Category: Accounting & Finance

10 Motivational Tips from Top Scorers on the CPA Exam

With the everyday stress of school, work, and personal commitments, it’s difficult to get motivated to study for the CPA exam. The good news is, you’re not alone! Even the highest CPA test scorers struggled with finding time to study. Elijah Watt Sells Awards winners have passed all four...


Should I Sit for REG in 2018 or 2019?

I know what you’re thinking – why should I care about the Regulation Exam changes? Will they really affect how I prepare? The answer is a resounding “yes”! As covered in our last Becker Pinnacle article, the REG Exam changes are so significant that they change the material that you cover in...


Which Sections of the Regulation Exam Are Changing with TCJA?

The 2017 Tax Cuts and Jobs Act (TCJA) will have a major impact on the Regulation section of the CPA exam, starting in January 2019. December 10, 2018 is the last day the REG Exam will be administered without content related to the TCJA. If you’re planning to wait to take the REG section of the...


New Lease Accounting Standards Released Related to Topic 842

Two new accounting standards impacting the implementation of ASU 2016-02, that created Leases (Topic 842), were recently released.  ASU 2018-11 contains targeted improvements, and ASU 2018-10 contains codification improvements. The codification improvements affect narrow aspects of the lease...


Treasury Issues Guidance on Transition Tax under Section 965

On August 1, the Treasury Department issued proposed regulations relating to the Section 965 transition tax created by the Tax Cuts and Jobs Act (TCJA).  The TCJA changed the way U.S. companies are taxed on their foreign earnings and the transition tax bridges the gap between the old and new rules....


Our CPA Exam Story: Husband and Wife Duo Follow Different Paths for their CPA Journey

Ben Angelo and his wife, Tina, both have a passion for accounting and knew that becoming CPAs would bring plenty of opportunities to their family. Despite their similar goals, their approaches to studying for the CPA exam were very different. Read more about Ben and Tina’s CPA study journeys...


GAO Issues Revised Yellow Book Standards…Finally!!!

Revised standards issued July 17, 2018 by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards. Also known as the “Yellow Book,” the...


The New Limitation on Interest Expense

In April 2018, the Treasury Department and IRS issued Notice 2018-28, which provides guidance to taxpayers for complying with the new rules under section 163(j) that limit deductions for interest expense. Notice 2018-28 (the Notice) states that the Treasury Department and IRS will be issuing...


New Definition of a Business

ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business revised the definition of a business, which will reduce the number of transactions that are accounted for as “business combinations” versus “asset acquisitions”. The following are two very important...


Decoding the Alphabet Soup of Tax Reform

Did you know the TCJA imposes a GILTI tax, allows a FDII deduction, and has introduced a new BEAT? If you are practicing in the post-tax reform era, you’ve probably heard the new lingo, but may still be trying to understand what it all means. The TCJA (Tax Cuts and Jobs Act) has introduced the...


Court Ruling Gives Surprise Twist to Meaning of Tax Home

If a new Tax Court ruling is correct, it means that a tax return I recently prepared is not correct. The issue for the taxpayer in this case, and for my client, is whether or not they are allowed to deduct “away from home“ expenses under code section 162 (a)(2). Those expenses must be incurred...


View the Latest Becker CPA Exam Review Course & Software Updates

At Becker Professional Education, we’re constantly working to improve and deliver you the best possible preparation for the CPA Exam. Check out the latest exciting updates to our course and software below! 50 New SkillMaster Videos In our SkillMaster Videos, our expert instructors walk you through...


My CPA Exam Story: 13 Failed Sections…and then Becker!

It’s the moment every CPA Exam candidate dreads: a score that falls below 75. It’s also a moment many exam takers will encounter, with the American Institute of CPAs® (AICPA) reporting passing rates below 50% for three out of the four sections in Q1 of 2018. Scott Stacks would encounter this...


SSARS No. 24 – New Requirements for Compilations and Reviews

The purpose of this new omnibus statement is to amend Statement on Standards for Accounting and Review Services (SSARS) in various ways, as briefly highlighted below. Adds AR-C section 100, Special Considerations – International Reporting, which addresses when an accountant is engaged to perform a...


Understanding the New BEAT

The Tax Cuts and Jobs Act added a new provision to the Internal Revenue Code called the “Base Erosion and Anti-abuse Tax” (BEAT). The BEAT acts as a minimum tax and applies to large corporations with at least $500 million in gross receipts. The new tax is effective for taxable years beginning...


My CPA Exam Story: Making Sacrifices for the End Goal

Dory Pluger started studying for the CPA Exam in September 2016, and successfully completed all four parts on the first try* by August 2017 using Becker’s Self-Study CPA Review, as well as CPA Exam Final Review. She took the sections in the following order: REG, AUD, FAR, BEC. She shares more of...


Proposed Ethics Interpretation - Knowing Misrepresentations in the Preparation and Presentation of Information

AICPA Members in business may be involved in the preparation and presentation of information for use both internally and externally to an employing organization. This includes financial and non-financial information, such as performance reports, budgets, forecasts, tax returns, and more. Members who...


Closing the Tax Gap after Tax Reform

Administering and enforcing the tax code is no small task. In 2017, the IRS processed 245 million tax returns, collected $3.4 trillion in taxes, and issued refunds to over 120 million households.  So, how will the Tax Cuts and Jobs Act impact the IRS’s tax administrative duties,...


My CPA Exam Story: Exercise Was Key to Focus

Derek Almich graduated from Minnesota State University in Mankato, Minn., in December 2016 with a degree in accounting and corporate finance. He used Becker’s Self Study CPA Exam Review Format to prepare for the CPA Exam, typically studying for two months before each exam with a little more time...


Becker Launches New Study Tool, CPA SkillMaster Videos

Do you ever wish you had a coach to walk you through the most complex CPA Exam questions? Meet our new CPA Skillmaster Videos! The one-of-a-kind study tool has expert instructors walking you through solutions and strategies for the CPA exam task-based simulations (TBS). It’s like having your own...