Frederick Community College

ACCT  205 - ONL1   Federal Income Tax Accounting

FALL 2010

Class begins: 8/21/2010

Class ends: 12/11/2010

Last Day to Withdraw: 11/01/2010

You must send your email address to the instructor before class begins

Instructor Information:
Name: Melissa Hill, CPA/MBA	Office: N/A
E-mail: mhill@frederick.edu	Phone Number: 240.674.5365
Contact Hours: email and by appointment for in-person meeting	Campus Mail Box #: 281

Course Information:
Credits: 3
On-campus Meetings: 0	On-campus Exams: 1
Prerequisites: Acct 100 or Acct 101	Corequisites: N/A

Course Description:

A practical study of the current federal revenue acts as they relate to business and individual tax procedures. Topics studied include income inclusions and exclusions, exemptions, capital gains and losses, business and individual deductions. Use of tax forms is encouraged but independent analysis of taxable status and handling income/expense items is required.

Core Learning Outcomes:

1. Define the basic tax concepts and terms of federal income taxation

2. Identify the primary authoritative sources of tax law

3. Understand the components of the tax formula

4. Determine what items are included in income

5. Distinguish between exclusions and deductions

6. Identify the types of itemized deductions

7. Identify refundable and nonrefundable tax credits

8. Differentiate realized and recognized gains and losses

9. Know the general principles of tax planning

Instructional Methods:

PowerPoints, Videos, Outlines, Discussion

 How is this course organized:

Online classes are designed for students to work independently. Please be sure you are reading the chapter and completing all assigned work. Powerpoints will be available to students as they work through each chapter in the text. At the end of each chapter, students will be required to submit an assignment and take a quiz. Students will also be required to participate in discussion via assigned problems that they will discuss in the online forum.

Text(s) and Course Materials:

2011 South-Western Federal Taxation, Comprehensive Volume; Willis, Hoffman, Maloney, Raabe

Progress Report:

By the end of the 6th week of the semester, you will have an opportunity to evaluate your progress in this course and decide if you need to make any adjustments (additional study, tutoring, conference with instructor) to assure your success in this course.

Evaluation Methods:
Tests / Papers / Projects / Participation	Point Value	Final Grade Scale
Weekly Quiz Weekly Assignments Exams Project Assigned Discussion Problems	120 180 300 50 50	630-700 = A 561 – 629 = B 490-560 = C 420-559 = D Below 419 = F
If the graded performance for online assignments differs significantly from the grade average for proctored assignments, the instructor reserves the right to administer additional tests.

Student Services

A variety of services are available to assist students in succeeding at FCC. Students can learn more about these services by visiting the Student Services web page: http://www.frederick.edu/student_services/index.aspx.

Students with disabilities who are in need of accommodations or who have questions related to disabilities services should contact the Services for Students with Disabilities (SSD) office at 301-846-2408. Students can learn more about these services by visiting the Services for Students with Disabilities web page: http://www.frederick.edu/student_services/disability.aspx.

Participation Policy:

(1) Students are required to login to Blackboard classroom weekly. All assignments are required to be submitted via Blackboard weekly.

(2) Students are required to submit weekly assignments and quizzes by the due date. The due date are generally Saturday night at 12:00pm. A late assignment will be penalized at the discretion of the instructor.

(3) Students are required to each submit and discuss 5 problems in the discussion forum. The problems will be assigned by the instructor.

(4) In case of serious illness, emergency, religious holidays, or participation in official college functions, students remain responsible for completing the requirements of the course. Please contact the instructor immediately to report any issues with participation or requirements of the class.

Email Policy:

With the exception of MOL students, all FCC students will receive and are expected to use their FCC email address for correspondence with faculty and staff at the college. Students can establish and access their FCC email accounts at https://myfcc.frederick.edu. Email is an instructional tool essential to student-instructor and student-student communication. In the Blackboard environment by default, your email address is available to all students in this course.

However, students are permitted to use email addresses of other students in this course only for the purpose and the duration of this course.

The instructor can be expected to respond to regular student email inquiries (grades, posted assignments, and tests excluded) within the time frame of 24 to 48 hours.

Academic Integrity:

Work in this course is subject to the provisions of the FCC Code of Academic Integrity. Plagiarism in any form will not be tolerated. As a student, it is your job to practice academic honesty at ALL times. Make sure that all sources, particularly Internet sources, get proper credit for quotations, paraphrases, and ideas. More information about this and the Student Conduct Code are available at http://www.frederick.edu/student_services/studentpolicies.aspx

You must send your Academic Integrity Pledge to the instructor. The form is available at http://courses.frederick.edu/_utilities/regform.htm

Topical Outline (ONLINE COURSE)

Ending Date of Week	SUBJECT	CONTENT
Week 1 08/28	Chapter 1 & 2 : Introduction & Working with the Tax Law	History of Taxation, Tax Structure & Resources
Week 2 09/04	Chapter 3: Computing the Tax	Understanding the Tax Formula
Week 3 09/11	Chapter 4: Gross Income: Concepts & Inclusions	What it is, Inclusion Date, Sources & Tax Planning
Week 4 09/18	Chapter 5: Gross Income : Exclusions	Insurance, Scholarships, Compensation, Benefits, Dividends and Planning
Week 5 9/25	Exam 1: Chapters 1-5	Chapters 1 - 5
Week 6 10/02	Chapter 6: Deductions and Losses: In General	Classification, Disallowances, Tax Planning
Week 7 10/9	Chapter 7: Deductions and Losses: Certain Business Expenses & Losses	Debts, Losses, NOL, Small Business Stock
Week 8 10/16	Chapter 8: Depreciation, Cost Recovery , Amortization & Depletion	MACRS, ACRS, Amortization, Depletion, Tax Planning
Week 9 10/23	Chapter 9: Deductions: Employee & Self-employed-related expenses Chapter 10: Deductions & Losses: Certain Itemized Deductions	Employee vs Self-employed, Travel, Moving, Education, Entertainment Medical, Taxes, Interest, Charitable Contributions, Miscellaneous, Tax Planning
Week 10 10/30	Exam 2 : Chapters 6-10	Exam in the Testing Center
11/1	Last date to withdraw
Week 11 11/06	Chapter 11: Investor Losses Chapter 12: Tax Credits & Payments	At-Risk & Passive losses Refundable vs Nonrefundable, Education, First Time Homebuyers, Miscellanoeus, Tax Planning
Week 12 11/13	Chapter 13: Property Transactions	Determine Gain /Loss, Basis, Nontaxable Exchange
Week 13 11/20	Chapter 14: Property Transactions: Capital Gains FINAL PROJECT DUE	Capital assets, Sale or Exchange, Tax Treatment
11/27	BREAK – no assignments due
Week 14 12/4	Chapter 15: Alternative Min Tax Chapter 16: Accounting Periods and Methods	Individual, Corporate, Tax Planning Periods and Methods
Week 15 12/11	Exam 3: Chapter 11-16	Final Exam

NOTE: Your instructor reserves the right to make changes to this outline as needed.