COURSE SYLLABUS: INCOME TAX ACCOUNTING I

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1 Term: Fall 2013 (2013-1) COURSE SYLLABUS: INCOME TAX ACCOUNTING I Course #: ACCT 450X Instructor: Deanne M. Shimala, CPA Phone #: dshimala@ccsj.edu Hours (Available): Thursday 6:30 7:00 p.m. Instructor Background: Deanne is an Adjust Instructor at Calumet College of St. Joseph. She earned her Master s degree in Taxation (MST) from DePaul University in Chicago, Illinois and her Bachelor s degree in Accounting from St. Joseph s College in Rensselaer, Indiana. She is a Registered CPA in Illinois and a member of the American Institute of Certified Public Accountants. Deanne has taught live and online courses at CCSJ since In addition to teaching, Deanne provides accounting consulting services to various clients. She has previously held the following professional positions: public accountant in the auditing and tax field, Tax Director of a national insurance company, Controller of a not-for-profit community organization, and VP of Business and Finance for CCSJ. Course Time/Classroom #: Thursday evenings: 7:00 10:00 p.m. (September 5 December 12), Room 205 Course Description: These courses are designed to familiarize the student with the federal income tax laws through lectures and practical problems. They are devoted to an intensive study of the income tax laws as they apply to individuals, partnerships, and corporations. Prerequisites: ACC 210, 211 Learning Outcomes/ Competencies: Students successfully completing this course will be able to: 1. Use the tax formula, determine filing status and correct number of personal and dependency exemptions, and compute an individual s taxable income. 2. Apply the taxation rules to determine whether items such as compensation, dividends, alimony, and pensions are taxable. 3. Determine whether an item is income. 4. Determine the realized gain or loss from the sale or disposition of property. 5. Distinguish between deductions from and for AGI. 6. Identify the different types of itemized deductions. 7. Identify transactions that may result in losses or bad debts. 8. Determine the proper classification and deductibility of travel expenses. 9. Discuss the tax treatment and requirements for various deferred compensation arrangements. 10. Classify property and calculate depreciation under pre-acrs, ACRS, and MACRS rules NEW YORK AVE. WHITING, IN TEL FAX

2 Page2 11. Explain the rules for adopting and changing an accounting period. 12. Understand the tax consequences arising from a like-kind exchange. 13. Understand the tax treatment for sec. 1231, 1245, and 1250 property. 14. Prepare a typical tax return. Textbooks and Other Resources: Prentice Hall s Federal Taxation 2014 Comprehensive, Rupert / Pope / Anderson, ISBN: Basic calculator No cell phones allowed for utilization of the calculator app Learning Strategies: Lecturing, collaborative learning, practicing realistic tax scenarios, preparing tax returns Assessment: Exams Chapter quizzes Tax returns Class participation/collaboration/attendance Chapter problems 50% of grade 15% of grade 15% of grade 10% of grade 10% of grade Class Policy for Assignments: Students will be assigned chapter problems and tax return projects throughout the term. Assigned chapter problems will be discussed in class. It is imperative that each student read the assigned chapters AND work through ALL the problems PRIOR to coming to class so that questions may be asked and/or clarification may be provided. Students are allowed to work through the problems with classmates; however, each student must come to class with the work individually documented. While the problems will not be turned in for individual grading, Professor Shimala will walk around the classroom to ascertain that they have been attempted and to properly record the day s Chapter problems grade. Tax returns are due at the beginning of class. They are individual assignments. Students are NOT allowed to work through the returns with classmates. Because of the continuous flow of work between the students and the instructor and because students will do better work if they stay on schedule, LATE WORK IS NOT ACCEPTED. If a student is absent from class, the tax return or solutions to the tax returns must be submitted via to Professor Shimala prior to 7:00 p.m. on the assignment due date. Grading Scale: Grade Points A A B B B C C C D D D F 59 and below 2

3 Page3 Class Policy on Attendance and Participation: Intellectual growth and success in college is reinforced through interaction in the classroom. Students reach personal goals and course outcomes through regular and prompt attendance. Attendance at all class sessions is important. Points are earned for each class attended. Failure to attend class for the entire scheduled class time and/or failure to participate in the class discussion will result in a loss of points for the class participation/collaboration/attendance grade. In addition, lectures, discussions, videos and handouts may include material not covered in the text. Students are responsible for obtaining class notes, handouts and other information from classmates for any class time missed. It is NOT the responsibility of the instructor to provide such material again, following its initial class introduction. Class Policy on Exams and Quizzes: EXAMS: Attendance for scheduled exams is mandatory. Makeup exams will be considered ONLY with ADVANCE instructor approval, appropriate and supportive documentation and ONLY in cases of extreme personal hardship (as deemed by Professor Shimala). Exams are administered promptly at 7:00 p.m. Tardy students will NOT be provided additional time to complete their exams. QUIZZES: Each chapter contains a significant amount of tax law. To ascertain that students understand the material covered in each chapter prior to moving onto the next chapter, students must complete a chapter quiz in Blackboard for each chapter. Chapter quizzes are to be completed by the Tuesday evening (11:55 p.m.) subsequent to the material being covered in class. The quizzes will be available on Blackboard each week for a period of at least 4 days. Therefore, submission of late quizzes will NOT be allowed. The lowest quiz score will be dropped at the end of the term. Class Policy on Electronic Devices: Beepers, cell phones (including text messaging and other features) and other electronic devices are not appropriate for the classroom setting. Any form of electronic communication must take place outside of the classroom before or after class. A student found texting or using an electronic form of communication in class will lose 10% of their attendance grade per occurrence. A second occurrence on the same day may result in the student being excused from the class and a full loss of the day s attendance points. Any occurrence of any electronic form of communication during an exam will result in the student being asked to submit his/her exam for grading immediately. Course Outline: Class Date Class Topic Class Preparation Assessments September 5 Introduction to Course Read Chapter 1 CH 1 Quiz due 9/10 (BB) Outline. Complete Ch 1 Problems: Chapter 1 An Introduction to Taxation o 39-44, 46, 47 September 12 Chapter 2 - Read Chapter 2 CH 2 Quiz due 9/17 (BB) Determination of Tax Complete Ch 2 Problems: o 29-31, 34-37, 39, 41, 43, 46, 51, 56, 57 September 19 Chapter 3 Gross Read Chapter 3 TAX RETURN #1 due 9/19 Income: Inclusions Complete Ch 3 Problems: o 34-37, 39-41, 44-45, 47, 50, 52, 56 CH 3 Quiz due 9/24 3

4 Page4 Class Date Class Topic Class Preparation Assessments September 26 Chapter 4 Gross Read Chapter 4 Gross CH 4 Quiz due 10/1 Income: Exclusions Income: Exclusions Complete Ch 4 Problems: o 33-36, 38, 40, 42, 44, 47, 48, 51, 55 October 3 Chapter 5 Property Read Chapter 5 EXAM #1 (Ch 1 4) Transactions: Capital Gains and Complete Ch 5 Problems: o 33-39, 41, 43, 46, CH 5 Quiz due 10/8 Losses 47, 49, 52, 59 October 10 Chapter 6 Read Chapter 6 TAX RETURN #2 due 10/10 Deductions and Losses Complete Ch 6 Problems: o 33, 35, 36, 38, 40, CH 6 Quiz due 10/15 41, 44, 46, 48, 49, 51, 53, 56 October 17 Chapter 7 Itemized Read Chapter 7 CH 7 Quiz due 10/22 Deductions Complete Ch 7 Problems: o 36, 37, 40, 41, 43, 44, 46, 47, 49, 51, 53, 55, 59 October 24 Chapter 8 Losses Read Chapter 8 TAX RETURN #3 due 10/24 and Bad Debts Complete Ch 8 Problems: o 39, 41, 42, 44, 47- CH 8 Quiz due 10/29 50, 53, 54, 56, 58 October 31 Chapter 9 Employee Read Chapter 9 CH 9 Quiz due 11/5 Expenses and Deferred Compensation Complete Ch 9 Problems: o 52, 53, 56, 57, 59, 62-64, 66, 70, 73, November 7 Chapter 10 Depreciation, Cost Recovery, Amortization, and Depletion November 14 Chapter 11 Accounting Periods and Methods November 21 Chapter 12 Property Transactions: Nontaxable Exchanges 74 Read Chapter 10 Complete Ch 10 Problems: o 25, 27, 28, 30-35, 40, 45 Read Chapter 11 Complete Ch 11 Problems: o 37-39, 41, 43, 45, 48, 50-53, 56 Read Chapter 12 Complete Ch 12 Problems: o 26, 28, 30, 33, 36, 38, 40, 42, 43, 45, 48, 51 EXAM #2 (Ch 5-9) CH 10 Quiz due 11/12 TAX RETURN #4 due 11/14 CH 11 Quiz due 11/19 CH 12 Quiz due 11/26 4

5 Page5 Class Date Class Topic Class Preparation Assessments November 28 Chapter 13 Property Transactions: NO CLASS MEETING THANKSGIVING HOLIDAY CH 13 Quiz due 12/3 Section 1231 and Read Chapter 13 Recapture Complete Ch 13 Problems: o 32, 33, 35, 38, 39, 41, 43, 46, 48, 49, December 5 Chapter 14 Special Tax Computation Methods, Tax Credits, and Payment of Tax 54, 55, 60 Read Chapter 14 Complete Ch 14 Problems: o 42, 44, 46, 48, 49, 50, 51, 52, 54, 55, 60, 63 TAX RETURN #5 due 12/5 CH 14 Quiz due 12/10 December 12 EXAM #3 (Ch 10-14) The instructor reserves the right to change the above course outline. If a student is absent from a class session, it is his or her responsibility to contact the instructor regarding assignments. Student Success Center: The Student Success Center supports Calumet College of St. Joseph students through an interactive learning experience. Students work with tutors to develop course competencies and study skills such as time management, test preparation, and note taking. In addition, students are provided with tutoring support to help pass courses, to improve grade point average, and to promote continuing education and career advancement. Tutors have a specific charge: to help students learn how to master specific subject matter and to develop effective learning skills. The Student Success Center is open to all students at Calumet College of St. Joseph at no charge and is available to support academic courses at the introductory and advanced levels. For assistance, please contact the Student Success Center at or stop by room 413. The Supplemental Instruction (SI) Program is an academic support program designed to increase student performance and retention. The SI Program provides peer-assisted study sessions to aid students in academic courses that often prove challenging. Weekly study sessions are led by a supplemental instructor, a peer facilitator who helps students master course content and practice effective study skills. In SI sessions, students are provided with an opportunity to review lecture notes, clarify difficult concepts, discuss ideas, and study for tests in group settings. SI sessions are for students who need or want supplemental instruction in courses in which SI support is provided. Students may attend as many sessions as they deem helpful. For more information regarding the SI Program, contact the Academic Support Programs Office at Statement of Plagiarism: If an instructor or other Calumet College of St. Joseph personnel find that a student has plagiarized or been involved in another form of academic dishonesty, the instructor or other personnel may elect to bring the matter up for judicial review. The maximum penalty for any form of academic dishonesty is dismissal from the College. The procedures for judicial review are listed under the section of CCSJ handbook that addresses student grievances. PLEASE NOTE: All papers can and may be submitted for checks on plagiarism from the Internet/Electronic sources/databases. Citation Guidelines: Calumet College of St. Joseph uses citation guidelines, generally MLA or APA format, to document sources quoted or paraphrased in student papers. Check the syllabus for each course to see what each instructor requires. The Library has reference copies of each manual; the Bookstore has copies for sale when required by the instructor. In 5

6 Page6 addition, there are brief MLA and APA checklists in your spiral Student Handbook and Planner and on the Library website and literature rack. These texts show how to cite references from many sources, including electronic media, as well as how to space and indent the Works Cited and References pages respectively. EBSCO and ProQuest articles provide both formats for you to copy and paste. Proper documentation avoids plagiarism. Withdrawal from Classes Policy: After the last day established for class changes has passed (see College calendar), students may withdraw from a course in which they are registered and wish to discontinue. A written request detailing the reason(s) for the withdrawal must be completed with the Office of Academic Advising and filed with the Registrar. The Office of Academic Advising must receive written request for withdrawal by the last day of classes prior to the final examination dates specified in the catalogue. Written requests should be submitted in person or, when an in-person visit is not possible, may be mailed to the Office of Academic Advising, ed, or faxed to Students are to make note of the refund schedule when withdrawing from courses. If the request requires instructor approval per the College calendar, it must be forwarded to the faculty member, who makes the final determination to accept or deny the request. If the request is honored by the faculty member, the student will receive notification of official withdrawal from the Registrar after meeting or speaking with a member from Academic Advising, Financial Aid and Athletics (if applicable). These departments will notify the student of academic, financial, and athletic eligibility effects of a possible withdrawal. If the request is denied by the faculty member, the notification will indicate why the withdrawal is disallowed. Please note that if the request does not require instructor approval, the student must still meet or speak with a member from Academic Advising, Financial Aid and Athletics (if applicable) before the withdrawal will be processed. An official withdrawal is recorded as a "W" grade on the student's transcript. Discontinuing a course without a written request for withdrawal automatically incurs an "FW" grade for the course (see Refund Schedule). Failure to Withdraw (FW) is indicated when the student does not complete withdrawal paperwork with the Office of Academic Advising nor does the student notify the instructor of their intent to withdraw due to an illness, accident, grievous personal loss, or other circumstances beyond the student s control. This grade is submitted by the instructor at the end of term. Disability Services: Disability Services strives to meet the needs of all students by providing academic services in accordance with Americans Disability Act (ADA) guidelines. Students must meet with the Coordinator of Disability Services to complete an intake form in order to request an accommodation and/or an auxiliary aid (e.g., additional time for tests, note taking assistance, special testing arrangements, etc.). It is the student s responsibility to contact the Academic Support Programs Office to request an accommodation at least one month prior to enrollment for each academic term. Students who are requesting an accommodation and/or an auxiliary aid must submit documentation from a professional health care provider to verify eligibility under Section 504 of the Rehabilitation Act of 1973 and/or the Americans with Disabilities Act of The cost of obtaining the professional verification is the responsibility of the student. If a student believes that he or she needs a reasonable accommodation of some kind because of a physical, psychological, or mental condition, he or she should contact Disabilities Services. The Coordinator will secure documentation pertinent to the disability and work with faculty and staff, if necessary, to address the matter. All questions and inquiries pertaining to disability services should be directed to the Disability Services Coordinator at CCSJ Alert: Calumet College of St. Joseph utilizes an emergency communications system that transmits messages via text, , and voice platforms. In the event of an emergency, of weather related closings, or of other incidents, those students who are registered for the system shall receive incident specific message(s) notifying them of the situation. 6

7 Page7 Please sign-up for this important service at any time on the College s website. Alternatively, you can register at the time you register for classes. This service requires each user to register once per academic year. Therefore, at the beginning of each academic year, please remember to re-register for the system. This can be done at: School Closing Information: CCSJ Alerts: An emergency communications system that transmits messages via text, , and voice platforms. Please sign-up for this important service at any time on the College s website. This can be done at: Internet: Facility: Calumet College of St. Joseph Phone: Radio: WAKE 1500 AM WGN AM WIJE FM WLS 890 AM WZVN FM WBBM NEWS RADIO 78 TV Channels: 2, 5, 7, 9, 32 7