The Taxation and Regulation (REG) section of the CPA Exam evaluates a candidate’s knowledge of federal taxation, business law, and professional ethics. This section tests the application of IRS regulations, tax compliance, tax planning, and legal concepts relevant to individuals and business entities.
Total Number of Questions: 920
Course Outline:
Ethics, Professional Responsibilities and Federal Tax Procedures
- Ethics and responsibilities in tax practice
- Licensing and disciplinary systems
- Federal tax procedures
- Legal duties and responsibilities
Business Law
- Government regulation of business, specifically employment taxes, worker classification laws, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the Foreign Corrupt Practices Act of 1977, and the Patient Protection and Affordable Care Act.
- Areas of agency, contracts, debtor-creditor relationships, and business structure.
Federal Taxation of Property Transactions
- Basis of assets
- Cost recovery (depreciation and amortization)
Federal Taxation of Individuals
- Gross income (inclusions and exclusions)
- Reporting of items from pass-through entities
- Adjustments and deductions to arrive at adjusted gross income and taxable income
- Loss limitations
- Filing status
- Computation of tax and credits
Federal Taxation of Entities (including tax preparation)
- Differences between book and tax income (loss)
- C corporations
- S corporations
- Partnerships
- Limited liability companies
- Tax-exempt organizations
What is Lambers CPA Enhanced Test Prep?
Lambers CPA Review was started by Vincent W. Lambers in July of 1966 in Boston, MA. The first class had six students and from that point the program grew to be the largest live instruction CPA Review program in New England. The Lambers teaching method of illustrations, examples and working problems has helped over 250,000 candidates pass the CPA Exam since that first class in 1966.
Lambers now delivers that same successful teaching style to the exam candidate online and on-demand.
The Lambers CPA Test Prep is best in class preparation through our exclusive three mode testing methodology.
Start with Pre-Test Mode where we will establish a baseline assessment of your knowledge in each AICPA objective category and identify area’s you are weak or strong in.
From there, go to the Adaptive Mode and drill yourself in each objective category over and over until your weaknesses start becoming strengths. All questions contain detailed explanations, and a lot of the explanations link to a video explanation, providing you with a more thorough explanation of the problem or theory. In a lot of cases, we will take you step by step through some of the more lengthy and challenging problems and equations.
Once you are scoring high in Adaptive Mode, it’s time to move to Simulated Mode where we will mimic the real exam you take on test day. Timed, no notes or show answers help. No links to explanations or video’s walking you through the answers.
If you follow our program and are able to pass our simulated exams, you will pass the real exam. We Guarantee it.
We track you each step of the way. We’ll let you know exactly which area’s to focus on, we’ll let you know when you’ve mastered those areas and we’ll let you know when you are ready to sit for the real exam.
You will not find more accurate content. There’s a right answer, a wrong answer, and then there is the AICPA answer. We prepare you for the exam so there are no surprises on test day. We teach you and prepare you the way the AICPA wants you prepared.
Our method works. There is not a more effective way to prepare for the CPA exams. We don’t offer 10,000 questions. That’s by design. You don’t need to, and you aren’t going to go through 10,000+ practice questions. What we do instead is focus on exactly what you need to know to pass the exam. Then we make sure you know it, know how to apply it and are going to be successful on test day.
Our test prep is the prefect compliment to whatever course material you are currently using. Think of us as your “finishing tool”
The Lambers Test Prep software will be the best and last investment you will ever make. If you want to use the best test prep software available; and you do deserve the best, Lambers is the smart choice.