Chapter 2 – Federal Taxation of Individuals (2 of 2)

Before starting Chapter 2 of the regulation BOOST program, we would like to discuss a few items:

There are typically questions/issues that arise at this point of your studying that may be bothering you. The attached file addresses these questions: (1) Topic #1: I speak a lot to myself while studying. Is this okay? (2) Topic #2: Moving like a turtle!, (3) Topic #3: Are you studying in a good physical place?, and (4) Topic #4: Is talking with your friends who are also taking the CPA Exam helping or hurting your mind set? WE HOPE YOU FIND THE FOLLOWING FILE HELPFUL! 

Issues that may be bothering you - BOOST Chapter 2

Chapter 2 of the regulation section of BOOST CPA Review completes our discussion of the federal taxation of individuals. Remember, the AICPA Uniform CPA Examination Blueprint notes that federal taxation of individuals accounts for 15% to 25% of the REG section. Please do not underestimate the importance of federal taxation of individuals (even though it is easier than the material in Chapters 3 to 5 of BOOST).

Thus, you really want to make sure that you maximize your score in this area. So, please don't rush through this material and take your time to understand it. Just take it step-by-step! Remember, an additional week of study (if needed) will be well worth it if the additional time is the difference between passing and failing the regulation section of the CPA exam!

Also, when you are close to completing Chapter 2 of BOOST, you should take a practice test (with only multiple choice) for the content noted on page one or two of the document with content comparisons of BOOST and Becker, Roger, and Wiley CPAexcel. This practice test will help you determine how much of the BOOST information you have retained and how well you have integrated the various topics. You should review your notes (which are a subsection of the BOOST outlines) periodically during the week to keep this information fresh in your mind. 

Good luck as you begin your studies of Chapter 2! Some of the page numbers in the videos are not the same as the page numbers in the BOOST textbook. Please use the page numbers in the BOOST textbook.

Remember, please contact BOOST CPA Review by email if you have any questions as you work through Chapter 2.

AFTER WATCHING EACH VIDEO BELOW, please complete the appropriate multiple choice and simulations related to each of these videos. Please refer to the document with content comparisons of BOOST and Becker, Roger, or Wiley CPAexcel to determine which multiple choice and simulations to complete.

Here are the three videos for Chapter 2 of BOOST CPA Review. Good luck!

The 2020 federal stimulus bill increased the maximum credit and phase-out amounts for the Lifetime Learning Credit to match the amounts for the American Opportunity Tax Credit. Thus, please make the following changes to page 60 of the REG BOOST textbook as follows: change c(iv)(3) to $2,500 and change c(iv)(5) to "begins with modified adjusted gross income exceeding $80,000 (married filing jointly $160,000) and completely phases out at $90,000 (married filing jointly $180,000)".