University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting and Finance
ACC 420: Federal Tax Concepts
Syllabus for SPRING 2014, Last updated December 6, 2013
M / W 2:00 - 3:15PM in Bryan 111
Instructor
Office Location
Office Hours
Office Phone
Email
Jenna Meints
Bryan 339
Mondays and Wednesdays 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 at least one individual federal income
tax return 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.
10. Determination of gains or losses, basis considerations, concept of nontaxable exchanges,
like-kind exchanges, involuntary conversions, personal residence sale, and other
nonrecognition provisions.
Spring 2014 ACC 420 Syllabus for Meints, page 1
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.
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.
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%
Monday, February 10 – in class
Monday, March 17 – in class
Wednesday, April 9 – in class
April 14-28 in class, and May 7
Wednesday, April 23 – by class start time
As assigned, April 14-May 7
Every class, including introduction and reviews
Rough grading distribution
A / A- , 93% / 90%; B+ / B / B- , 88% / 83% / 80%; C+ / C / C- , 78% / 73% / 70%; D , 65%
Homework and In-class Exercises
There is no graded homework required for this course. That said, during some class periods we
will do (ungraded) in-class exercises together that illustrate various parts of the federal income
Spring 2014 ACC 420 Syllabus for Meints, page 2
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
multiple choice, 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. Other
multiple choice questions will test facts, concepts, ideas, and issues that have been covered in the
course textbook, media covered in class, class discussions, and all materials referenced in class.
Essentially, all material is covered on exams.
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.
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 Return Project
Approximately three weeks before the due date for this project, you will be given information
about two taxpayer scenarios. You will be required to utilize the most recent edition of H&R
Block Premium edition home software for Individuals to complete the first of these tax returns.
The second return can be done for up to 3% of extra credit added directly to your final course
grade. You must complete these tax returns on your own.
I expect you to navigate this software on your own. You will be prompted by the
software program to answer a series of questions and input information from the scenarios that
you will be given. Any prompt that you encounter through the software for which you have no
information given in the scenario means that the issue being brought up by that prompt is not
relevant for your taxpayer’s return. Learning new software feels awkward and uncomfortable at
first. This is the classic learning curve of any new technology that you encounter in life. I
encourage you to push through the initial discomfort. You may be surprised at how quickly it all
starts to “make sense” if you just keep working through the software’s natural progression of
questions and prompts.
I expect that you will have questions about the tax scenario itself and completing the
respective tax return with the H&R Block software. It is up to you to plan in advance to meet
Spring 2014 ACC 420 Syllabus for Meints, page 3
with me about those questions. I suggest that you write down a list of questions that arise for you
from initially reading through the problem, and then to come talk with me about those questions
during my office hours. I suggest that you then attempt the entire tax return with H&R software.
I suggest that you budget time for a short meeting with me after attempting to complete the full
return with the H&R software so that you and I can clear up any small issues that may arise for
you with the software. You almost undoubtedly will have small technical questions.
I cannot overemphasize the fact that this is not a Night Before It Is Due project. Plan
ahead. You have the information necessary to acquire the tax return software on Day One of
class. There is no reason that you cannot become familiar with it before receiving the specific
taxpayer information for this assignment. Keep in mind that if you wait until the last minute to
bring your questions to me, then you most likely will be competing with many other students for
those minutes. Again, plan ahead and start the project well before it is due.
On or by Wednesday, April 23 at the beginning of class time, you should turn in a
physical copy of IRS Form 1040 pages one and two, and any relevant Schedules A-E for the
required tax return. These must be produced with the most recent edition of H&R Block
Premium edition home software for Individuals. You must also e-mail me a PDF file of all
Forms, Schedules, and Worksheets by the same time.
Your allowable grade on this project will go down by 10% for each day that your
physical and/or electronic return is late, beginning when class starts on the due date and
including weekends and holidays. Any part of a day past the deadline, from one minute to 23.99
hours, counts as one day (10%). If you turn in your project late, then you need to submit it to a
department secretary in Bryan 383, have that person time stamp your return, and have that
person put the time stamped return in my mailbox.
Tax Topic Presentation
You will be required to make a five 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 45 seconds more or less than 5 minutes will automatically be docked 5%
and will be docked an additional amount based on the actual duration of the presentation.
Students are allowed to ask questions throughout your presentation, which count toward the five
minute limit. Afterward, there will be an additional two minute Q&A period that is allowed but
ungraded. You then are required to present three i-clicker questions to the class after your
presentation and any possible Q&A up to two minutes. Two questions should quiz the students
Spring 2014 ACC 420 Syllabus for Meints, page 4
on something(s) that you covered in your presentation. The other question should poll the
students about their opinion or behavior related to something in your presentation. These
questions do not count as part of your presentation time, which should be around 5 minutes.
If students have two full minutes worth of questions and comments after your presentation, then
that time table would be as follows: 5 minute presentation. 2 minutes Q&A. 2-3 minutes for iclicker questions = 9-10 minutes per student presentation.
A rough grading rubric explaining my expectations is at the end of this syllabus. The key
areas that determine your presentation grade are your legal research, complete with formal legal
citations and MLA references, and the incorporation of recent and/or relevant media activities.
You must e-mail me a version of whatever presentation files you plan to use in your class
presentation by 11:59PM two nights before you are scheduled to present. This includes i-clicker
questions that you plan to ask. I will review your work the following day and send you detailed
feedback. I expect you to be able to make necessary changes to your presentation between the
time of my receiving my feedback and actually conducting your presentation. You must e-mail
me the final version of any electronic files that you plan to use in your presentation by noon the
day of your presentation. If you will not be able to process my feedback and adjust your
presentation given this timetable, then you should send me your presentation files in advance of
this schedule. Early work is encouraged.
Here is an example of how the two deadlines work. Say you are scheduled to present on
Wednesday, April 30. Your files are due to me via e-mail by 11:59PM Monday, April 28. I will
respond to you on April 29. You need to be able to update your file with any suggestions that I
make on the 29th before your presentation on the 30th. You must send me the final version of
whatever electronic files you plan to use on the 30th by noon on the 30th. I will have them ready
for you in class on the 30th.
Here is another example of how the two deadlines work. Say you are scheduled to present
on Monday, April 28. Your files are due to me via e-mail by 11:59PM Saturday, April 26. I will
respond to you on April 27. You need to be able to update your file with any suggestions that I
make on the 27th before your presentation on the 28th. You must send me the final version of
whatever electronic files you plan to use on the 28th by noon on the 28th. I will have them ready
for you in class on the 28th.
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 of 100% if you miss class, are late,
leave early, disappear for long periods on break, or do not follow the contribution guidelines
above for any reason. 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
Spring 2014 ACC 420 Syllabus for Meints, page 5
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.
Academic Integrity
You and I are expected to abide by the UNCG Academic Integrity Policy as well as by the
UNCG Codes of Conduct. I respect and expect you to uphold the UNCG Honor Code that
includes, among other things, that you complete your own work on your own to the best of your
ability. Cheating in my class results in automatic failure of the course. I will report the incident
to the Honor Court for full due processing. This ends up being a lengthy and stressful process for
both the student and the instructor. Please visit the following link to remind yourself of the full
Code. http://bae.uncg.edu/assets/faculty_student_guidelines.pdf
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.
Student Study Program through the Student Success Center
As a student in this course, you have the opportunity to participate in the Student Study Program
(SSP), which is one of the four programs housed in the Student Success Center located in the
McIver Building. SSP is designed to offer additional academic support for students enrolled in
historically challenging classes that have high drop, failure, and/or withdrawal rates.
The purpose of SSP is to offer students the opportunity to form collaborative study
groups of up to 4 of their peers. Students will be matched by the program coordinator with other
students in the same course and section. To sign up or to learn more about SSP, go to
http://success.uncg.edu/ssp/. If you have further questions, you may also contact the Coordinator
of the Student Study Program at ssp@uncg.edu.
Late Work
Spring 2014 ACC 420 Syllabus for Meints, page 6
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 and holidays, 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. Remember that you can check out a laptop
from Student Services on the third floor of the Bryan building and that course materials are on
reserve in the library.
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.
Spring 2014 ACC 420 Syllabus for Meints, page 7
SCHEDULE OF CLASS TOPICS AND ASSIGNMENTS
(subject to change at instructor’s discretion)
DATE
TOPIC
CHAPTER
ASSIGNMENT
M Jan 13
Introduction to Class
NA
READ Syllabus
W Jan 15
Background and History
1 and 2
M Jan 20
No class - Dr. Martin Luther King Jr. holiday
W Jan 22
Background and History
1 and 2
M Jan 27
Income Formula
3
W Jan 29
Income Formula
3
M Feb 3
Gross Income Inclusions
4
READ Chapters 1 and 2
INTRO, via e-mail DUE
READ Chapter 3
READ Chapter 4
Monday, February 3, 2013 at 11:55PM - Exam Review Questions DUE via e-mail
2 multiple choice questions for chapter 1; 2 multiple choice questions for chapter 2; 2 multiple
choice questions for chapter 3; 2 multiple choice questions for chapter 4 = 8 MC questions
W Feb 5
M Feb 10
Finish Gross Income Inclusions
Exam One Review
4
**Exam #1: Chapters 1-4**
W Feb 12
Gross Income Exclusions
and Exam 1 closure
5
READ Chapter 5
M Feb 17
W Feb 19
Gross Income Exclusions
Intro to Deductions and Losses
5
6
READ Chapter 6
M Feb 24
Itemized Deductions
10,7.3
READ Chap. 10 + Sec. 7.3
W Feb 26
Itemized Deductions
Tax credits
10,7.3
12
READ Chapter 12
Tax Credits
12
M Mar 3
Monday March 3, 2013 at 11:55PM – Exam Two Review Questions due via e-mail
2 multiple choice questions for chapter 5; 2 multiple choice questions for chapter 6; 2 multiple
choice questions for chapter 10; 2 multiple choice questions for section 7.3; 2 multiple choice
questions for chapter 12 = 10 MC questions
Spring 2014 ACC 420 Syllabus for Meints, page 8
W Mar 5
Exam Two Review
M Mar 10 and W Mar 12 – No class, spring break
M Mar 17
**Exam #2: Chapters 5, 6, 10, 7.3, and 12**
W Mar 19
Business expenses and Self-employment
and Exam 2 closure
9
M Mar 24
Business expenses and Self-employment
Depreciation
8
9
READ Chapter 9
READ Chapter 8
W Mar 26
Depreciation
8
READ Chapter 8
M Mar 31
Property transactions
13 and 14
READ Chapters 13 and 14
W Apr 2
Alternative tax rates
Alternative Minimum Tax
14
15
READ Chapter 15
Saturday April 5, 2013 at 11:55PM – Exam Three Review Questions due via e-mail
2 multiple choice questions for chapter 9; 2 multiple choice questions for chapter 8; 2 multiple
choice questions for chapter 13; 2 multiple choice questions for chapter 14; 2 multiple choice
questions for chapter 15 = 10 MC questions
M Apr 7
Exam Three Review
W Apr 9
**Exam #3: Chapters 9, 8, 13, 14, and 15**
M Apr 14
Exam 3 closure, presentations
W Apr 16
Presentations
M Apr 21
Presentations
W Apr 23
Presentations
M Apr 28
Tax return project closure, presentations
W May 7, 12PM-3PM
**Tax Returns DUE**
Presentations, class closure
Spring 2014 ACC 420 Syllabus for Meints, page 9
Presentation
Grading Rubric
Good
Topic Choice
Excellent
Has personal interest in the
topic. States an opinion about
the tax matter. Encourages
students to think about the
tax issue from multiple
perspectives. Creative and
original topic.
Has personal interest in the
topic. Creative and original
topic.
Insufficient
The topic is directly from
the textbook and/or has
been covered in class. The
topic coverage is
The topic is directly from primarily what has been
the textbook and/or has covered during class time
been covered in class.
already.
Legal research
Includes coverage of at least
two Tax Court cases. Tax
Court cases are properly cited,
per Chapter 2. References
slide conforms to MLA
formatting.
Includes coverage of at least
two legal cases, decisions, or
activities. Legal sources are
properly cited, per Chapter
2. References slide conforms
to MLA formatting.
References two legal
sources but does not
cite them appropriately
nor explain their merits.
Includes coverage of at least
two recent and relevant
events and activities captured
by the news media. These
may be journal articles,
newspaper articles, radio
interviews, market coverage,
company publications, or
similar valid and reputable
media sources. Properly cites
and references sources.
Information is complete, up to
date, valid, from respectable
outlets, and correct. At least 5
sources of information are
referenced.
Includes coverage of one
recent and relevant event or
activity captured by the
news media. This may be
from journal articles,
newspaper articles, radio
interviews, market coverage,
company publications, or
similar valid and reputable
media sources. Properly
cites and references sources.
Media coverage
Content
Minimal
Little or no legal research
coverage.
References only historical
events and/or no media
coverage.
Information is from
respectable outlets. At
least 3 sources of
information are
referenced.
Spring 2014 ACC 420 Syllabus for Meints, page 10
Introduction
Excellent
The introduction presents the
overall topic and draws the
audience into the
presentation. The student
shares why s/he chose the
topic and provides an
overview of the presentation.
Length
Presentation lasts almost
exactly 5 minutes.
Organization
Used time well. Encouraged
interaction with students.
Used examples appropriately
and in a timely manner.
Content is well organized
using headings or bulleted
lists to group related material.
The content is written clearly
and concisely with a logical
progression of ideas. No
misspellings or grammatical
errors. Uses interactive
presentation software. Makes
excellent use of font, color,
graphics, effects, and pictures,
etc. to enhance the
presentation.
I-Clicker
Questions
Has 3 i-clicker questions. One
of these questions polls
student opinion / behavior.
Use of Class Time
Good
Minimal
The purpose of the
presentation is unclear.
The topic is ambiguous.
There is no outline of
what is to occur during
the presentation time.
The introduction is clear and
coherent and relates to the
topic.
Used time well. Used
examples appropriately and
in a timely manner.
Insufficient
Presentation lasts much
more than 5 minutes.
Presentation lasts much
less than 5 minutes.
Used time well. Used
too much time going
through technical
examples that were long
and hard to follow.
Used lots of time going
through technical
examples that were long
and hard to follow. Did
not use time well.
Content is logically
organized for the most
part. Few or no
grammatical errors.
Uses some sort of
audio/visual materials.
Spring 2014 ACC 420 Syllabus for Meints, page 11
Has one or no i-clicker
questions.