Get the ultimate study guide for the challenging 2023 Regulation (REG) CPA exam.
Wiley's CPA 2023 Study Guide: Regulation covers the entire REG section to help you succeed on your upcoming 2023 CPA exam.
Developed to encourage synthesis and retention of all key concepts you will encounter on the real REG CPA exam, this study guide boosts your confidence for exam day with hands-on and practical instruction. Content is broken into manageable chunks, so you can study what you need without getting overwhelmed.
Wiley's CPA 2023 Study Guide: Regulation includes each domain covered on this year’s official REG exam, so you’ll find detailed overviews of:
- Ethics, Professional Responsibilities, and Federal Tax Procedures
- Business Law
- Federal Taxation of Property Transactions
- Federal Taxation of Individuals
- Federal Taxation of Entities
This book is the perfect resource for the CPA candidate in need of an accessible but authoritative prep guide for a 2023 CPA REG exam window.
Table of Contents
About the Authors ix
About the Regulation Professors xi
Welcome to Regulation xiii
Ethics, Professional Responsibilities, and Federal Tax Procedures 1
Ethics and Responsibilities in Tax Practice 2
Regulations Governing Practice before the IRS 2
Internal Revenue Code and Regulations Related to Tax Return Preparers 7
Licensing and Disciplinary Systems 12
Federal Tax Practice and Procedures 15
Substantiation and Disclosure of Tax Positions 15
Taxpayer Penalties 18
Sources of Tax Authority and Research 23
Tax Practice and Procedure 28
Compliance Responsibilities 32
Legal Duties and Responsibilities 37
Common Law Duties and Liabilities to Clients and Third Parties 37
Privileged Communications, Confidentiality, and Privacy Acts 46
Business Law 51
Contracts 52
Introduction and Classification 52
Applicable Laws 52
Types of Contracts 55
Formation 59
Offer and Acceptance 59
Consideration 68
Writing and Records: The Statute of Frauds 74
Defenses to Formation 80
Performance 86
Defining Performance and Breach 86
Discharge of Performance 92
Issues of Passage of Title and Risk of Loss 96
Remedies 103
Types of Remedies 103
Formulas for Damages 106
Third-Party Rights 111
Agency 116
Types of Agency Relationships and Creation 116
Duties of Agents and Principals 120
Contract Liability of Agents and Principals 126
Tort Liability of Agents and Principals 129
Debtor-Creditor Relationships 134
Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors 134
Suretyship - Introduction, Creation, and Types 134
Suretyship - Rights of Parties 138
Article 9 UCC Secured Transactions 143
Introduction and Creation of Security Interests 143
Perfection of Security Interests 147
Priorities in Security Interests 152
Rights of Secured Parties and Debtors 156
Bankruptcy and Insolvency 159
Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy 159
Bankruptcy Process 168
Distribution of Debtor’s Estate 173
Discharge and Reaffirmation Agreements 177
Government Regulation of Business 179
Federal Securities Regulation 179
Liability Provisions: 1933 Act 179
Purposes, Requirements, and Provisions of the 1934 Act 183
Criminal Liability 188
Other Federal Laws and Regulation 190
Employment Tax 190
Affordable Care Act 196
Worker Classification Laws and Regulations 203
Business Structure 210
Selection and Formation of Business Entity and Related Operation and Termination 210
Selection of a Business Entity 210
Formation 217
Operations: Nonfinancial Factors 220
Financial Structure 223
Termination 229
Rights, Duties, Legal Obligations, and Authority of Owners and Management 232
Rights and Duties 232
Authority of Owners and Managers 237
Federal Taxation of Property Transactions 241
Introduction to Tax Review 242
Recent Developments in the Tax Law 250
Property Transactions 253
Sales and Dispositions of Assets 253
Capital Gains and Losses 257
Section 1231 Assets 266
Section 1231 Assets - Cost Recovery 272
Like-Kind Exchanges and Involuntary Conversions 283
Other Nonrecognition Transactions 289
Federal Taxation of Individuals 295
Income 296
Gross Income - General Concepts and Interest 296
Gross Income - Other Inclusions 302
Gross Income - Exclusions 305
Taxation of Income from Business Entities 308
Accounting Methods and Periods - Individuals 316
Taxation of Employee Benefits 323
Taxation of Retirement Plans 330
Deductions 336
Deductions - Basic Principles 336
Deductions for AGI 338
Itemized Deductions - Medical, Taxes, Interest 341
Itemized Deductions - Other 346
Employee Business Expenses 352
Deductions - Losses and Bad Debts 355
Limitations on Business Deductions 358
Individual Tax Issues 364
Tax Dependents 364
Filing Status 367
Other Taxes for Individuals 371
Tax Planning Strategies for Individuals 374
Tax Credits 379
Personal Tax Credits 379
Gift Taxation and Trusts 388
Federal Gift Tax and Trusts 388
Federal Taxation of Entities 395
Corporate Taxation 396
Formation of a Corporation 396
Corporate Income 401
Accounting Methods and Periods - Corporations 405
Special Corporate Deductions 408
Penalty Taxes 413
Taxation of Related Corporations 417
Distributions from a Corporation 420
Corporate Redemptions and Liquidations 424
Corporate Reorganizations 430
Multijurisdictional Tax Issues 436
State and Local Taxation 436
Taxation of Foreign Income 441
Tax-Exempt Entities 449
Tax-Exempt Organizations 449
Partnership Taxation 452
Formation and Basis 452
Flow-Through of Income and Losses 459
Transactions with Partners 463
Partnership Distributions 466
Sales and Terminations 471
S Corporation Taxation 475
Eligibility, Elections, Terminations 475
Income and Basis 478
Distributions and Special Taxes 483
Tax Credits 486
Business Tax Credits 486
Other Tax Issues 491
Tax Planning Strategies for Business Entities 491
Business Entity Choice 493
Index 497
