ACCOUNTING 2200-01

TAX ACCOUNTING

CLASS SYLLABUS - FALL 2013

(Subject to Change)

Instructor:Rick Serafini, CPA, CMA, MAC

Class time:T, TH: 8:00 – 9:15

Location:B 312

Email:

Office:A 327

Office phone:815-224-0392

Office hours:Monday8:45-9:15, 6:00-6:30

Tuesday 9:30-11:00

Wednesday8:45-9:15

Thursday9:30-11:00

Friday 8:15-9:15

Also By Appointment

TABLE OF CONTENTS

  1. Course Description
  2. Prerequisite
  3. Expected Learning Outcomes
  4. Required Materials
  5. Assessment of Student Learning
  6. Grading Scale
  7. Structure of Class
  8. Classroom Rules
  9. Instructor Expectations
  10. Assessment Guidelines
  11. Attendance Policy
  12. Late Submission Policy
  13. Extra Credit Policy
  14. Plagiarism & Cheating
  15. Special Needs
  16. Withdrawal Policy & Financial Aid
  17. Communicating with the Instructor
  18. Student Email
  19. On-line Requirements
  20. Assignments & Due Dates
  21. Class Schedule

I. COURSE DESCRIPTION

This course is designed to give the student an introduction into federal income taxation in the United States. Various topics are discussed including working with the tax law, determining gross income, deductions, tax credits, and property transactions.

II. PREREQUISITE

ACT 1210

III. EXPECTED LEARNING OUTCOMES

Upon successful completion of the course, the student will have covered;

●An Introduction to Tax

●Tax Compliance, the IRS and Tax Authorities

●Tax Planning Strategies and Related Limitations

●Individual Income Tax Overview

●Gross Income and Exclusions

●Individual Deductions

●Individual Income Tax Computation and Tax Credits

●Business Income, Deductions, and Accounting Methods

●Property Acquisition and Cost Recovery

●Property Dispositions

●Investments

●Compensation

●Retirement Savings and Deferred Compensation

●Tax Consequences of Home Ownership

IV. COURSE MATERIALS

REQUIRED - Taxation of Individuals, Spilker, 2014 Edition

CONNECT access code

V. ASSESSMENT OF STUDENT LEARNING

Point Distribution

Exams4630 points

Quizzes12150 points

Chapter Assignments12180 points

Comprehensive Questions5 40 points

Total 1,000 points

VI. GRADING SCALE

90% - 100%(900 – 1,000) ptsA

80% - 89%(800 – 899) ptsB

65% - 79%(650 – 799) ptsC

50% - 64%(500 – 649) ptsD

< 50%< 500F

The instructor reserves the right to apply a class curve to points awarded.

VII. STRUCTURE OF THE CLASS

Class time is important in the sense that we have a limited amount of time to cover a great deal of material; as such time is of the premium so we will try to stick to our schedule and cover the material in an organized fashion.

Class time will be split between lecture, both by demonstrating the concepts covered at the board as well as the use of PowerPoint slides and other visual aids. The material is very detailed and can be confusing so essentially my lectures are more of a “walk-through” of the chapter material. You should be prepared to take detailed notes and mark your text as I go along pointing out what I feel are important facts that you should concentrate on. We will also spend time examining the examples the author has scattered throughout the text. We will review these as we go along to be sure you have a sound understanding of each topic covered.

In addition, we will be working through some of the discussion questions that can be found at the end of each chapter as a supplement to my lectures. Finally, be sure to bring your homework with you that you completed in CONNECT since we will be reviewing the correct solutions in class the day following the due date of the assignment.

I encourage you to ask questions as we go along. Your participation will be of benefit not only to you but also to your fellow students as it is an aid in the overall learning process.

VIII. CLASSROOM RULES

A few rules for the classroom are;

1)All cell phones are to be turned OFF and PUT AWAY during class.

2)Professionalism - Professionalism is an important part of the business world and is demanded of those who choose accounting as their career. Part of the learning process involves understanding what is expected of you in class including your behavior and attitudes toward your instructor and fellow students. As part of this class you will be required to be respectful of others, to show courtesy, and to conduct yourself in a professional manner.

3)Promptness – You are expected to be in class ON TIME. If you arrive late it can be a distraction to others in class. I reserve the right to ask you to leave if you continue to arrive late for class.

IX. INSTRUCTOR EXPECTATIONS

The reading material in a typical tax course can be difficult and extremely detailed. Tax law is complicated and application of that law is dependent upon a number of factors unique to each situation. You will be required to familiarize yourself with a number of situations that require you to use your research and interpretive capabilities to properly apply the law as it relates to each problem.

We will be covering 14 chapters in total, or nearly one chapter per week. Each week you should at a minimum read through the complete chapter once, then go back and read the chapter again outlining those areas of the chapter that you feel are most important. Do not try to memorize all the various laws and regulations, instead attempt to gain an understanding as to how the laws are applied.

Exams will be open book; however you MUST understand the material and know how to apply the tax code given each situation. When preparing tax returns for the public, tax preparers have at their disposal various reference materials and their ability to find the appropriate tax code and apply that law to their situation determines their effectiveness as a preparer.

Likewise, in order to do well on the exams, you should have a sound understanding of the material and be able to quickly use your text as a resource guide to look up a particular area when answering a tax question. You must understand the material and how to find what you’re looking for in an efficient manner, much like real-world tax preparers.

You should also review solutions to the homework, quizzes, and problems each week. You will be required to use a great deal of self discipline in order to keep up with the assignments and be prepared for the four exams throughout the semester; therefore you should expect to devote (10) hours or more per week to the material and assignments. Some students may find that more or less time is required depending upon their grasp of the material.

X. ASSESSMENT GUIDELINES

(1)Chapter Assignments

You will have 14 chapter assignments with only the highest 12 counting. Questions will be in the form of problem solving. Each chapter assignment consists of around 12 problemsfor a total of 15 points. The due dates for all homework can be found under the file mentioned above entitled “Assignments and Due Dates”.

All submissions with the exception of chapter 2 will be made through the CONNECT program and will be graded automatically. The points assigned by CONNECT will be converted for each assignment to 15 points in Blackboard. Chapter 2 will be done using Word and submitted through Blackboard.

Answers to all of the chapter assignments will be made available in CONNECT one day after the due date of the assignment. To view the solutions to the homework go to your gradebook tab and click on the assignment after the due date; there you will see the correct solutions. This should be done after each assignment so you can see where you had difficulty and what areas you should go back and review. We will review the homework in class to give you time to ask questions and review your solutions. After reviewing the solutions, carefully go back to the text and make sure you understand where the author came up with his logic for the answer. Should you need further clarification on specific homework questions please contact the instructor.

(2)Quizzes

You will be required to complete aquiz for each of the 14chapters with the highest 12 scores counting. You may use whatever materials you need in order to complete the quiz. Each quiz is worth 12.5 points. The due dates for all quizzes can be found under the file mentioned above entitled “Assignments and Due Dates”.

All submissions will be made through the CONNECT program and will be graded automatically. The points assigned by CONNECT will be converted for each assignment to 12.5 points in Blackboard.

The quizzes will consist of multiple choicequestions on either theory or requiring you to do accounting calculations and will be similar to those questions you will find on your exams. You will be taking the quizzes using the CONNECT platform. Quiz solutions will be available in CONNECT one day after the due date of the assignment. To view the solutions to the quiz go to your gradebook tab and click on the assignment after the due date; there you will see the correct solutions. This should be done after each assignment so you can see where you had difficulty and what areas you should go back and review. Should you need further clarification on specific quiz questions please contact the instructor.

(3)Exams

There will be four exams totaling 630 points. The exams with their relative point value and coverage area are as follows:

Exam #1Chapters 1, 2, 3135 points

Exam #2Chapters 4, 5, 6, 7180 points

Exam #3Chapters 8, 9, 10, 11180 points

Exam #4Chapters 12, 13, 14135 points

Exams will be open book. A calculator will be provided to you for the exams.

Exams will consist of multiple choice with both theory and problem solving questions. Exams will have a time limit of 1 hour and 15 minutes per exam.

Your ability to complete the exams in a timely manner will depend upon how well you have mastered the chapter material that has been assigned to you.

Exams will be reviewedon the next scheduled class date. Should you wish to review the results with your instructor in detail please contact me and we can set up a time to meet.

(4)Comprehensive Questions

You will be assigned a total of five comprehensive questions throughout the course. These problems are more rigorous than the other chapter problems and you should give yourself extra time to complete them. The 5 problems are worth a total of 40 points.

XI. ATTENDANCE POLICY

You are expected to attend class regularly. It is imperative that you attend class as much as possible in order to improve your chances of success in this course.

In order to impress upon you the importance of attendance, you will be limited to the amount of absences allowed, both excused and unexcused, during the semester. There are a total of 32 class meetings with 23 prior to and including the withdrawal date and another 9 beyond that. You may not miss more than 5 classes for any reason during the period 8/20/13 to and including 11/05/13. If you do, the instructor reserves the right to withdraw you from class without prior notification!

As a final note, absences will negatively affect any borderline grades!

XII. LATE SUBMISSION POLICY

All assignments are due on the date indicated under the section entitled “Assignments and Due Dates” found in this Class Syllabus. ALL ASSIGNMENTS ARE DUE ON THE DATE IDENTIFIED IN THIS DOCUMENT WITH NO EXCEPTIONS WHATSOEVER. The following are specific guidelines for each of the assessment types:

(1)Chapter Assignments, Comprehensive Problems and Quizzes;

I realize that there can always be unforeseen circumstances outside of the control of the student which will make it impossible to meet a due date for a given assignment; therefore I will drop the (2) lowest chapter assignments, and the (2) lowest quiz scores. This will allow for most any unforeseen circumstances that might arise. No late submissions for the comprehensive problems will be allowed under any circumstances.

(2)Exams;

Exams are due on the date specified under “Assignments and Due Dates”. Reproduced here are the dates for each of the exams;

Exam 109-05-13

Exam 210-08-13

Exam 311-12-13

Exam 412-10-13

There will be no makeup tests unless the student contacts the instructor before the date shown above for each of the exams. If the student does not contact the instructor before this date they will receive a zero (0) for that exam! If the student does contact the instructor with a legitimate reason as determined by the instructor as to why they cannot take the exam during the time allotted, the student will be granted a 1 day extension. This will be done only under extreme circumstances!

I reserve the right to give the student a completely different exam in the case of a makeup. The makeup exam will be dropped off at the Assessment Center by 8:00AM following the date of the scheduled exam. It is the student’s responsibility to contact the Assessment Center to make arrangements to take the exam by the next school day. Please call the Assessment Center at 815-224-0542 to make the necessary arrangements.

THERE WILL BE NO EXCEPTIONS BEYOND THIS POLICY FOR ANY REASON!

XIII. EXTRA CREDIT POLICY

No extra credit is given in this course; however the instructor reserves the right to add additional assignment(s) as extra credit should it be considered beneficial to the learning process.

XIV. PLAGIARISIM AND CHEATINGATTENDANCE POLICY

Plagiarism involves using another person’s exact words or thoughts without citing the source in your work. Plagiarism is therefore an illegal act that constitutes a type of theft from another individual. Such actions are not tolerated in the business world and will not be tolerated in class. Whenever exact quotes are used, citing the source of the original material is required. IllinoisValleyCommunity College prohibits plagiarism in any form. Students found plagiarizing or cheating in any way will result in automatically failing the course and/or dismissal from the college.

XV. SPECIAL NEEDS

This course is designed to support a diversity of learners. My hope is to create a safe environment for all students. If you want to discuss your learning experience, please talk to me as early in the term as possible. If you know you have, or suspect you have a disability (learning disability, physical disability, or psychiatric disability such as anxiety, depression, bipolar disorder, AD/HD, post-traumatic stress, or others) for which you may need accommodations, please contact the Disability Services Office in B-204. Tina Hardy , 224-0284) or Judy Mika or 224-0350) work in that office and can help determine if you are eligible for support.

XVI. WITHDRAWAL POLICY AND FINANCIAL AID

You may be withdrawn from the class in one of two ways;

Instructor initiated – Based on the attendance requirement outlined above, I reserve the right to withdraw a student from class without prior notification if the student misses the number of classes identified under the Attendance Policy outlined above.

Student initiated -Effective Summer 2011, students will have the ability to initiate a withdrawal from classes. By completing the form in the Records Office or at the student is authorizing IVCC to remove him/her from the course. Entering the student ID number serves as the student’s electronic signature. IVCC has the right to rescind a withdrawal in cases of academic dishonesty or at the instructor’s discretion.

Students should be aware of the impact of a withdrawal on full-time status for insurance purposes and for financial aid. It is highly recommended that students meet with their instructor or with a counselor before withdrawing from a class to discuss if a withdrawal is the best course of action for that particular student.The last day to withdraw for this class is November 6, 2013. Any student who has not withdrawn from the class after this date will receive a letter grade!

XVII. COMMUNICATING WITH THE INSTRUCTOR

The instructor’s contact information is listed above. You may contact me by phone, in person or email. Whenever contacting the instructor using email, be sure to place your full name in the subject line along with your class number and section. Contact by email is limited over the weekend and evenings.

XVIII. STUDENT EMAIL

Please note: Effective Summer 2011, all students will be responsible for checking their IVCC email. All electronic college correspondence will only be sent to the IVCC email. For information on accessing this account, go to

XIX. ON-LINE REQUIREMENTS

BLACKBOARD

I will enroll you in Blackboard based on the class roster. While the use of Blackboard is optional unless stated as otherwise for this class, I will provide and make available to you certain materials, communication, grades, and course documents, through Blackboard.

Please be sure to check Blackboard often for announcements from me concerning important information for this class. Also, please make sure to verify that your student email account is working. Important announcements may also be emailed to you through Blackboard. It is the student’s responsibility to insure that their student email is correct and working properly.

CONNECT

All homework (with the exception of the chapter mentioned above), quizzes, and comprehensive problems will be completed using the on-line learning platform CONNECT offered through the publisher. Please see separate instructions for registering and accessing this system under Course Documents.