anyone know the brand (or similar) of felt pens they provide for the exams? I need something similar for work: won't wipe off easily but will come off with water/paper towel.
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