University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting and Finance
ACC 420: Federal Tax Concepts
Syllabus for FALL 2014, Last updated August 5, 2014
T / R 2:00 - 3:15PM in Bryan 111
Instructor
Office Location
Office Hours
Office Phone
Email
Jenna Meints
Bryan 339
Tuesdays and Thursdays 11:00AM – 12:00PM, or by appointment
336-334-5647
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 able to identify the tax reporting implications of the
following issues.
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, 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, concepts of nontaxable exchanges,
like-kind exchanges, involuntary conversions, personal residence sale, and other
nonrecognition provisions.
Fall 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.
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
TEXTBOOK: Prentice Hall's Federal Taxation 2015 Comprehensive. Thomas R. Pope, Timothy
J. Rupert, Kenneth E. Anderson. ISBN: 0133807789. ISBN-13: 9780133807783. Edition: 28.
Pub. Date: April 2014. Publisher: Prentice Hall.
You do *not* need online access to textbook resources or TaxAct software. You need only the
textbook (plus the software below). The textbook is available at multiple outlets online,
including here: http://www.amazon.com/Prentice-Federal-Taxation-ComprehensiveEdition/dp/0133807789 . It also is available on campus in the bookstore.
SOFTWARE: H&R Block Premium (Home, not Business) 2014 Edition (for all taxpayers). Or,
2015 Cengage Learning Tax Media Pack (for students). Both for filing 2013 individual income
tax returns. A link to the full, more expensive 2014 Premium Edition is here:
http://www.hrblock.com/tax-software/premium-tax-software/index.html . The 2015 Tax Media
Pack (for students) will be released on August 8, 2014. The UNCG Bookstore will have the
software available by the first day of class. Its identifying information follows.
2015 Tax Media Pack: RIA Checkpoint® Printed Access Card with H&R Block @Home™
CD-ROM (ISBN-10: 1285442709 | ISBN-13: 9781285442709)
INTERACTIVE CLASSROOM TOOL: i>clicker2: ISBN: 1429280476. Available online at
multiple outlets, including here: http://www.amazon.com/I-Clicker-2-I-Clicker/dp/1429280476 .
Also available in the bookstore. i>clicker1 will work for this class as well.
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
Fall 2014 ACC 420 Syllabus for Meints, page 2
Course Grading
Your final course grade will be determined as follows:
Quiz 1
Quiz 2
Tax Returns
Presentation
i-Clicker responses to presentations
Class Participation
25%
25%
15%
15%
10%
10%
100%
Tuesday, Sep 30 – in class
Thursday, Nov 6 – in class
Wednesday, December 3 by 10:00AM
As assigned
As assigned
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
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.
Fall 2014 ACC 420 Syllabus for Meints, page 3
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
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.
By Wednesday, December 3 at 10:00AM, 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. You should put your completed tax return in the manila envelope that I provided
for you in class. Seal the envelope. Sign across the seal, such that opening the envelope would
break through your signature. Slide this under my office door by the deadline. Early submissions
are fine. Late returns will not be accepted. Extra credit returns are due at the same time and in the
same manner as the regular tax returns.
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.
Fall 2014 ACC 420 Syllabus for Meints, page 4
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?
(1) You must clear your topic with me at least two weeks before your presentation.
This is the most time consuming process of this project. When you identify your topic and
clear it with me, you should be able to tell me what two Tax Court cases you plan to use,
including an overview of each. You must also identify what media coverage you plan to use. In
essence, you must do the research for your presentation before you can lock in a topic. You are
encouraged to check in with me during that planning process to see if your topic will be possible
before you do the extensive research leading up to your final topic selection. (For example, has
someone else already claimed the topic? First come, first serve.)
Presentations lasting 45 seconds more or less than 5 minutes will automatically be
docked a certain percentage based on the length of the actual 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 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 highlighted there.
(2) You must e-mail me a complete 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 and all appropriate citations. The
file *must* be submitted complete and on time for you to receive feedback from me. I will
review your work the following day and then 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.
(3) 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.
Fall 2014 ACC 420 Syllabus for Meints, page 5
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
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
Fall 2014 ACC 420 Syllabus for Meints, page 6
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 Quiz 1.
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
Late work is not accepted.
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.
Fall 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 DUE
Tues Aug 19
Introduction to Class
NA
Thurs Aug 21
Essentials and History
1, 11
Tues Aug 26
Tax Research
C1
READ Chapter 1 (Corp)
Thurs Aug 28
Income Formula
2
READ Chapter 2
Tues Sep 2
Income Formula
2
Thurs Sep 4
Gross Income Inclusions
3
Tues Sep 9
Gross Income Inclusions
3
Thurs Sep 11
Gross Income Exclusions
4
Tues Sep 16
Gross Income Exclusions
4
Thurs Sep 18
Deductions and Losses
6
READ Chapter 6
Tues Sep 23
Deductions and Losses
6
Quiz 1 Review Questions DUE*
READ Syllabus
INTRO, via e-mail DUE*
READ Chapter 1 (Indiv) and…
Sections of Chap 11 as follows: 11-1 - 11-10; 11-25, 11-26, 11-27
READ Chapter 3
READ Chapter 4
Quiz 1 Review Questions are due by 11:55PM on Tuesday, September 23 via e-mail to
jmmeints@uncg.edu . Prepare two multiple choice questions for each chapter of 2, 3, 4,
and 6. This is a total of 8 questions. Provide answer choices A-D for each question. These
should be your original questions that you compose based on a review of each chapter.
Ideally, you will be able to identify key concepts in each chapter. This should be
excellent preparation for a quiz. Anyone who misses the deadline for this assignment may
not come to class for the review session. The missed review session will count as an
absence. Participation grades will be adjusted for such.
Thurs Sep 25
Quiz 1 Review
2, 3, 4, 6
Tues Sep 30
Quiz 1
2, 3, 4, 6
Thurs Oct 2
Quiz 1 Closure
READ Tax Return Information
H&R Block software overview – bring laptop and software to class
Fall 2014 ACC 420 Syllabus for Meints, page 8
DATE
TOPIC
CHAPTER
Tues Oct 7
Itemized Deductions
7
Thurs Oct 9
Itemized Deductions
7
Thurs Oct 9
Losses and Bad Debts
8
READ Chapter 8
Tues Oct 14
No class – fall break
Thurs Oct 16
Employee Expenses
9
READ Chapter 9
Tues Oct 21
Employee Expenses
Depreciation
9
10
READ Chapter 10
Thurs Oct 23
Depreciation
10
Tues Oct 28
Tax credits, AMT
14
Thurs Oct 30
ASSIGNMENT DUE
READ Chapter 7
READ Chapter 14, long slides
Property Transactions I and II
5, 12, rest of 11
SKIM… Chapter 5, 12, and pages 11-11 through 11-24, 11-28 through 11-30
READ… Long version of class slides
Friday October 31 – Quiz 2 Review Questions DUE*
Quiz 2 Review Questions are due by 11:55PM on Friday, October 31 via e-mail to
jmmeints@uncg.edu . Prepare two multiple choice questions for each chapter of 7, 8, 9,
10, and 14. Prepare four questions for the October 30 class session and coverage. This is
a total of 14 questions.
Tues Nov 4
Quiz 2 Review
7, 8, 9, 10, 14, Oct 30
Presentation – Q&A; Tax return – Q&A
Thurs Nov 6
Quiz 2
Tues Nov 11
Quiz 2 Closure
Presentations – Group A
Thurs Nov 13
Presentations – Group B
Tues Nov 18
Presentations – Group C
Thurs Nov 20
Presentations – Group D
Tues Nov 25
Presentations – Group E
7, 8, 9, 10, 14, Oct 30
Fall 2014 ACC 420 Syllabus for Meints, page 9
Wednesday, December 3 at 10:00AM – Tax Return(s) DUE*
Tax Returns are due by 10:00AM on Wednesday, December 3, 2014. Submit the physical return
by sliding your signed, sealed manila envelope with the return in it under the door of Bryan 339.
Electronic files are due via e-mail by this time as well. You must submit both the electronic
return and physical return on time to receive credit. No late assignments accepted. Extra credit
returns are due by this deadline as well. Put your completed extra credit physical return in the
manila envelope with your regular return. Do not forget to send your electronic file to me via email by this due date as well.
Final Exam Period: Saturday, December 6, 3:30PM-6:30PM –
Tax Return Closure
Presentations – Group F
Class Closure
Optional potluck
Fall 2014 ACC 420 Syllabus for Meints, page 10
The following presentation rubric is only representative of how presentation grades will be determined and what is expected of each
student. One does not necessarily need to meet all conditions specified in each box to earn that level of credit. Again, this is only a
guide for what one can expect and for what one should accomplish with one’s presentation.
The key things that matter for the presentation are (1) the creativity and (2) planning that go behind the student’s topic choice, (3)
meeting all deadlines with complete files at each step, (4) quality of legal research, (5) quality and quantity of respectable authoritative
research, (6) research on what is happening in the media, (7) appropriate legal citations, and (8) an appropriately MLA formatted
Works Cited.
Excellent
Topic Choice
(Critical)
Legal research
(40%)
Media
coverage
(20%)
Average
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. Meets all
deadlines.
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 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.
The topic is directly from the textbook
and/or has been covered in class. Has
personal interest in the topic. Meets
all deadlines.
Includes coverage of one Tax Court
case decision and one legal case,
decision, or activity. Tax Court and
Legal sources are properly cited, per
Chapter C1. References slide conforms
to MLA formatting.
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.
Fall 2014 ACC 420 Syllabus for Meints, page 11
Minimal
The topic is directly from the textbook
and/or has been covered in class. The
topic coverage is primarily what has
been covered during class time
already. Misses deadlines. Submits
incomplete files.
References two legal sources but does
not cite them appropriately nor
explain their merits. Perhaps little or
no legal research coverage.
References only historical events
and/or no media coverage.
Content (20%)
Excellent
Good
Minimal
Information is complete, up to date,
valid, from respectable outlets, and
correct. At least 5 sources of information
are referenced.
Information is from respectable
outlets. At least 4 sources of
information are referenced. One or
two pieces may be out of date with
current practice and events.
Information is from respectable
outlets. At least 3 sources of
information are referenced.
The introduction is clear and coherent
and relates to the topic.
The purpose of the presentation is
unclear. The topic is ambiguous. There
is no outline of what is to occur during
the presentation time.
Introduction
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.
Presentation lasts much more than or
much less than 5 minutes.
Did not use time well. Too much or
too little focus on technical details.
Too much time on technical examples.
Rushed through certain parts.
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
Content is logically organized for the
most part. Few or no grammatical
errors. Uses some sort of audio/visual
materials.
Poor organization. Difficult to follow
logic. Minimal or no use of
audio/visual materials.
I-Clicker
Questions
Has 3 i-clicker questions. One of these
questions polls student opinion /
behavior.
Has 2 or 4 i-clicker questions. Does not
ask an opinion question or asks two
opinion questions.
Has one or no i-clicker questions. At
least one question was not
appropriate or confusing.
Use of Class
Time
Fall 2014 ACC 420 Syllabus for Meints, page 12