US CPA Exam Preparation: Taxation and Regulation (REG)
Prepare for the Taxation and Regulation section of the US CPA exam with a course built around its published content areas: ethics, professional responsibilities and federal tax procedures; business law; and the federal taxation of property transactions, individuals and entities.
About this course
Prepare for the Taxation and Regulation section of the US CPA exam with a course built around its published content areas: ethics, professional responsibilities and federal tax procedures; business law; and the federal taxation of property transactions, individuals and entities.
You will learn the rules first, then practise applying them through calculations, multiple-choice questions and task-based simulations under timed conditions. Regular reviews show you which areas are secure and which need more work before exam day.
What you'll learn
- Apply ethics, professional responsibilities and federal tax procedures, including the rules for practice before the IRS.
- Explain the business law principles tested, including agency, contracts, debtor-creditor relationships and business structures.
- Calculate the tax consequences of property transactions, including basis, gains and losses and non-taxable exchanges.
- Compute federal taxable income and tax liability for individuals, including deductions and credits.
- Determine the federal taxation of C corporations, S corporations, partnerships and tax-exempt organisations.
- Practise exam-style multiple-choice questions and task-based simulations under timed conditions.
Curriculum
- Exam structure and question types
- Content areas and skill levels
- Building a personal study plan
- Working with tax calculations under time pressure
- Practice before the IRS (Circular 230)
- Tax return preparer responsibilities and penalties
- Licensing and disciplinary systems
- Federal tax procedures, examinations and appeals
- Legal duties and liability of CPAs
- Agency
- Contracts
- Debtor-creditor relationships and bankruptcy
- Federal laws and regulations affecting business
- Business structures
- Basis and holding period
- Taxable and non-taxable dispositions
- Capital gains and losses
- Cost recovery and depreciation recapture
- Related party transactions
- Filing status and dependants
- Gross income and exclusions
- Adjustments and deductions
- Tax computation
- Tax credits
- Corporate taxable income
- Book-tax differences
- Corporate tax computation
- Distributions to shareholders
- Partnership formation and partner basis
- Flow-through of partnership income
- S corporation eligibility and taxation
- Tax-exempt organisations
- Timed multiple-choice sets
- Task-based simulations
- Full mock exam
- Reviewing errors and weak areas
Who it's for
Accountants and tax professionals preparing to sit the REG section of the US CPA exam.
Before you start
- A sound grounding in financial accounting, typically at university degree level.
- English good enough to work comfortably with professional tax and legal texts, as the exam is taken in English.
Prepares for
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