| Course Title: | Federal Tax Accounting I |
|---|---|
| Course Number: | ACCT326 |
| Course Description: | This course covers federal income tax concepts and their effects on individuals. Topics include the history and background of taxes, gross income, exclusions, allowable deductions, and the basis for gain and loss on the disposition of property. |
| Course Prerequisites: | Concurrent enrollment in or completion of ACCT212 |
Syllabus
Course Information
Course Specific Requirements
Enter content here, if necessary.
Software Citation Requirements
This course uses open-source software, and as the end users of this software, students are required to cite the software for any student work, such as assignments, labs, or projects, where the software has been utilized. Open-source software does have end-user license agreements, and all students should read the entire agreement for a software prior to installation or usage. In order to use the software in this course, software citations have been created for students and can be located on the Open Source Applications page. These software citations must be included in all student work submissions that have used the software.
Textbooks and Resources
Required Textbooks
The following books are required for this course:
South-Western Federal Taxation 2016: Individual Income Taxes
40th Edition
by William H. Hoffman Jr., and James E. Smith
2017 Cengage Learning
This course contains a comprehensive Course Project. IRS tax forms (pdf files) are located in Course Resources under Course Home. If you choose, you may purchase the H&R Block At Home™ tax software and access code from the Virtual Bookstore.
H&R BLOCK At Home™ Tax Preparation Software CD-ROM and RIA Checkpoint 6-month Printed Access Card for Hoffman, Maloney, Raabe, and Young's South-Western Federal Taxation 2016: Comprehensive, 39th Edition
E-book Details
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Step 1: View the VitalSource Video
Step 2: Register with VitalSource Bookshelf Online
- Click the cover or title of your eBook. A new window will open.
- Enter email address and password. Bookshelf Online will open.
Step 3: Access the Desktop and Mobile Versions
You must complete Step 2 prior to using the desktop or mobile versions.
Already Registered? 3 Ways to Access Your eBooks
Online
Access your eBook by clicking on the book cover or title in the syllabus page. Bookshelf Online will open.
Desktop
Download your eBooks and use them whether you're connected to the Internet or not.
Mobile
Download the app and get your eBooks on your iPhone, iPad, or Android device.
Campus Additional Information
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Terminal Course Objectives
DeVry University course content is constructed from curriculum guides developed for each course that are in alignment with specific Terminal Course Objectives (TCOs). The TCOs define the learning objectives that the student will be required to comprehend and demonstrate by course completion. The TCOs that will be covered in detail each week can be found in the Objectives section for that particular week. Whenever possible, a reference will be made from a particular assignment or discussion back to the TCO that it emphasizes.
1
Given the components of the tax formula for individuals, demonstrate the use of the tax formula to calculate the net tax due or the net refund as specified by the most recent codification of the federal income tax laws.
2
Given a fact pattern, determine gross income, expense, deduction, and losses under the most recent codification of the federal income tax laws.
3
Given a fact pattern, determine personal tax credits, and determine which credits are refundable and which are nonrefundable as specified by the most recent codification of the federal income tax laws.
4
Given a tax scenario, determine the applicability of the Alternative Minimum Tax (AMT), calculate the AMT, and discuss the AMT objectives as specified by the most recent codification of the federal income tax laws.
5
Given a fact pattern containing property transactions, calculate the realized and recognized gain or loss, determine if the transactions qualify for nonrecognition of gain or loss, and determine if the transactions qualify for capital gain treatment as specified by the most recent codification of the federal income tax laws.
6
Given a fact pattern, propose a plan for an individual taxpayer that will identify tax planning opportunities, and discuss adjustments, including retirement accounts associated with an individual tax return.
7
Given a tax scenario, describe the tax compliance process, distinguish between a negligence penalty and a civil fraud penalty, and discuss ethical issues in federal tax accounting.
8
Given a fact pattern with expense items, determine if the items meet the criteria for "trade or business deductions" or "production of income expenses" for an individual taxpayer as specified by the most recent codification of the federal income tax laws, and determine the proper placement of these items on the income tax return.
9
Given an examination of a tax return by the Internal Revenue Service, outline the procedures to be followed and the role of the tax practitioner in the process, and discuss the appeals process through the Internal Revenue Service and/or the tax court system.
Lab Schedule
Week 1
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 2
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 3
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 4
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 5
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 6
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 7
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Week 8
None
Citrix
RKON
Skillsoft
Toolwire
WebServer
ACC COMAT
ACC NonCOMAT
CWP
Course Schedule
| Week, TCOs, and Topics | Readings and Class Preparation | Activities and Assignments |
|---|---|---|
Week 1 TCOs 1, 6, and 9 Federal Tax Law and Process | Chapter 1: An Introduction to Taxation and Understanding the Federal Tax Law Chapter 2: Working With the Tax Law Chapter 3: Tax Formula and Tax Determination; An Overview of Property Transactions | Graded Discussion Topics Quiz |
Week 2 TCOs 2 and 3 Income Inclusions, Exclusions, and Accounting Methods | Chapter 4: Gross Income: Concepts and Inclusions Chapter 5: Gross Income: Exclusions | You Decide Graded Discussion Topics Quiz |
Week 3 TCOs 2, 3, and 8 Deductions, Losses, and Depreciation | Chapter 6: Deductions and Losses: In General Chapter 7: Deductions and Losses: Certain Business Expenses and Losses Chapter 8: Depreciation, Cost Recovery, Amortization, and Depletion | Course Project Part I Graded Discussion Topics Quiz |
Week 4 TCOs 1 and 2 Deductions, Losses, and Passive Activities | Chapter 9: Deductions: Employee and Self-Employed-Related Expenses Chapter 10: Deductions and Losses: Certain Itemized Deductions Chapter 11: Investor Losses | Graded Discussion Topics Midterm |
Week 5 TCOs 3 and 4 AMT, Tax Credits, and Tax Payments | Chapter 12: Alternative Minimum Tax Chapter 13: Tax Credits and Payment Procedures | Course Project Part II Graded Discussion Topics Quiz |
Week 6 TCOs 5 and 7 Property Transactions | Chapter 14: Property Transactions: Determination of Gain or Loss and Basis Considerations Chapter 15: Property Transactions: Nontaxable Exchanges | Course Project Part III Graded Discussion Topics Quiz |
Week 7 TCOs 5 and 6 Capital Gains and Losses | Chapter 16: Property Transactions: Capital Gains and Losses Chapter 17: Property Transactions: 1231 and Recapture Provisions | Course Project Part IV Graded Discussion Topics Quiz |
| Week 8 All TCOs | Final Exam | |
Blended E-Learning
This course is an 8-week, intensive course that includes both classroom-based and e-learning activities. Your participation in both areas is essential to your success in this course. You should expect to spend time each week participating in the prescribed activities both before and after our class meeting.
Participation before, during, and after class meetings is critical to your success in this intensive environment.
To get the most out of our weekly class meetings, it is essential that you come to class prepared. The weekly readings listed in the Course Schedule will prepare you for class. Our class meetings, in turn, will prepare you for upcoming exams and assignments.
Through the DeVry e-learning platform, you will be able to
- review the Syllabus and weekly assignment information;
- submit completed work for grading;
- take quizzes and exams;
- obtain copies of class handouts and notes;
- e-mail the instructor and other students; and
- participate in online discussion of class material.
iConnect Live
This course contains iConnect Live sessions that provide students with the opportunity to attend live presentations, which cover course materials, projects, and assignments. Please see the iConnect Live items for the days and times of the live sessions and for the link to enter each session. You will also receive e-mail reminders each week.
If you are unable to attend the live session, you can watch the recorded session by clicking on the Recordings link that will appear in the iConnect Live item after the lecture has concluded. Please contact your instructor with any questions.
Please note that because of unavoidable technological issues and presenter availability, the live lectures may be substituted with prerecorded lectures.
Due Dates for Assignments & Exams
Unless otherwise specified, the following applies.
- Access to most weeks begins on Sunday at 12:01 a.m. mountain time (MT).
- All assignments are to be submitted on or before Sunday at the end of the specified week that they are due, by 11:59 p.m. (MT).
- All quizzes and exams are to be completed on or before Sunday at the end of the specified week that they open, by 11:59 p.m. (MT).
Week 8 opens at 12:01 a.m. (MT) on the ending Sunday of Week 7. Any assignments or exams must be completed by 11:59 p.m. (MT) Saturday of the eighth week.
Due Dates for Assignments & Exams
All assignments, quizzes, and exams are to be completed per the schedule indicated by your instructor.
Assignment Values and Letter Grades
The maximum score in this class is 1,000 points. The categories, which contribute to your final grade, are weighted as follows.
| Assignment | Points | Weighting |
|---|---|---|
| Discussions (30 points, Weeks 1–7) | 210 | 21% |
| You Decide (Week 2) | 70 | 7% |
| Course Project (Parts I–III, 25 points;) (Part IV, 75 points) | 150 | 15% |
| Quiz (20 points, Weeks 1–3; 5–7) | 120 | 12% |
| Midterm | 200 | 20% |
| Final Exam | 250 | 25% |
| Total Points | 1,000 | 100% |
All of your course requirements are graded using points. At the end of the course, the points are converted to a letter grade using the scale in the table below.
Final grades are based on the percentage equivalent in the chart below and are not rounded to the next higher letter grade.
| Letter Grade | Points | Percentage |
|---|---|---|
| A | 900–1,000 | 90% to 100% |
| B | 800–899 | 80% to 89.9% |
| C | 700–799 | 70% to 79.9% |
| D | 600–699 | 60% to 69.9% |
| F | 599 and below | Below 60% |
DeVry Graduate Academic Policy and Relevant Resources
DeVry Undergraduate Academic Policy and Relevant Resources
Frequently Asked Questions
When are grades calculated, and how can I view my grades?
- You must complete any quizzes and post your written assignments (if necessary) to the weekly Dropbox by Sunday 11:59 p.m. (MT) each week, except Week 8 which closes at 11:59 p.m. (MT) Saturday.
- Once your work is reviewed, you should see comments and total points for each assignment in the Gradebook. Instructors should have Discussion work graded by the following Tuesday and all other assignments by the following Friday.
- You may check your progress at any time by going to the Gradebook, selecting the week and then your name.
- Click on the points earned for each assignment in the Gradebook to see any instructor comments.
What should I do if a discrepancy is found with my grade?
- Double-check the error and try to determine what caused it.
- Send your instructor an email explaining your findings.
- Trust that any error in grading will be corrected quickly
What if I cannot get my work submitted on time?
- If you have an emergency that will cause your work to be late, please contact your instructor in advance of the due date so that arrangements can be made. Your instructor may reserve the right to deduct points for work turned in late based on the reason and the timeliness of notice.
- If a technical problem prevents you from meeting the scheduled due date, please contact the Help Desk at 1-800-594-2402 and immediately email your instructor about the situation.
How can I get extra credit?
Extra credit is not an option.
Questions and Concerns
Please feel free to contact me for help with coursework or other areas that may impact your progress. Here are some examples.
- Do you have general questions about attendance, deadlines regarding your courses, student financial aid, or other areas?
- Are you a member of the military service? Do you need to adjust your schedule due to active duty, or do you have questions about your GI Bill® benefits or have other unforeseen military and veteran-related issues that have developed?
- Do you need supplementary student assistance? Please let me know if you are having academic difficulty and would like an ADA accommodation. Although I can talk with you about getting assistance, an excellent point of contact is the Office of Student Disability Services. You can reach the Office by calling 877-496-9050, option 3, or by e-mailing adaofficer@devry.edu or adaofficer@keller.edu.
Regardless of your situation, please feel free to contact me for assistance in whatever area of concern you might have. I will do everything I can to assist you or put you in contact with University colleagues who are trained to assist you in whatever area of concern you might have.
"GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by the VA is available at the official U.S. government website: www.benefits.va.gov/gibill.”