CPA Regulation (REG)

Certified Public Accountant Regulation (REG) covers ethics, federal tax procedures, business law, and professional responsibilities for aspiring CPAs.

Ethics and Professional ResponsibilitiesBusiness Law FundamentalsFederal Taxation: Individuals
Corporate and Partnership TaxationFederal Taxation: Property TransactionsFederal Tax Procedures and Representation
Advising Small BusinessesTax Planning for Individuals and FamiliesResolving IRS Disputes
Time Management for the REG ExamEffective Study Techniques
Ethics and Professio...Business Law Fundame...Federal Taxation: In...Corporate and Partne...Federal Taxation: Pr...Federal Tax Procedur...Advising Small Busin...Tax Planning for Ind...Resolving IRS Disput...Time Management for ...Effective Study Tech...
Basic Concepts

Federal Taxation: Individuals

Federal Tax Basics for Individuals

Individual taxation is a core area for CPAs. It includes understanding how income is taxed, what deductions and credits are available, and how to file tax returns accurately.

Key Concepts

  • Gross Income: All income from whatever source derived, unless excluded by law.
  • Adjustments: Specific expenses that reduce gross income to arrive at Adjusted Gross Income (AGI).
  • Deductions: Standard vs. itemized deductions reduce taxable income.
  • Credits: Reduce tax liability directly, such as the Child Tax Credit.

Filing Status and Calculations

The taxpayer’s filing status (single, married, head of household) determines tax brackets and standard deduction amounts.

Real-World Scenarios

CPAs help individuals maximize refunds or minimize taxes owed by identifying all eligible deductions and credits.

Quick Tip

Staying up to date with IRS changes is crucial—tax laws can change yearly.

Examples

  • Helping a client claim the earned income tax credit.

  • Determining whether a client should itemize deductions or take the standard deduction.

In a Nutshell

Individual taxation involves reporting income, claiming deductions, and minimizing tax liability within IRS rules.

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Corporate and Partnership Taxation