Written By Guest Blogger Amy W.
I have set my date with Prometrics to take the EA Exam: July 28, 2012! It sounded like a lot of time when I first set the date, but there are other considerations: I have a party to throw to celebrate my son’s 21st birthday, out-of-town guests coming to visit, and work projects to complete. It will be challenging to free up study time each day.
I’ve drawn up a review plan that covers all twenty study units in three weeks. This review plan will make sure I’m up to speed on concepts. In addition, I am creating a list of items that simply have to be memorized. I don’t enjoy hardcore memorization (seems unnecessary in this day and age of instant information), so I like to find ways to help the memorization process. For example, the list of items that can make up an S-Corp distribution are, in order, the Accumulated Adjustment Account, Previously Taxed Income, Earnings and Profit, and Other Adjustment Account. After that, distributions are Return of Capital and then Capital Gain. So that’s A P E O R C, which I remember as Ape-Orc. (I told this to a fellow tax person recently who asked, “What’s an Orc?” Really?
Today I’m working on memorizing the General Business Credits in order of their percentages. So that’s Rehab of Buildings (10% and 20%), Research (20%), Child Care (25%), Insurance (35%), Workforce (40%), Disability Access (50%) and Pension Costs (50%): R R C I W D P. I’m still looking for a good mnemonic for this one.
I’m a woman with a mission, a test date, and a battle plan. Three weeks and counting!