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CPA-REG test Format | CPA-REG Course Contents | CPA-REG Course Outline | CPA-REG test Syllabus | CPA-REG test Objectives

Content area allocation Weight


I. Ethics- Professional Responsibilities and Federal Tax Procedures 10–20%


II. Business Law 10–20%


III. Federal Taxation of Property Transactions 12–22%


IV. Federal Taxation of Individuals 15–25%


V. Federal Taxation of Entities 28–38%





minutes — Welcome/enter launch code


5 minutes — Confidentiality/section information


4 hours — Testing time


15 minutes — Break after third testlet (option to pause test timer)


5 minutes — Survey


Each of the four test sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC- you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD- FAR and REG sections. To complete them- you will have to search the related authoritative literature and find an appropriate reference.





The REG section blueprint is organized by content AREA- content GROUP

and content TOPIC. Each course includes one or more representative TASKS

that a newly licensed CPA may be expected to complete when performing tax

preparation services- tax advisory services or other responsibilities of a CPA.

The tasks in the blueprint are representative. They are not intended to be (nor

should they be viewed as) an all-inclusive list of tasks that may be tested in the

REG section of the Exam. Additionally- it should be noted that the number of

tasks associated with a particular content group or course is not indicative of the

extent such content group- course or related skill level will be assessed on the

Exam. Similarly- examples provided within the task statements should not be

viewed as all-inclusive.





Area I Ethics- Professional Responsibilities and


Federal Tax Procedures 10–20%


Area II Business Law 10–20%


Area III Federal Taxation of Property Transactions 12–22%


Area IV Federal Taxation of Individuals 15-25%


Area V Federal Taxation of Entities 28-38%





Overview of content areas


Area I of the REG section blueprint covers several topics- including the following:

• Ethics and Responsibilities in Tax Practice – Requirements based on Treasury

Department Circular 230 and the rules and regulations for tax return preparers


• Licensing and Disciplinary Systems – Requirements of state boards of

accountancy to obtain and maintain the CPA license


• Federal Tax Procedures – Understanding federal tax processes and

procedures- including appropriate disclosures- substantiation- penalties and

authoritative hierarchy


• Legal Duties and Responsibilities – Understanding legal issues that affect

the CPA and his or her practice


Area II of the REG section blueprint covers several syllabus of Business Law-

including the following:


• Knowledge and understanding of the legal implications of business

transactions- particularly as they relate to accounting- auditing and financial

reporting.


• Areas of agency- contracts- debtor-creditor relationships- government

regulation of business- and business structure.


- The Uniform Commercial Code under the syllabus of contracts and

debtor-creditor relationships.


- Nontax-related business structure content. Area V of the REG section

blueprint covers the tax-related issues of the various business structures.

• Federal and widely adopted uniform state laws and references as identified

in References below.


Area III- Area IV and Area V of the REG section blueprint cover various topics

of federal income taxation and gift and estate tax. Accounting methods and

periods- and tax elections are included in the Areas listed below:


• Area III covers the federal income taxation of property transactions. Area III

also covers syllabus related to federal estate and gift taxation.


• Area IV covers the federal income taxation of individuals from both a tax

preparation and tax planning perspective.


• Area V covers the federal income taxation of entities including sole

proprietorships- partnerships- limited liability companies- C corporations-


S corporations- joint ventures- trusts- estates and tax-exempt organizations-

from both a tax preparation and tax planning perspective.


Section assumptions


The REG section of the test includes multiple-choice questions-

task-based simulations and research prompts. Candidates should assume

that the information provided in each question is material and should apply

all stated assumptions. To the extent a question addresses a course that could

have different tax treatments based on timing (e.g.- alimony arrangements

or net operating losses)- it will include a clear indication of the timing (e.g.-

use of real dates) so that the candidates can determine the appropriate

portions of the Internal Revenue Code or Treasury Regulations to apply to





Remembering and understanding is mainly concentrated in Area I and Area II.

These two areas contain the general ethics- professional responsibilities and

business law knowledge that is required for newly licensed CPAs and is tested

at the lower end of the skill level continuum.


• Application and analysis skills are primarily tested in Areas III- IV and V. These

three areas contain more of the day-to-day tasks that newly licensed CPAs are

expected to perform and therefore are tested at the higher end of the skill level

continuum.


The representative tasks combine both the applicable content knowledge and

the skills required in the context of the work that a newly licensed CPA would

reasonably be expected to perform. The REG section does not test any content at

the Evaluation skill level as newly licensed CPAs are not expected to demonstrate

that level of skill in regards to the REG content.




1. Regulations


governing


practice


before the Internal Revenue Service


Recall the regulations governing practice before the Internal Revenue Service.


Apply the regulations governing practice before the Internal Revenue Service given a specific scenario.


2. Internal Revenue


Code and


Regulations


related


to tax return


preparers


Recall who is a tax return preparer.


Recall situations that would result in federal tax return preparer penalties.


Apply potential federal tax return preparer penalties given a specific scenario.


B. Licensing and disciplinary systems


Understand and explain the role and authority of state boards of accountancy.


C. Federal tax procedures


1. Audits- appeals


and judicial


process


Explain the audit and appeals process as it relates to federal tax matters.


Explain the different levels of the judicial process as they relate to federal tax matters.


Identify options available to a taxpayer within the audit and appeals process given a specific


scenario.


Identify options available to a taxpayer within the judicial process given a specific scenario.





2. Substantiation


and disclosure


of tax positions


Summarize the requirements for the appropriate disclosure of a federal tax return


position.


Identify situations in which disclosure of federal tax return positions is required.


Identify whether substantiation is sufficient given a specific scenario.


3. Taxpayer penalties Recall situations that would result in taxpayer penalties relating to federal tax returns.


Calculate taxpayer penalties relating to federal tax returns.


4. Authoritative


hierarchy


Recall the appropriate hierarchy of authority for federal tax purposes.


D. Legal duties and responsibilities


1. Common law


duties and


liabilities to


clients and third


parties


Summarize the tax return preparers common law duties and liabilities to clients and


third parties.


Identify situations which result in violations of the tax return preparers common law duties


and liabilities to clients and third parties.


2. Privileged


communications-


confidentiality


and privacy acts


Summarize the rules regarding privileged communications as they relate to tax practice.


Identify situations in which communications regarding tax practice are considered


privileged.





1. Authority of agents


and principals Recall the types of agent authority.


Identify whether an agency relationship exists given a specific scenario.


2. Duties and


liabilities of agents


and principals


Explain the various duties and liabilities of agents and principals.


Identify the duty or liability of an agent or principal given a specific scenario.


B. Contracts


1. Formation Summarize the elements of contract formation between parties.


Identify whether a valid contract was formed given a specific scenario.


Identify different types of contracts (e.g.- written- verbal- unilateral- express and implied)


given a specific scenario.


2. Performance Explain the rules related to the fulfillment of performance obligations necessary for an


executed contract.


Identify whether both parties to a contract have fulfilled their performance obligation given


a specific scenario.





3. Discharge- breach


and remedies


Explain the different ways in which a contract can be discharged (e.g.- performance-


agreement and operation of the law).


Summarize the different remedies available to a party for breach of contract.


Identify situations involving breach of contract.


Identify whether a contract has been discharged given a specific scenario.


Identify the remedy available to a party for breach of contract given a specific scenario.


C. Debtor-creditor relationships


1. Rights- duties


and liabilities of


debtors-


creditors


and guarantors


Explain the rights- duties and liabilities of debtors- creditors and guarantors.


Identify rights- duties or liabilities of debtors- creditors or guarantors given a specific


scenario.


2. Bankruptcy and


insolvency


Explain the rights of the debtors and the creditors in bankruptcy and insolvency.


Summarize the rules related to the different types of bankruptcy.


Explain discharge of indebtedness in bankruptcy.


Identify the rights of the debtors and the creditors in bankruptcy and insolvency given a


specific scenario.


Identify the type of bankruptcy described in a specific scenario.


3. Secured


transactions


Explain how property can serve as collateral in secured transactions.


Summarize the priority rules of secured transactions.


Explain the requirements needed to create and perfect a security interest.


Identify the prioritized ordering of perfected security interests given a specific scenario.


Identify whether a creditor has created and perfected a security interest given a


specific scenario.


D. Government regulation of business


1. Federal securities


regulation


Summarize the various securities laws and regulations that affect corporate governance


with respect to the federal Securities Act of 1933 and federal Securities Exchange Act


of 1934.


Identify violations of the various securities laws and regulations that affect corporate


governance with respect to the federal Securities Act of 1933 and federal Securities


Exchange Act of 1934.


2. Other federal


laws and


regulations


(e.g.- employment


tax- qualified health


plans and worker


classification)


Summarize federal laws and regulations- for example- employment tax- qualified health plans


and worker classification federal laws and regulations.


Identify violations of federal laws and regulations- for example- employment tax- qualified


health plans and worker classification federal laws and regulations.


1. Selection and


formation of


business entity


and related


operation


and termination


Summarize the processes for formation and termination of various business entities.


Summarize the non-tax operational features for various business entities.


Identify the type of business entity that is best described by a given set of


nontax-related characteristics.


2. Rights- duties-


legal obligations


and authority


of owners and


management


Summarize the rights- duties- legal obligations and authority of owners and management.


Identify the rights- duties- legal obligations or authorities of owners or management given a


specific scenario.


1. Basis and holding


period of assets


Calculate the tax basis of an asset.


Determine the holding period of a disposed asset for classification of tax gain or loss.


2. Taxable and


nontaxable


dispositions


Calculate the realized and recognized gain or loss on the disposition of assets for federal income


tax purposes.


Calculate the realized gain- recognized gain and deferred gain on like-kind property exchange


transactions for federal income tax purposes.


Analyze asset sale and exchange transactions to determine whether they are taxable or


nontaxable.


3. Amount and


character of gains


and losses- and


netting process


(including


installment sales)


Calculate the amount of capital gains and losses for federal income tax purposes.


Calculate the amount of ordinary income and loss for federal income tax purposes.


Calculate the amount of gain on an installment sale for federal income tax purposes.


Review asset transactions to determine the character (capital vs. ordinary) of the gain or


loss for federal income tax purposes.


Analyze an agreement of sale of an asset to determine whether it qualifies for installment


sale treatment for federal income tax purposes.


4. Related party


transactions


(including imputed


interest)


Recall related parties for federal income tax purposes.


Recall the impact of related party ownership percentages on acquisition and disposition


transactions of property for federal income tax purposes.


Calculate the direct and indirect ownership percentages of corporation stock or partnership


interests to determine whether there are related parties for federal income tax purposes.


Calculate a taxpayers basis in an asset that was disposed of at a loss to the taxpayer by a


related party.


Calculate a taxpayers gain or loss on a subsequent disposition of an asset to an unrelated


third party that was previously disposed of at a loss to the taxpayer by a related party.


Calculate the impact of imputed interest on related party transactions for federal


tax purposes.


B. Cost recovery (depreciation- depletion and amortization)


Calculate tax depreciation for tangible business property and tax amortization of intangible


assets.


Calculate depletion for federal income tax purposes.


Compare the tax benefits of the different expensing options for tax depreciation for federal


income tax purposes.


Reconcile the activity in the beginning and ending accumulated tax depreciation account.


1. Transfers subject


to gift tax Recall transfers of property subject to federal gift tax.


Recall whether federal Form 709 — United States Gift (and Generation-Skipping Transfer)


Tax Return is required to be filed.


Calculate the amount and classification of a gift for federal gift tax purposes.


Calculate the amount of a gift subject to federal gift tax.


2. Gift tax annual


exclusion and gift


tax deductions


Recall allowable gift tax deductions and exclusions for federal gift tax purposes.


Recall situations involving the gift tax annual exclusion- gift-splitting and the impact on


the use of the lifetime exclusion amount for federal gift tax purposes.


Compute the amount of taxable gifts for federal gift tax purposes.


3. Determination


of taxable estate


Recall assets includible in a decedents gross estate for federal estate tax purposes.


Recall allowable estate tax deductions for federal estate tax purposes.


Calculate the taxable estate for federal estate tax purposes.


Calculate the gross estate for federal estate tax purposes.


Calculate the allowable estate tax deductions for federal estate tax purposes


Calculate the amounts that should be included in- or excluded from- an individuals gross


income as reported on federal Form 1040 — U.S. Individual Income Tax Return.


Analyze projected income for use in tax planning in future years.


Analyze client-provided documentation to determine the appropriate amount of gross


income to be reported on federal Form 1040 — U.S. Individual Income Tax Return.


B. Reporting of items from pass-through entities


Prepare federal Form 1040 — U.S. Individual Income Tax Return based on the information


provided on Schedule K-1.


C. Adjustments and deductions to arrive at adjusted gross income and taxable income


Calculate the amount of adjustments and deductions to arrive at adjusted gross income


and taxable income on federal Form 1040 — U.S. Individual Income Tax Return.


Calculate the qualifying business income (QBI) deduction for federal income tax purposes.


Analyze client-provided documentation to determine the validity of the deductions


taken to arrive at adjusted gross income or taxable income on federal Form 1040 — U.S.


Individual Income Tax Return.


D. Passive activity losses (excluding foreign tax credit implications)


Recall passive activities for federal income tax purposes.


Calculate net passive activity gains and losses for federal income tax purposes.


Prepare a loss carryforward schedule for passive activities for federal income tax purposes.


Calculate utilization of suspended losses on the disposition of a passive activity for


federal income tax purposes.


Uniform CPA test Blueprints: Regulation (REG) REG16


Regulation (REG)


Area IV – Federal Taxation of Individuals

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