If you’re like me, you may have a certain distaste for tax. I never found tax to be as intuitive as other competencies and perhaps it’s because I have an overall aversion to memorizing rules and regulations in general. This, of course, led me to spend a lot of time studying tax out of the fear that I’d be the one guy to fail because I couldn’t score that one or two RC in tax. Luckily I was not. Here are some ideas to keep in mind and to help mitigate the damage.
You only need an RC
The rule is you always strive for the C. But a handy thing to keep in mind is that in reality, if worst case scenario happens, you can get away with only scoring an RC in tax in order to pass. I’ve generally found that there is at least one indicator where you can get an RC in tax, even if it’s your weakness. Again, I’ll remind that something like 96% of people pass at this Level so from that you can see that there has always been a reasonable way to pass tax.
Remember to use your time well
Many that feel weak in tax tend to invest too much time when they write tax competencies. Remember that your overall response has to be good and you don’t want to spend outrageous amounts of time on one aspect of it. Like I said above, there is usually at least one place where you can get a reasonable tax mark.
This goes as well for tax experts. Remember this is the UFE so you don’t need to show off everything you know about tax. Stay focused and respond to what’s necessary and move on.
Go back to basics when in trouble
If you start getting into trouble and you have no idea what to write, go back to basics. Often you just need to id issues in tax to grab an RC. Recognize that there is tax issue and offer basic advice from what you know.
I hate going into this thing but if it’s an issue you could easily search then use those keywords and see if you can quickly get anything that might help out of there.
Maybe it was the once in a blue moon, but I remember I was able to dig up rules around Personal Use Property (PUP) and Listed Personal Property (LPP) on SOA/UFE. There are a number of such issues that could potentially arise.
What other tips do you have to get through tax?