Stephen F. Austin State University ACCT 343 Federal Income Taxation Fall 2011

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1 Stephen F. Austin State University ACCT 343 Federal Income Taxation Fall 2011 Instructor: Dr. George L. Hunt, CPA, CIA, CMA Office: 292J McGee Office Telephone: Office Hours: Mon/Wed: 9:30 a.m. 12:30 p.m. Tues/Thurs: 12:00 p.m. 2:00 p.m. And other times by appointment. Accounting Meeting Place and Time: MW 1:00-2:15 p.m. BUSI 267 Student Instructor: Glen McMahon Course Description Accounting 343 is an introduction to federal income tax legislation as applied to individuals and business. Program Learning Outcomes Program learning outcomes define the knowledge, skills, and abilities students are expected to demonstrate upon completion of an academic program. These learning outcomes are regularly assessed to determine student learning and to evaluate overall program effectiveness. You may access the program learning outcomes for your major and particular courses at Student Learning Objectives This course is designed to be an introduction to the taxation of individuals under the federal income tax system. It is hoped that you will gain from this course: an understanding of the basic concepts underlying the income tax and of the basic provisions that affect different classes of taxpayers, an appreciation of the legislative, administrative, and judicial development of important provisions, basic skills for completion of federal personal income tax returns, elementary income tax research skills, and introductory personal federal income tax planning. Course Materials Required: Concepts in Federal Taxation, 2011 Ed., Murphy and Higgins, Thomson/Southwestern (2011) ISBN-13: IRS Publication 17; Various IRS forms publications (TBA) Optional: Current tax year CCH s U.S. Master Tax Guide, RIA s Federal Tax Handbook, West s Internal Revenue Code of 1986 and Treasury Regulations, or equivalent. Quizzes/Assignments/Cases Homework will consist of assigned problems and exercises from the text. Assignments and due dates will be announced in class. Late assignments papers will not be accepted. When absent from class, it is the student's responsibility to see that assignments is turned in when due. Papers

2 will be graded on attempt made and final solution. The particular case assignments will be discussed in detail at the appropriate time in the course. Attendance. The University expects regular attendance. The course grade incorporates in-class quizzes and assignments to encourage your attendance and participation. Please make plans to attend every class and to arrive on time, ready to give full attention to every session. Missing class for any reason may jeopardize performance on exams and assignments. Disabled Students. Any student who, because of disability, may require some special arrangements in order to meet course requirements should see the instructor immediately so that a determination can be made of the types of available accommodations. Testing and Grade Distribution. Four regular exams and a comprehensive final exam will be given. The exam format will generally be that of (1) objective questions (i.e., multiple choice) and (2) problem questions, and/or (3) completion of tax forms. The Tax Cases require preparation of tax returns and/or forms based on scenarios provided. Research Cases require preparation of solutions to problems requiring tax research using RIA Checkpoint. Quizzes and assignments (details announced in class) will also be given. Unless specific arrangements are made with the instructor in advance, a missed exam or quiz may not be made up. The semester grade will be determined as follows: (A) Exams (4) 400 (B) Final Exam 100 (C) Quizzes/Assignments 50 (D) Tax Cases 150 (E) Tax Research Cases Under departmental policy only non-programmable calculators are allowed during examinations. University grading system: 90% = A, 80% = B, 70% = C, 60% = D, and < 60% = F. Academic Integrity. The University and the Department of Accounting have no tolerance for acts of scholastic dishonesty, such as cheating and plagiarism. The University has an established policy concerning academic dishonesty, including penalties for infractions and an appeals process. See the following website for details of the academic integrity policy: Other. See attached addendum.

3 Rusche College of Business Syllabus Addendum Program Learning Outcomes: Program learning outcomes define the knowledge, skills, and abilities students are expected to demonstrate upon completion of an academic program. These learning outcomes are regularly assessed to determine student learning and to evaluate overall program effectiveness. You may access the program learning outcomes for your major and particular courses at General Student Policies: The following policies apply to all students enrolled in courses at Stephen F. Austin State University. You may also access these policies at Academic Integrity (A-9.1) Academic integrity is a responsibility of all university faculty and students. Faculty members promote academic integrity in multiple ways including instruction on the components of academic honesty, as well as abiding by university policy on penalties for cheating and plagiarism. Definition of Academic Dishonesty Academic dishonesty includes both cheating and plagiarism. Cheating includes but is not limited to (1) using or attempting to use unauthorized materials to aid in achieving a better grade on a component of a class; (2) the falsification or invention of any information, including citations, on an assigned exercise; and/or (3) helping or attempting to help another in an act of cheating or plagiarism. Plagiarism is presenting the words or ideas of another person as if they were your own. Examples of plagiarism are (1) submitting an assignment as if it were one's own work when, in fact, it is at least partly the work of another; (2) submitting a work that has been purchased or otherwise obtained from an Internet source or another source; and (3) incorporating the words or ideas of an author into one's paper without giving the author due credit. Please read the complete policy at Withheld Grades Semester Grades Policy (A-54) Ordinarily, at the discretion of the instructor of record and with the approval of the academic chair/director, a grade of WH will be assigned only if the student cannot complete the course work because of unavoidable circumstances. Students must complete the work within one calendar year from the end of the semester in which they receive a WH, or the grade automatically becomes an F. If students register for the same course in future terms the WH will automatically become an F and will be counted as a repeated course for the purpose of computing the grade point average. Students with Disabilities To obtain disability related accommodations, alternate formats and/or auxiliary aids, students with disabilities must contact the Office of Disability Services (ODS), Human Services Building, and Room 325, / (TDD) as early as possible in the semester. Once verified, ODS will notify the course instructor and outline the accommodation and/or auxiliary aids to be provided. Failure to request services in a timely manner may delay your accommodations. For additional information, go to

4 SFA - Acct 343 TENTATIVE CLASS SCHEDULE* Fall 2011 Date Topic Text Chapters 8/29 Introduction Overview of Federal Income Taxation Chapter 1 Chapter 2 Homework Assignments TC= Tax Case RC = Research Case 9/5 Labor Day 9/7 Form 1040EZ Chapter 2 9/12 Form 1040EZ Chapter 2 9/14 Exam 1 Ch. 1, 2, Form EZ TC1: Form 1040EZ due 9/19 9/26 Form 1040A Tax Research Income Sources Form 1040 Intro Income Exclusions Chapter 3 Chapter 4 RC1 due 9/29 TC2: Form 1040A due 9/26 10/3 Exam 2 Ch. 3, 4, Form 1040A TC3: Sch. B due 10/5 Introduction to Business Expenses Chapter 5 TC4: Sch. D due 10/10 10/10 Introduction to Business Expenses Business Expenses Chapter 5, 6 RC2 due 10/12 10/17 Business Expenses Chapter 6 10/24 Exam 3 Ch. 5, 6 TC5: Sch. C/SE 10/26 Last drop date Losses-Deductions & Limitations Chapter 7 10/31 Losses-Deductions & Limitations Chapter 7 TC6: Sch. E due 11/3 11/7 Taxation of Individuals Chapter 8 RC3 due 11/8 11/14 Taxation of Individuals Chapter 8 RC4 due 11/17 11/21 Exam 4 Ch. 7, 8

5 11/23 Acquisition of Property Chapter 9 TC7: Sch. A due 11/123 11/24 Thanksgiving 11/28 Cost Recovery on Property Chapter 10 TC8: Comprehensive Form 1040 due 12/3 12/5 Other Current Topics 12/12 Final Exam Ch /12 Monday 1-3 p.m. Changes to the schedule are likely during the semester; it is your responsibility to attend class to get announced changes.