University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting and Finance
ACC 420: Federal Tax Concepts
Tentative Syllabus for FALL 2013, Last updated July 13, 2013
T / R 2:00 - 3:15PM in Bryan 112
T / R 3:30 - 4:45PM in Bryan 206
Instructor
Office Location
Office Hours
Office Phone
Email
Jenna Meints
Bryan 339
Tuesdays and Thursdays 12:30-1:30PM, or by appointment
336-334-4527
jmmeints@uncg.edu
Prerequisite
ACC 318, Intermediate Accounting I, or equivalent, with a grade of C or better
Course Description
The goal of this course is for you to be able to recognize and to analyze issues that carry tax
implications for individual taxpayers. This course will cover technical details of various tax laws.
You will utilize tax research resources. You will prepare individual federal income tax returns
with tax software. You will present tax information to your class colleagues.
Course Objectives
By the end of the course, you should be aware of the tax treatment surrounding the following.
1. Filing status, standard deduction, personal exemptions, dependency exemptions, filing
the return, tax rates, tax rate tables/schedules, and tax rate computation.
2. Definition of gross income, year of inclusion, income sources, items specifically
included in gross income.
3. Items specifically excluded from Gross Income.
4. Classification of deductible expenses, timing of expense recognition, and disallowance
possibilities.
5. Personal casualty gains and losses, personal thefts.
6. MACRS depreciation, ACRS, amortization, depletion, and concepts relating to
depreciation.
7. Transportation expenses, moving expenses, education expenses, entertainment and meal
expenses, other employee expenses, self-employed expenses, retirement plan
contributions, accountability of the reimbursement plan, and the 2% floor on certain
itemized deductions.
8. General classification of expenses, medical expenses, taxes, interest, charitable
contributions, and miscellaneous itemized deductions.
9. Tax policy considerations, individual tax credits, specific business-related tax credits,
other tax credits, and tax payments.
ACC 420: Fall 2013 syllabus page 1
10. Determination of gains or losses, basis considerations, concept of nontaxable exchanges,
like-kind exchanges, involuntary conversions, personal residence sale, and other
nonrecognition provisions.
11. Rationale behind separate reporting of capital gains and losses, capital assets,
sales/exchanges, capital gains and losses tax treatment, Section 1231 assets, Sections
1245 and 1250 recapture, special recapture provisions.
12. Individual AMT and basics of corporate AMT.
In addition, you should be able to …
1. …utilize tax software to complete tax returns.
2. …utilize tax research resources.
3. …identify tax issues in the media.
4. …prepare and deliver an oral presentation.
Textbook and Required Course Materials
1. South-Western Federal Taxation 2014: Comprehensive, Professional Edition (with H&R
Block @ Home Tax Preparation Software CD-ROM) (West Federal Taxation
Comprehensive Volume). Publication Date: April 17, 2013 | ISBN-10: 1285180925 |
ISBN-13: 978-1285180922 | Edition: 37.
2. i>clicker2: ISBN: 1429280476. The i>clicker2 will be used in this class. You are
responsible for purchasing the i>clicker2 and bringing it to class. Detailed registration
information is posted to Blackboard.
You should bring your textbook, a calculator, your i>clicker2, and any relevant handouts from
Blackboard with you to each class. If you miss a class, then it is your responsibility to get
materials and information from another student.
Course Website
https://blackboard.uncg.edu
Course Grading
Your final course grade will be determined as follows:
Exam 1
Exam 2
Exam 3
i-Clicker responses to presentations
Tax Returns
Presentation
Class Participation
10%
20%
20%
10%
15%
15%
10%
100%
Thursday, September 12 – in class
Thursday, October 3 – in class
Tuesday, November 5 – in class
November 7-26
Tuesday, November 26 – by class start time
As assigned, November 7-26
Every class, including intro due Aug 22
Rough grading distribution
A / A- , 93% / 90%; B+ / B / B- , 88% / 83% / 80%; C+ / C / C- , 78% / 73% / 70%; D , 65%
ACC 420: Fall 2013 syllabus page 2
Homework and In-class Exercises
There is no graded homework required for this course. That said, each class period we will do
(ungraded) in-class exercises together that illustrate various parts of the federal income tax law.
These exercises will be technical, textbook-related problem sets as well as questions that are
meant to solidify your understanding of broad tax issues. The exercises will be posted to
Blackboard ahead of each relevant class time for you to print out, if you so choose. I will not
provide physical handouts in class, nor will I circulate or post the solutions to the in-class
exercises after class. It is your responsibility to be present and attentive for each class and/or to
contact a classmate who can provide you with the information and materials that you missed.
Your exams will be based in large part on the concepts and topics covered in these exercises.
Exam Policies
You must take each exam to pass this course. Makeup exams are rarely given. Exams are essayfocused, closed book, proctored, and no notes are allowed. Each of the first three exams will list
taxpayer scenarios in which you need to identify the issues that carry tax implications. For
example, you will be given a description of several events in the life of a Taxpayer. You must then
indicate which events carry which tax implications. For example, a tax issue that carries tax
implications is the possible taxation of some social security benefits received by certain taxpayers,
or the ability of a taxpayer to claim one’s daughter as a qualifying child.
There will be multiple tax issues in each scenario. You may not repeat any tax issues
mentioned in previous problems. Do not list separate details of one issue as separate issues unto
themselves. For example, identifying a qualifying child is one tax issue. The age test, the abode
test, and the support test would not be three individual issues. They are the background of the
broad qualifying child tax issue. If you have enough information to make a determination on a tax
treatment, then indicate that treatment. For example, if you can determine that a dependent is a
qualifying child, then state that the dependent is a qualifying child. Be specific. For example, list
that some social security benefits may be taxable. Do not simply state “social security benefits.”
Another example, state that municipal bond interest is excluded from taxable income. Do not
simply state “bond interest.”
The system of individual taxation builds upon itself in complexity. Thus, Exam 1 covers
all material up to that point. Exam 2 mainly focuses on material covered since Exam 1, but
naturally includes the building blocks of taxation covered prior to Exam 1. Exam 3 is the same.
Exam 3 also will contain a comprehensive critical thinking problem that will require you to
review the course and the tax system in their entireties.
All exams should be completed on your own. If your cell phone makes any noise during
an Exam, then your Exam will be collected at that time and you will leave the testing area. You
will not be allowed to continue working on the Exam. Once exams have been distributed, you
may not leave the classroom at any time before submitting your exam. If you leave the
classroom, then your testing time ends at that point regardless of the amount of the test that you
actually have finished then.
Tax Returns
You will be required to complete tax returns with tax software. You will be given two or three
taxpayer scenarios. You will be required to utilize H&R Block tax software or the Internal
Revenue Service’s Volunteer Income Tax Assistance Program (VITA) tax software to complete
ACC 420: Fall 2013 syllabus page 3
these tax returns. Both tax software packages will be demonstrated in class to prepare you for
this project. You must complete these tax returns on your own.
If you choose to utilize the VITA tax software, then you will need the following
information. The website to access VITA tax software is www.voltaxprep.com . Password:
LEARNTWO . You need to set up an account based on your zip code to access the
Taxwiseonline (VITA) software. You may not export or print your work from Taxwiseonline, so
you will need to capture screenshots of it. You will be required to copy and paste into a Word
document at least the top of IRS Form 1040 page two for each of the required scenarios. You
need to submit these screenshots in lieu of a full 1040 as provided by H&R Block software.
If you choose to utilize the H&R Block software, then I will require an exported,
completed IRS Form 1040 from that software system.
Tax Topic Presentation
You will be required to make a ten minute oral presentation on a tax topic of your choice. You
can choose a broad or narrow topic; one covered in class or not. The point of this assignment is
for you to present a tax issue for which you have some passion, personal interest, and/or a strong
opinion. This project is structured to be flexible, open-ended, individualized, creative, original,
and engaging.
Some questions that may direct your thinking include… What aspects of the tax law seem
unfair to you? Who benefits and who loses from certain provisions? How have certain tax law
cases been decided in the favor of a party? How do certain aspects of the tax administration
system and its enforcement function (well or not)? What frustrates you and/or what seems to
make sense to you about certain individual tax laws? Which human behaviors are taxed as sins
and which human behaviors are rewarded as good? Who determines these societal rights and
wrongs? Who defines what you can and cannot do with income? (How) Is a rent on profits in the
best interest of society / a party? What tax issues and events have been highlighted in the media?
What are some recent tax-related scandals?
You must clear your topic with me at least two weeks before your presentation.
Presentations lasting 60 seconds more or less than 10 minutes will automatically be docked 5%
and will be docked an additional amount based on the actual duration of the presentation. You
are required to present (4) i-clicker questions to the class after your presentation. These questions
do not count as part of your presentation time, which should be around 10 minutes. (i-clicker
questions will be untimed and in addition to the 10 minutes.) A rough grading rubric explaining
my expectations follows.
ACC 420: Fall 2013 syllabus page 4
Excellent
Topic Choice
Legal research
Media coverage
Content
Good
Minimal
Has personal interest in the
topic. States an opinion about
the tax matter. Encourages
students to think about the tax
issue from multiple angles.
Creative and original topic.
Includes at least 2 tax case
citations. These tax cases are
described, referenced, and
cited appropriately.
Has personal interest in
the topic. States an
Has personal interest in the opinion about the tax
topic. States an opinion
matter. The topic may be
about the tax matter.
directly from the
Creative and original topic.
textbook or class.
Includes at least 1 tax case
References a tax court
citation. This tax case is
decision but does not
described, referenced, and cite that tax case nor
cited appropriately.
explain its merits.
References a historical
Includes coverage of relevant Includes coverage of one
event but does not
events and activities captured major relevant event
Include news media
by the news media.
captured by the news media. coverage of it.
Information is complete
and correct. Some of the
Information is complete, up to
information may not
date, and correct. At least 5
Information is complete and seem to fit. At least 3
sources of information are
correct. At least 3 sources of sources of information
referenced.
information are referenced. are referenced.
The introduction presents the
overall topic and draws the
The introduction is clear and
audience into the
coherent and relates to the
presentation.
topic.
The introduction shows
some structure but does
not create a strong sense
Introduction
of what is to follow.
Presentation is less than
12 slides or more than 20
Presentation is at least 12
Presentation is 12-20 slides. slides. Presentation lasts
slides and no more than 20
Presentation lasts much
much more than 11
slides. Presentation lasts
more than 11 minutes or less minutes or less than 9
Length
almost exactly 10 minutes.
than 9 minutes.
minutes.
Used time well. Focused
Used time well. Focused on
on communicating the
communicating the big and
Used time well. Focused on big picture. Used lots of
small pictures. Encouraged
communicating the big and time going through
interaction with students.
small pictures. Used
technical examples that
Used examples appropriately examples appropriately and were long and hard to
Use of Class Time and in a timely manner.
in a timely manner.
follow.
Uses headings or bulleted
Content is well organized
lists to organize, but the
Content is logically
using headings or bulleted lists overall organization of topics organized for the most
Organization
to group related material.
appears flawed.
part.
The content is written clearly The content is written with a The content is vague and
and concisely with a logical
logical progression of ideas does not create a strong
Concision
progression of ideas.
and supporting information. sense of purpose.
No misspellings or
Three or fewer misspellings Four misspellings and/or
Mechanics
grammatical errors.
and/or mechanical errors.
grammatical errors.
Uses some sort of
audio/visual materials.
Uses interactive presentation Uses interactive presentation Makes use of font, color,
software. Makes excellent use software. Makes good use of graphics, effects, etc. but
of font, color, graphics, effects, font, color, graphics, effects, occasionally these
etc. to enhance the
etc. to enhance to
detract from the
Attractiveness
presentation.
presentation.
presentation content.
Has at least 4 i-clicker
Has at least 3 i-clicker
questions. At least one of
questions. At least one of
these polls student opinion / these polls student opinion / Has at least 2 i-clicker
I-Clicker Questions behavior.
behavior.
questions.
ACC 420: Fall 2013 syllabus page 5
Insufficient
Has personal interest in
the topic. The topic may
be directly from the
textbook or class.
No mention of tax cases.
No reference to actual
events captured by the
news media.
Information is incomplete,
out of date and/or
incorrect. Less than 3
sources are referenced.
The topic is unclear and
does not appear relevant
to the topic.
Presentation is less than
10 slides or more than 25
slides. Presentation is
more than 12 minutes or
less than 8 minutes.
Used lots of time going
through technical
examples that were long
and hard to follow. Did not
use time well.
There was no clear or
logical organizational
structure, just lots of facts.
The content lacks a clear
point of view and logical
sequence of information.
More than 4 errors in
spelling or grammar.
Uses some sort of
audio/visual materials.
Use of font, color,
graphics, effects etc. but
these often distract from
the presentation content.
Has one or no i-clicker
questions.
Participation
Your participation grade will be based on your contributions to class. Please note that attendance
alone does not equal contribution. Attendance is a critical precursor to active and fruitful
contributions. More than two absences from class will result in a respectively lowered
participation grade. I expect you to read relevant materials before class, speak up in the majority
of class sessions, participate in group discussions and activities, bring tax-related topics to share
with the class, follow along and help with in-class exercises, and be an active contributor in class
in every sense. Excellent participation also means that your comments are thoughtful, focused,
and respectful. Points will be deducted from the base score if you miss class, are late, leave early,
or disappear for long periods on break. Please turn off cell phones during class and limit your
computer use to note taking or looking up information only when required by class activities.
The development of a supportive learning environment is fostered by respectfully
listening to the ideas of others, being able to understand and appreciate a point of view which is
different from your own, clearly articulating your point of view, and linking experience to
readings and assignments. We will cover a great deal of information in each class. If you will
not be able to attend a class, let me know as soon as possible. It is your responsibility to obtain
all information/content from your classmates. In order to fully participate in and benefit from
each class session, students must complete required readings and come to class prepared to
discuss them.
As part of your participation grade, you should e-mail me a digital photo of yourself as an
attachment to the e-mail message by the start of Class #2. Also tell me your name, your past
experience with taxes (academic, professional, and/or personal), your professional interests, and
something unique about you that will help me remember who you are.
Course Feedback
Informally, I welcome constructive criticism at any time about the course, specific assignments,
my role as your instructor, topical coverage, or about anything related to the classroom
environment and/or federal income taxation at the individual level. Your feedback would never
be held against you in my class. Likewise, it will not earn you any favorable treatment. (If you
are concerned about either possibility, then you may submit anonymous feedback to me. To do
so, write down (or type up) your constructive comments, put them in an envelope, and give that
envelope to the Department secretary in Bryan 383 to put in my mailbox. Your name is not
needed on those comments.)
Formally, I will ask you for anonymous feedback after Exam #1 and/or Exam #2. This
feedback may address anything from the course materials, class pace, presentation styles, or class
environment to what you do and/or do not find helpful about any aspect of the course.
Academic Integrity
You and I are expected to abide by the UNCG Academic Integrity Policy as well as by the
UNCG Codes of Conduct. http://bae.uncg.edu/assets/faculty_student_guidelines.pdf
ACC 420: Fall 2013 syllabus page 6
Policy on Accommodations for Students with Disabilities
Students with disabilities that affect their participation in the course must notify me if they wish
to have accommodations in instructional or examination format. I will work with the Office of
Disabilities and the student to make appropriate accommodations.
Late Work
All work is due by the beginning of the relevant class period. Late work is strongly discouraged.
Your grade will automatically be reduced 10% for any deliverable submitted more than five
minutes after the deadline (usually the beginning of class time on the due date), and another 10%
reduction will occur each day, including weekends, until the product is submitted to me. In case
of an emergency, a late product may be accepted without penalty at my discretion. Avoid having
last minute computer failures that prevent you from turning products in on time. Plan ahead.
Keep backups and don’t rely on having computers, printers, servers, and email programs
working perfectly a half-hour before class.
Cell Phone Policy
Cell phones are a disruption to the learning process. Students are expected to turn off their cell
phones during class. Any cell phone making noise during an exam will terminate that student’s
exam time.
ACC 420: Fall 2013 syllabus page 7
SCHEDULE OF CLASS TOPICS AND ASSIGNMENTS
(subject to change at instructor’s discretion)
DATE
TOPIC
CHAPTER
Tu Aug 20
Introduction to Class
NA
R Aug 22
Background and History
1 and 2
Tu Aug 27
Background and History
1 and 2
R Aug 29
Income Formula
3
Tu Sep 3
Income Formula
3
R Sep 5
Gross Income Inclusions
4
Tu Sep 10
Gross Income Inclusions
4
R Sep 12
ASSIGNMENT
SKIM CHAPTERS 1-2
**INTRO, via e-mail DUE**
Chap 1-2 Exercises
READ Chapter 3
Chapter 3 Exercises
READ Chapter 4
Chapter 4 Exercises
**Exam #1: Chapters 1-4**
Tu Sep 17
Gross Income Exclusions
5
R Sep 19
Gross Income Exclusions
5
Tu Sep 24
Intro to Deductions and Losses
6
R Sep 26
Itemized Deductions
10,7.3
READ Chap. 10 + Sec. 7.3
Tu Oct 1
Itemized Deductions
10,7.3
Chap 10+7.3 Exercises
R Oct 3
READ Chapter 5
Chapter 5 Exercises
READ Chapter 6
Chapter 6 Exercises
**Exam #2: Chapters 5, 6, 10, and Section 7.3**
Tu Oct 8
Tax Credits
12
READ Chapter 12
R Oct 10
Tax Credits
12
Chap 12 Exercises
Tu Oct 15
No class – Fall Break
R Oct 17
Business expenses and Self-employment
9
Tu Oct 22
Business expenses and Self-employment
9
READ Chapter 9
Chap 9 Exercises
ACC 420: Fall 2013 syllabus page 8
DATE
TOPIC
R Oct 24
Depreciation
8
SKIM Chapter 8
Chap 8 Exercises
Tu Oct 29
Property transactions
13 and 14
SKIM Chapters 13 and 14
Chap 13-14 Exercises
R Oct 31
Alternative Minimum Tax
15
SKIM Chapter 15
Chapter 15 Exercises
Tu Nov 5
CHAPTER
ASSIGNMENT
**Exam #3: Chapters 12, 9, 8, 13, 14, 15**
R Nov 7
Presentations
Tu Nov 12
Presentations
R Nov 14
Presentations
Tu Nov 19
Presentations
R Nov 21
Presentations
Tu Nov 26
Presentations
**Tax Returns DUE**
ACC 420: Fall 2013 syllabus page 9