Course
Prerequisite: Completion of Accounting 201 with a minimum
grade of C and junior standing.
Text: West's Federal Taxation -
Comprehensive Volume 2007 (Willis, Hoffman, Maloney, Raabe)
loose-leaf.
Internet Access: Internet access is a requirement for this
course. The study of some course material and the taking of class quizzes
will be via the internet. Students must obtain and use an e-mail account
on a regular basis. Also, there are many text resources available
for online.
Blackboard: Students must use the Blackboard
system. Class announcements, assignments and changes to the syllabus
will be posted on Blackboard. Blackboard should be checked on a daily
basis for updates. To learn about using Blackboard go to this link:
http://learn.eku.edu/?bbatt=Y.
Other information about using Blackboard can be found at this link: Blackboard
instructions.
Tax
Research Source: RIA Checkpoint - available
through an access code included with your textbook.
Course Objectives: This is an interesting and fun course that gives you a workable foundation of the federal income tax laws and regulations. The content will include the concepts of gross income, deductions, credits, depreciation, and property transactions. This knowledge will enable the student to prepare an average individual income tax return along with supporting schedules.
Note: While some memorization of facts, terms, and concepts is necessary in this course, just the learning of facts is not sufficient so meet the course objectives. Learning to use information means that you should learn to identify problem requirements, to identify necessary and relevant information for solving the problems, to adapt knowledge of facts and concepts to new situations, and to develop logical and understandable solutions.
Class Format and Attendance: This is an active participation course - you must be involved every day to succeed. Class will consist of discussion, analysis and application of tax law and students must be well prepared. Preparation for class includes chapter reading, preparing answers to the assigned questions and preparing group solutions to assigned problems. You should anticipate spending a minimum of 9 hours outside of class each week in preparation. There is no short cut; the more time you spend with this material, the more that you'll learn. What you get from the course depends on what you are willing to put into it.
Research Problems: These problems are to be answered in complete paragraphs similar to the formats shown in chapter 2 of the textbook. In the first paragraph briefly describe the tax client's situation and clearly state the issue(s) that need to be researched. In the subsequent paragraphs summarize your research findings and clearly and completely cite all sources used (see citation formats in Chapter 2). In the last paragraph, clearly make your recommendation. These papers don't have to be long, just complete. You get a 6-month access to the RIA Tax Research database through an access code included with your textbook (if you bought it new).Tax
Returns: The four tax returns are to be prepared and printed out prior to coming
to class. All forms must be typed (no handwritten forms will be
accepted). If you have access to some tax-preparation software (e.g.
TurboTax, Tax Cut, or other commercial software), you are welcome to use
it. Please don't turn in any supporting schedules printed with the return;
only turn in the tax forms and schedules asked for.(You should have received Turbo
Tax with your textbook. although it's a year behind, it's the full version of
the commercial software.) Alternatively, at http://www.irs.gov/ --> Forms and Publications
--> you will find all forms and instructions that we will need this
semester. When the form is download into Acrobat Reader, you are able to
type in the form information and print the completed form.
Study Quizzes: Go to: http://www.wft.swlearning.com/ -->
Individual Income Taxes --> Student Resources --> select the chapter
number --> Interactive Quiz. For each chapter there are 10 true/ false
questions over the chapter material. Take the quizzes and send the results
to Fern via email. Quiz results must be submitted at least one hour before
class begins!
Review Quizzes: Access to this material should be linked under Course Documents at the course Web site. The review quizzes are multiple choice questions taken from the questions and problems at the end of the chapters, but you'll answer them online. The grades will appear in your BlackBoard grade book. These quizzes are to be treated like homework problems and to be completed at least one hour before class begins on the due dates.
Note: The chapter assignment schedule and examination dates (but not the Final Exam date) are subject to change depending on the needs of the class and time spent covering the material. More assignments may be given and some may be deleted, and the exam dates could be earlier or later than the dates listed above. Each student is responsible for attending every class meeting to become aware of any changes. The chapters are to be read and the problem assignments are to be completed before the class period on the dates shown in the schedule. No late assignments will be accepted.