Online Course Syllabus AC450a: Income Tax

Transcription

1 Online Course Syllabus AC450a: Income Tax Important Notes: This document provides an overview of expectations for this online course and is subject to change prior to the term start. Changes may also occur during the term due to faculty or SPS Distance Learning course updates. Some links may only be active once the term starts. For this course you must check the Regis Bookstore: for the most current online course material information. Course Description Prerequisites Course Outcomes Course Outline Required Course Materials Grading Criteria COURSE DESCRIPTION This course serves as an initial introduction to federal taxation and covers basic tax concepts and the income taxation of individuals. Areas to be covered are: The United States federal tax system, income tax, gross income, deductions and losses, cost recovery, calculation of tax, credits, and payments, property transactions, and special situations. This course is primarily about federal individual income tax law and focuses on the conceptual principles of taxation and its application to individuals and businesses and not the mechanics of income tax filing and form preparation. COURSE PREREQUISITES AC 320A - Principles of Accounting I. AC 320B - Principles of Accounting II. COURSE OUTCOMES Upon completion of this course, participants will be able to: Understand structure and origin of tax law including economic, social, equity and political considerations; conduct basic research; understand the levels of authority; identify the different taxes imposed at federal, state, and local levels; familiarization with tax forms. Apply factual situations in order to file individual tax returns and the components of the federal income tax formula; understand filing requirements, filing status, and eligibility for dependency deductions and exemptions. Recognize tax planning opportunities associated with the income tax formula. Identify income that is included and excluded from taxation and statutory authority requirements; understand how various methods of accounting affect tax reporting; understand various forms of income including economic, accounting, and tax concepts.

2 Understand and differentiate the deductions for gross income and deduction from gross income; identify and understand itemized deductions; understand the concept of limitations on deductions. Apply the Internal Revenue Code deduction disallowance provisions. Understand deductions related to sole-proprietorships and distinguish between employee and self-employed status; understand business bad debts and the basics of net operating losses including carryback and carryforward provisions. Distinguish between deductible and nondeductible losses of individuals and likewise for education expenses and other personal expenses. Understand the rationale for the cost consumption concept and identify the relevant time periods for depreciation, ACRS, and MACRS. Identify listed property and limitations as well as intangible assets and amortization and Section 179 expensing election. Understand half-year and mid-quarter cost recovery differences. Distinguish at-risk passive loss limitations and material participation rules. Understand basics and calculate AMT; understand items that may lower AMT; understand tax-deferred and non-taxable exchange basics; review the Schedule K-1 s received from flow through entities and their impact on the tax return. Understand and identify tax credits; understand the eligibility requirements for claiming various credits; understand withholding and estimated payment procedures; understand procedures for filing extensions of time to file tax returns. Understand and define a capital asset including Section 1231,1245 and 1250 property; understand the calculation gain or loss on sale of capital assets; understand cost recovery methods used for tax reporting; understand the concept of holding periods as applied to capital assets and recapture provisions. COURSE OUTLINE Summarized below are course topics by week: Week 1: The United State Federal Tax System Week 2: Income Tax Week 3: Gross Income Week 4: Property Transactions Week 5: Deductions and Losses Week 6: Deductions and Losses Continued Week 7: Calculation of Tax, Credits, and Payments Week 8: Special Situations COURSE MATERIALS

3 Textbook Hoffman, William H., Smith, James E., and Willis Eugene. West Federal Taxation Individual Income Taxes (2007 Edition). South-Western College Publishing; ISBN -10: Recommended Supplement Hoffman, William H., Smith, James E., and Willis Eugene. West FederalTaxation Individual Income Taxes Study Guide (2007 Edition). South-Western College Publishing; ISBN Optional Resources Internet: Chapter resources Flashcards Interactive Quiz Internet Activities Key Terms Learning Objectives Book Resources NewsEdge - delivers live tax news and company data from the world's leading news sources. Online Newsletter news and analysis of interest Pronunciation Glossary RIA Checkpoint Student Edition Online Tax Research Database Tax Table GRADING POLICY You will be evaluated on fulfilling course objectives and meeting deadlines. Accuracy, timeliness, and clarity of presentation will be factors considered as assessment components

4 when grading assignments. Grade Structure Suggested Evaluation Criteria: Weekly homework assignments Forum discussion assignments Midterm examination Final examination Total 100% Letter grades will be awarded according to the number of points earned as indicated in the following scale: Letter Grade Numerical Grade Range Quality Points Description A Outstanding Scholarship A B B Superior Work B C C Satisfactory C D D Unsatisfactory D F Below Failure Incomplete ("I/F") grades: Only in extreme emergencies will a student be given an incomplete grade. An incomplete grade results when a student is unable to complete any exam by the last day of class, or turn in assignments that would otherwise result in a passing grade, DUE TO EXTENUATING CIRCUMSTANCES. The reason supporting such a grade MUST be provided to the instructor, IN WRITING, before the last day of class. In all cases, the incomplete grade will indicate an "F" status. If the grade is approved, the requirements must then be completed within the following 30 days. Failure to complete the requirements within this time frame will result in a permanent grade of "F." Although not mandatory, missing homework assignments, still eligible for partial credit, should also be completed during this time. Please note that the instructor will be occupied with other courses during succeeding terms and WILL NOT be available for help after the end of the current term. Week 1 AC450a Introductions: By Wednesday: Post a message to the Discussion Forum under Introductions introducing yourself, your accounting experience and what benefit(s) you would

5 like to receive from the course. Please post your response by Thursday EOD of Week One and post responses to your classmates by Monday EOD of Week Two. Complete Week-by-Week online content for Week One. Textbook: Chapter 1 required: Questions 6 & 7; Chapter 2 required: Question 44; Chapter 3 required: Questions 2,3,4,7,18,19,20; Problem 3 28,32, TurboTax 54 Submit all homework as an attachment in either MS Excel or Word to your facilitator no later than end of day (EOD) Monday of Week Two of the class. Week 2 Please post your response to the following questions in the Forum by Thursday EOD of Week Two and post responses to your classmates by Monday EOD of Week Three. Complete Week-by-Week online content for Week Two. Textbook: Chapter 4 required: Questions 3, 6, 11, 21; Problems 4 26, 30 and TurboTax 59. Chapter 5 required: Questions 7,11,15; Problems 5-31,33,37,38 and TurboTax 59. Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Three of the class. Week 3 Please post your response to the following questions in the Forum by Thursday EOD of Week Three and post responses to your classmates by Monday EOD of Week Four. Complete Week-by-Week online content for Week Three.

6 Textbook: Chapter 6 required: Questions 4, 5, 8, 24; Problems 6 34, 37 and TurboTax 62. Chapter 7 required: Questions 1, 27; Problems 7-33, 47, and TurboTax 59. Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Four of the class. Week 4 Please post your response to the following questions in the Forum by Thursday EOD of Week Four and post responses to your classmates by Monday EOD of Week Five. Complete Week-by-Week online content for Week Four. Textbook: Chapter 8 required: Problems 8-26,27,28,30,31,36,37,39 and TurboTax 58. Chapter 9 required: Problems 9-39,41 and TurboTax 50 Part 1. Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Five of the class. Exam Complete the online examination covering the material from weeks 1-4 (Chapters 1-8) by EOD Monday of Week Five of class. Week 5 Complete Week-by-Week online content for Week Four. Textbook: Chapter 10 required: Problem 46 and TurboTax 49. Chapter 11 required: Problems 50 and 51. Week 6 Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Six of the class.

7 Week 7 Complete Week-by-Week online content for Week Six. Textbook: Chapter 12 required: TurboTax 64. Chapter 13 required: 55 Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Seven of the class. Week 8 Complete Week-by-Week online content for Week Seven. Textbook: Chapter 14 required: 29,30, 33. Chapter 15 required: 29, 32, 52. Submit all homework as an MS Excel attachment to your facilitator no later than EOD Monday of Week Eight of the class. Complete Week-by-Week online content for Week Eight. Textbook: Chapter 16 required: 9, 26; Chapter 17 required: 34, 36 Submit all homework as an MS Excel attachment to your facilitator no later than EOD Sunday of Week Eight of the class. Exam Complete the online examination covering the material from weeks 5-8(Chapters 9-17) by EOD Friday of Week Eight of class. Please contact techsupport@regis.edu if you need assistance or to report any problems Regis University. All rights reserved.