Book Description

CPA Taxation and Regulation (REG) is a comprehensive and authoritative guide designed for individuals preparing for the Certified Public Accountant (CPA) exam or seeking to enhance their understanding of taxation and regulation. This book covers all the essential topics required to excel in the REG section of the CPA exam, providing a solid foundation in ethics, duties, taxes, business law, and federal taxation. In Area I, readers delve into the ethical and professional responsibilities of CPAs, gaining insights into the code of conduct, independence, due care, and confidentiality. The section also explores the various taxes imposed on individuals and businesses, including income tax, sales tax, property tax, and employment tax. With detailed explanations and practical examples, readers develop a strong understanding of tax compliance and planning strategies. Moving on to Area II, the book explores business law, covering essential topics such as contract law, agency relationships, and negotiable instruments. Readers learn about legal forms of business entities, including partnerships, corporations, and limited liability companies, and gain an understanding of their advantages, disadvantages, and regulatory requirements. Area III focuses on the federal taxation of property transactions. Readers explore the tax consequences of acquiring, holding, and disposing of property, including real estate, stocks, bonds, and other investments. The section covers topics such as depreciation, capital gains and losses, and like-kind exchanges, equipping readers with the knowledge to navigate complex tax rules and optimize tax outcomes. In Area IV, readers delve into the federal taxation of individuals. They gain a comprehensive understanding of the tax treatment of various types of income, deductions, and credits. The section covers topics such as filing status, exemptions, itemized deductions, and the alternative minimum tax. With a focus on practical application, readers learn to prepare individual tax returns and provide tax planning advice to clients. Finally, in Area V, readers explore the federal taxation of entities. This section covers the taxation of partnerships, corporations, S corporations, and trusts. Readers learn about the formation, operation, and dissolution of these entities, as well as the tax implications they face. The section also covers topics such as accumulated earnings tax, passive activity losses, and tax-exempt organizations.