The Regulation (REG) section is a crucial element of the US CPA course (the Exam) and tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to – U.S. federal taxation – U.S. ethics and professional responsibilities related to tax practice – U.S. business law The majority of the REG syllabus is devoted to taxation among these topics. The section is designed to provide tax information to CPA professionals and students (personal, corporate, or partnership).
Test-takers must show that they understand the professional and legal responsibilities of certified public accountants, as well as the legal implications of business transactions as they relate to accounting, auditing, and financial reporting. This section deals with federal and widely adopted state laws. You must show that you understand the rights, duties, and liabilities of debtors, creditors, and guarantors as well as the audit and appeals process employed by the Internal Revenue Service (IRS). This section also covers the alternative minimum tax and both estate and gift taxation.
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