Passed RTRP

[Kram BergGold]

I made the decision not to study for the test. As I found the test to be easy I clearly made the correct decision. I finished with 20 minutes to spare.
The only thing I did prior to the test was, I read an article in the Spring 2012 NATP Journal by Connie Staton in which she suggested to answer all 120 questions and mark those that I was not sure of and then go back and research them. This really is the way to do it.
The circular 230 questions were a problem but the tax questions for the most part were easy and the trick ones or difficult ones I was able to use Pub 17 or 1040 instructions to find the answers. The index for Pub 17 was helpful.
Taking the test on the computer was not a problem. as a matter of fact it made things easier when it came time to change an answer.

[veritas]

You are not

I made the decision not to study for the test. As I found the test to be easy I clearly made the correct decision. I finished with 20 minutes to spare.
The only thing I did prior to the test was, I read an article in the Spring 2012 NATP Journal by Connie Staton in which she suggested to answer all 120 questions and mark those that I was not sure of and then go back and research them. This really is the way to do it.
The circular 230 questions were a problem but the tax questions for the most part were easy and the trick ones or difficult ones I was able to use Pub 17 or 1040 instructions to find the answers. The index for Pub 17 was helpful.
Taking the test on the computer was not a problem. as a matter of fact it made things easier when it came time to change an answer.

an EA or CPA?

[Burke]

The circular 230 questions were a problem but the tax questions for the most part were easy.

Can you expand on this re: the Circular 230 questions?

[Kram BergGold]

Responses

I am not an EA or CPA. If I was, I would not have taken the test. I can't go into details about the Circular 230 questions. That is a prohibited activity.

[Dusty2004]

I agree with Kram.

I am not an EA or CPA. If I was, I would not have taken the test. I can't go into details about the Circular 230 questions. That is a prohibited activity.

As for Cir 230 questions - read Cir 230 once and you will be good to go (in my opinion). If you are good at 1040's you will have no problem with the test.

Dusty

[veritas]

I'm surprised

I am not an EA or CPA. If I was, I would not have taken the test. I can't go into details about the Circular 230 questions. That is a prohibited activity.

You should take the EA test. You seem more than qualified.

[Kram BergGold]

Why no EA

I don't prepare Corporate or Partnership Returns so the EA test would be a problem for me.

[okie1tax]

EA test

Kram, you don't need to know how to corporate or partnership returns, you need to know how to take the test. Yeah, you do need to study some things about business returns, but if you had no problems with the RTRP it will not be a hugh leap. Knowing how the questions read is the most important thing... and apparently you do. GO FOR IT!

[Lion]

I agree. You have your RTRP to fall back on. But, an EA allows you POA which is a huge time-saver in dealing with the IRS.

The hardest part of the EA exam is the Circ 230 questions, and you passed that on the RTRP exam. The partnership and corporation questions have a lot to do with basis, but that's something you work with re Sch E, C, F, sale of a home, trade-in of a car, lots of your clients. You have seven months before next tax season. You can take one part at a time, if you choose. Why not take parts one and three while test taking is fresh on your mind?

Go for it !!

[WhiteOleander]

Actually, there are some that believe that the fact you don't currently prepare entity returns could be beneficial for you. As you take the test, you aren't as inclined to read real life issues into the questions. And, it's true, basis, basis, basis. Of course, that's not all, but the IRS loves to ask those questions.

[AZ-Tax]

EA Pt 3 rather easy, Pt 2 rather tough

The hardest part of the EA exam is the Circ 230 questions, and you passed that on the RTRP exam.Go for it !!

EA Circ 230 questions I found to be rather easy. Part 2 of EA I found tough.

[Y2KEA]

KBG, go for it.

If you want to be an EA that is.

I took the SEE in 1999. I had no experience with entity preparation prior to the exam. I had started working for a major storefront prep firm in 1996. I used their CE program to take as many entity classes as I could squeeze into my free time while working 40+ hours per week. This included a SEE prep course they offered.

Not to hijack your thread, but the following is an actual question from part 3 of the exam.
In the old days when OPR administered the exam, it was not unusual for them to come out later & give credit for questions which were confusing, muddled or their supposed answer was just plain wrong. This was not one of those questions but perhaps it should have been.

You get one point for answering correctly & you get 2 points for telling me what is wrong with the question.

And everyone please let Kram answer before you jump in . Remember, no calculators allowed.


In 1998, CPA’s, Inc., a corporation owned entirely by its employees, all of whom
are certified public accountants, performing only services in the accounting
profession, had taxable income of $110,000. The corporation has never exceeded
$5,000,000 in gross receipts.

Excerpt from 1998 corporate income tax rates schedule:

Income % on Of amount
At least But not over Pay + Excess over ---
- 0 - 50,000 - 0 - 15% - 0 -
50,000 75,000 7,500 25% 50,000
75,000 100,000 13,750 34% 75,000
100,000 335,000 22,250 39% 100,000

Which of the following is correct?
A. $26,150
B. $17,150
C. Alternative minimum tax preference and adjustment information required.
D. $38,500

[Kram BergGold]

C?

AS the question makes no sense, maybe you left out a line I would say C.

[Burke]

I can't go into details about the Circular 230 questions. That is a prohibited activity.

I really wasn't looking for details or examples. I was just curious as to why you thought they were hard. Convoluted? A-Z Tax said he thought they were easy. So I guess its your perspective.

[zeros]

Drake -RTRP Study Course

I decided to sign up for this course and see how well I could do. The study is quite in-depth. They have 6 domains of study and each domain has various subjects within it with a exam at the end. Also, a final exam for all the domains. I haven't taken the final yet. Many of the areas of study I do not get involved with in preparing returns, and other areas the program figures these out for me as you know. So I, maybe many, depend on the program to figure it out and not have a true understaning of it myself. One part of the study involved payback of the First Time Buyer Credit. Some differences if you purchased in 2008 and 2009. In what instances would you be required to pay back the credit? Another area of study was the AMT and what are the add-backs? I thought it was complicated.

You can take the practice exam (Drake) and final over and over again so that might help. I guess I would recommend to take some kind of course before the IRS one.

I believe one of the points in passing is reading the question carefully and correctly.

My two cents worth.....