Audit results, and a Question from Haily

Last week, I received my results for Audit in the mail.

86

I haven’t been blogging much because I started a new job.  And they have this thing called Tax Season.  Apparetnly, this ‘Tax Season’ is this complicatioed system  that exsists purely to give me a job.

In this economy, I don’t mind.

Anyway…

I took Reg last Monday.

After putting in 139 hours into Audit, I only put 65 hours of study time into Reg.  If there is a portion I really might not pass, its this.

However…

I’m DOING taxes all day.  Partnerships, S-Corps, 1040s, trusts, C-Corps, yeah.  I mean, you still have to study.  Knowing the details of Prosystems will NOT help you on the CPA exam.

So I just might pass this thing.   Wish me luck!  With that, I have a quesition from a reader.

Hailey:  Hi,  I’m considering taking audit and Reg together?  do you think it’s a good combination?  Or should I just focus on one exam.

I think you are out of your mind.  If I were you, I wouldn’t mix Regulation with ANYTHING.  Words mean different things in different parts.

For example: What is a capital asset?
It’s a very different answer in federal tax law than GAAP.
Furthermore, I don’t really think you should mix your studying.

Watch this video from Becker. It’s the best explanation of exam scheduling, even though I don’t endorse their products.
You should study for 1 part at a time.

I’m taking 2 parts during the first testing window.  Audit on 1/5/09, and Regulation on 2/23/09.  I’m taking a break through tax time, then taking Business in the beginning of June, and Financial at the end of August

If you want to pass all 4 parts in one testing block (2 months), do the following.

1.)    File the Notice To Schedule
2.)    Quit your job / school / romantic relationships
3.)    Schedule the first part on the first day of the testing block. (Blocks are Jan-Feb, Apr-May, Jul-Aug, Oct-Nov.) Lets say July 1st.  Your last part will be on the last day, Aug 31st.  The other two parts will be in three week intervals in between (July 21 and Aug 10)
4.)    Remember, the Notice to Schedule takes 5-8 weeks to process, so get your transcripts together, and wade through the paperwork.  Also, testing fees will run you $1,000.
5.)    Good luck.  You’ll be studying through June for the first part, July 1st.  You’ll have three weeks per part.  You will have to put in about 6-8 hours every day.  With breaks, that will gobble up your whole day.

Good luck!

Time:
Reg: 65 hours
Audit: 139 hours
Cost: $3546