COURSE SYLLABUS: INCOME TAX ACCOUNTING I
COURSE SYLLABUS: INCOME TAX ACCOUNTING ITerm: Fall 2013 (2013-1)Course #: ACCT 450XInstructor: Deanne M. Shimala, CPAPhone #: 219-218-7171E-mail: dshimala@ccsj.eduHours (Available): Thursday – 6:30 – 7:00 p.m.Instructor Background:Deanne is an Adjust Instructor at Calumet College of St. Joseph. She earned her Master’s degree in Taxation (MST)from DePaul University in Chicago, Illinois and her Bachelor’s degree in Accounting from St. Joseph’s College inRensselaer, Indiana. She is a Registered CPA in Illinois and a member of the American Institute of Certified PublicAccountants. Deanne has taught live and online courses at CCSJ since 2008. In addition to teaching, Deanneprovides accounting consulting services to various clients. She has previously held the following professionalpositions: public accountant in the auditing and tax field, Tax Director of a national insurance company, Controller ofa not-for-profit community organization, and VP of Business and Finance for CCSJ.Course Time/Classroom #:Thursday evenings: 7:00 – 10:00 p.m. (September 5 – December 12),Room 205Course Description:These courses are designed to familiarize the student with the federal income tax laws through lectures and practicalproblems. They are devoted to an intensive study of the income tax laws as they apply to individuals, partnerships,and corporations.Prerequisites:ACC 210, 211Learning Outcomes/ Competencies:Students successfully completing this course will be able to:1. Use the tax formula, determine filing status and correct number of personal and dependency exemptions,and compute an individual’s taxable income.2. Apply the taxation rules to determine whether items such as compensation, dividends, alimony, andpensions are taxable.3. Determine whether an item is income.4. Determine the realized gain or loss from the sale or disposition of property.5. Distinguish between deductions from and for AGI.6. Identify the different types of itemized deductions.7. Identify transactions that may result in losses or bad debts.8. Determine the proper classification and deductibility of travel expenses.9. Discuss the tax treatment and requirements for various deferred compensation arrangements.10. Classify property and calculate depreciation under pre-ACRS, ACRS, and MACRS rules.2400 NEW YORK AVE. WHITING, IN 46394 TEL. 219-473-7770 773-721-0202 FAX 219-473-4259
11.12.13.14.Explain the rules for adopting and changing an accounting period.Understand the tax consequences arising from a like-kind exchange.Understand the tax treatment for sec. 1231, 1245, and 1250 property.Prepare a typical tax return.Textbooks and Other Resources: Prentice Hall’s Federal Taxation 2014 Comprehensive, Rupert / Pope / Anderson,ISBN: 978-0-13-345011-8. Basic calculator – No cell phones allowed for utilization of the calculator appLearning Strategies:Lecturing, collaborative learning, practicing realistic tax scenarios, preparing tax returnsAssessment:ExamsChapter quizzesTax returnsClass participation/collaboration/attendanceChapter problems50% of grade15% of grade15% of grade10% of grade10% of gradeClass Policy for Assignments:Students will be assigned chapter problems and tax return projects throughout the term. Assigned chapter problems will be discussed in class. It is imperative that each student read theassigned chapters AND work through ALL the problems PRIOR to coming to class so that questionsmay be asked and/or clarification may be provided. Students are allowed to work through the problems withclassmates; however, each student must come to class with the work individually documented. While theproblems will not be turned in for individual grading, Professor Shimala will walk around the classroom toascertain that they have been attempted and to properly record the day’s “Chapter problems” grade. Tax returns are due at the beginning of class. They are individual assignments. Students are NOTallowed to work through the returns with classmates.Because of the continuous flow of work between the students and the instructor and because students will do betterwork if they stay on schedule, LATE WORK IS NOT ACCEPTED. If a student is absent from class, the tax return orsolutions to the tax returns must be submitted via email to Professor Shimala prior to 7:00 p.m. on the assignmentdue 7069-6867-6261-6059 and below2PageGradeAAB BBC CCD DDF2Grading Scale:
Class Policy on Attendance and Participation:Intellectual growth and success in college is reinforced through interaction in the classroom. Students reachpersonal goals and course outcomes through regular and prompt attendance. Attendance at all class sessions isimportant. Points are earned for each class attended. Failure to attend class for the entire scheduled class timeand/or failure to participate in the class discussion will result in a loss of points for the “classparticipation/collaboration/attendance” grade.In addition, lectures, discussions, videos and handouts may include material not covered in the text. Students areresponsible for obtaining class notes, handouts and other information from classmates for any class time missed. Itis NOT the responsibility of the instructor to provide such material again, following its initial class introduction.Class Policy on Exams and Quizzes:EXAMS: Attendance for scheduled exams is mandatory. Makeup exams will be considered ONLY with ADVANCEinstructor approval, appropriate and supportive documentation and ONLY in cases of extreme personal hardship (asdeemed by Professor Shimala). Exams are administered promptly at 7:00 p.m. Tardy students will NOT be providedadditional time to complete their exams.QUIZZES: Each chapter contains a significant amount of tax law. To ascertain that students understand thematerial covered in each chapter prior to moving onto the next chapter, students must complete a chapter quiz inBlackboard for each chapter. Chapter quizzes are to be completed by the Tuesday evening (11:55 p.m.) subsequentto the material being covered in class. The quizzes will be available on Blackboard each week for a period of at least4 days. Therefore, submission of late quizzes will NOT be allowed. The lowest quiz score will be dropped at the endof the term.Class Policy on Electronic Devices:Beepers, cell phones (including text messaging and other features) and other electronic devices are not appropriatefor the classroom setting. Any form of electronic communication must take place outside of the classroom before orafter class. A student found texting or using an electronic form of communication in class will lose 10% oftheir attendance grade per occurrence. A second occurrence on the same day may result in the studentbeing excused from the class and a full loss of the day’s attendance points. Any occurrence of anyelectronic form of communication during an exam will result in the student being asked to submit his/herexam for grading immediately. September 12 September 19 Class TopicIntroduction to CourseOutline.Chapter 1 – AnIntroduction toTaxationChapter 2 Determination of TaxChapter 3 – GrossIncome: Inclusions Class PreparationRead Chapter 1Complete Ch 1 Problems:o 39-44, 46, 47Read Chapter 2Complete Ch 2 Problems:o 29-31, 34-37, 39,41, 43, 46, 51, 56,57Read Chapter 3Complete Ch 3 Problems:o 34-37, 39-41, 4445, 47, 50, 52, 563 AssessmentsCH 1 Quiz due 9/10 (BB) CH 2 Quiz due 9/17 (BB) TAX RETURN #1 due 9/19 CH 3 Quiz due 9/24PageClass DateSeptember 53Course Outline:
October 10 Chapter 5 – PropertyTransactions:Capital Gains andLossesChapter 6 –Deductions andLosses October 17 Chapter 7 – ItemizedDeductions October 24 Chapter 8 – Lossesand Bad Debts October 31 Chapter 9 – EmployeeExpenses andDeferredCompensation November 7 Chapter 10 –Depreciation, CostRecovery,Amortization, andDepletionChapter 11 –Accounting Periodsand Methods Chapter 12 – PropertyTransactions:NontaxableExchanges November 14November 21 Class PreparationRead Chapter 4 – GrossIncome: ExclusionsComplete Ch 4 Problems:o 33-36, 38, 40, 42,44, 47, 48, 51, 55Read Chapter 5Complete Ch 5 Problems:o 33-39, 41, 43, 46,47, 49, 52, 59Read Chapter 6Complete Ch 6 Problems:o 33, 35, 36, 38, 40,41, 44, 46, 48, 49,51, 53, 56Read Chapter 7Complete Ch 7 Problems:o 36, 37, 40, 41, 43,44, 46, 47, 49, 51,53, 55, 59Read Chapter 8Complete Ch 8 Problems:o 39, 41, 42, 44, 4750, 53, 54, 56, 58Read Chapter 9Complete Ch 9 Problems:o 52, 53, 56, 57, 59,62-64, 66, 70, 73,74Read Chapter 10Complete Ch 10 Problems:o 25, 27, 28, 30-35,40, 45Read Chapter 11Complete Ch 11 Problems:o 37-39, 41, 43, 45,48, 50-53, 56Read Chapter 12Complete Ch 12 Problems:o 26, 28, 30, 33, 36,38, 40, 42, 43, 45,48, 51 AssessmentsCH 4 Quiz due 10/1 EXAM #1 (Ch 1 – 4) CH 5 Quiz due 10/8 TAX RETURN #2 due 10/10 CH 6 Quiz due 10/15 CH 7 Quiz due 10/22 TAX RETURN #3 due 10/24 CH 8 Quiz due 10/29 CH 9 Quiz due 11/5 EXAM #2 (Ch 5-9) CH 10 Quiz due 11/12 TAX RETURN #4 due 11/14 CH 11 Quiz due 11/19 CH 12 Quiz due 11/264October 3 Class TopicChapter 4 – GrossIncome: ExclusionsPageClass DateSeptember 264
Class DateNovember 28 December 5 Class TopicChapter 13 – PropertyTransactions:Section 1231 andRecaptureClass PreparationNO CLASS MEETING –THANKSGIVING HOLIDAY Read Chapter 13 Complete Ch 13 Problems:o 32, 33, 35, 38, 39,41, 43, 46, 48, 49,54, 55, 60Chapter 14 – Special Read Chapter 14Tax Computation Complete Ch 14 Problems:Methods, Tax Credits,o 42, 44, 46, 48, 49,and Payment of Tax50, 51, 52, 54, 55,60, 63December 12 AssessmentsCH 13 Quiz due 12/3 TAX RETURN #5 due 12/5 CH 14 Quiz due 12/10 EXAM #3 (Ch 10-14)The instructor reserves the right to change the above course outline. If a student is absentfrom a class session, it is his or her responsibility to contact the instructor regardingassignments.Student Success Center:The Student Success Center supports Calumet College of St. Joseph students through an interactive learningexperience. Students work with tutors to develop course competencies and study skills such as time management,test preparation, and note taking. In addition, students are provided with tutoring support to help pass courses, toimprove grade point average, and to promote continuing education and career advancement. Tutors have a specificcharge: to help students learn how to master specific subject matter and to develop effective learning skills. TheStudent Success Center is open to all students at Calumet College of St. Joseph at no charge and is available tosupport academic courses at the introductory and advanced levels. For assistance, please contact the StudentSuccess Center at 219 473-4287 or stop by room 413.The Supplemental Instruction (SI) Program is an academic support program designed to increase studentperformance and retention. The SI Program provides peer-assisted study sessions to aid students in academiccourses that often prove challenging. Weekly study sessions are led by a supplemental instructor, a “peer facilitator”who helps students master course content and practice effective study skills. In SI sessions, students are providedwith an opportunity to review lecture notes, clarify difficult concepts, discuss ideas, and study for tests in groupsettings. SI sessions are for students who need or want supplemental instruction in courses in which SI support isprovided. Students may attend as many sessions as they deem helpful. For more information regarding the SIProgram, contact the Academic Support Programs Office at 219 473-4352.Statement of Plagiarism:If an instructor or other Calumet College of St. Joseph personnel find that a student has plagiarized or been involvedin another form of academic dishonesty, the instructor or other personnel may elect to bring the matter up for judicialreview. The maximum penalty for any form of academic dishonesty is dismissal from the College. The procedures forjudicial review are listed under the section of CCSJ handbook that addresses student grievances.PLEASE NOTE: All papers can and may be submitted for checks on plagiarism from the Internet/Electronicsources/Databases.5PageCalumet College of St. Joseph uses citation guidelines, generally MLA or APA format, to document sources quotedor paraphrased in student papers. Check the syllabus for each course to see what each instructor requires. TheLibrary has reference copies of each manual; the Bookstore has copies for sale when required by the instructor. In5Citation Guidelines:
addition, there are brief MLA and APA checklists in your spiral “Student Handbook and Planner” and on the Librarywebsite and literature rack. These texts show how to cite references from many sources, including electronic media,as well as how to space and indent the “Works Cited” and “References” pages respectively. EBSCO and ProQuestarticles provide both formats for you to copy and paste. Proper documentation avoids plagiarism.Withdrawal from Classes Policy:After the last day established for class changes has passed (see College calendar), students may withdraw from acourse in which they are registered and wish to discontinue. A written request detailing the reason(s) for thewithdrawal must be completed with the Office of Academic Advising and filed with the Registrar. The Office ofAcademic Advising must receive written request for withdrawal by the last day of classes prior to the finalexamination dates specified in the catalogue. Written requests should be submitted in person or, when an in-personvisit is not possible, may be mailed to the Office of Academic Advising, emailed, or faxed to 219-473-4336. Studentsare to make note of the refund schedule when withdrawing from courses. If the request requires instructor approvalper the College calendar, it must be forwarded to the faculty member, who makes the final determination to accept ordeny the request.If the request is honored by the faculty member, the student will receive notification of official withdrawal from theRegistrar after meeting or speaking with a member from Academic Advising, Financial Aid and Athletics (ifapplicable). These departments will notify the student of academic, financial, and athletic eligibility effects of apossible withdrawal.If the request is denied by the faculty member, the notification will indicate why the withdrawal is disallowed. Pleasenote that if the request does not require instructor approval, the student must still meet or speak with a member fromAcademic Advising, Financial Aid and Athletics (if applicable) before the withdrawal will be processed.An official withdrawal is recorded as a "W" grade on the student's transcript. Discontinuing a course without a writtenrequest for withdrawal automatically incurs an "FW" grade for the course (see Refund Schedule). Failure to Withdraw(FW) is indicated when the student does not complete withdrawal paperwork with the Office of Academic Advisingnor does the student notify the instructor of their intent to withdraw due to an illness, accident, grievous personal loss,or other circumstances beyond the student’s control. This grade is submitted by the instructor at the end of term.Disability Services:Disability Services strives to meet the needs of all students by providing academic services in accordance withAmericans Disability Act (ADA) guidelines. Students must meet with the Coordinator of Disability Services tocomplete an intake form in order to request an accommodation and/or an auxiliary aid (e.g., additional time for tests,note taking assistance, special testing arrangements, etc.). It is the student’s responsibility to contact the AcademicSupport Programs Office to request an accommodation at least one month prior to enrollment for each academicterm. Students who are requesting an accommodation and/or an auxiliary aid must submit documentation from aprofessional health care provider to verify eligibility under Section 504 of the Rehabilitation Act of 1973 and/or theAmericans with Disabilities Act of 1990. The cost of obtaining the professional verification is the responsibility of thestudent.Calumet College of St. Joseph utilizes an emergency communications system that transmits messages via text,email, and voice platforms. In the event of an emergency, of weather related closings, or of other incidents, thosestudents who are registered for the system shall receive incident specific message(s) notifying them of the situation.6PageCCSJ Alert:6If a student believes that he or she needs a “reasonable accommodation” of some kind because of a physical,psychological, or mental condition, he or she should contact Disabilities Services. The Coordinator will securedocumentation pertinent to the disability and work with faculty and staff, if necessary, to address the matter. Allquestions and inquiries pertaining to disability services should be directed to the Disability Services Coordinator at219-473-4349.
Please sign-up for this important service at any time on the College’s website. Alternatively, you can register at thetime you register for classes. This service requires each user to register once per academic year. Therefore, at thebeginning of each academic year, please remember to re-register for the system. This can be done at:http://www.ccsj.edu/alerts/index.html.School Closing Information:CCSJ Alerts:Internet:An emergency communications system that transmits messages via text, email,and voice platforms. Please sign-up for this important service at any time on theCollege’s website. This can be done at: csj.eduhttp://www.EmergencyClosings.comFacility: Calumet College of St. JosephPhone: 219.473.4770Radio:WAKE – 1500 AMWGN - 720 AMWIJE – 105.5 FMWLS – 890 AMWZVN – 107.1 FMWBBM NEWS RADIO 78TV Channels:Page72, 5, 7, 9, 327
COURSE SYLLABUS: INCOME TAX ACCOUNTING I Term: Fall 2013 (2013-1) Course #: ACCT 450X Instructor: Deanne M. Shimala, CPA Phone #: 219-218-7171 E-mail: dshimala @ccsj.edu Hours (Available): Thursday – 6:30 – 7:00 p.m. Instructor Background: Deanne is an Adjust Instructor at Calumet College of St. Joseph.
Income Tax Act 2007 2007 No 97 BC 6 Income tax liability of filing taxpayer 106 BC 7 Income tax liability of person with schedular income 106 BC 8 Satisfaction of income tax liability 108 Subpart BD—Income, deductions, and timing BD 1 Income, exempt income, excluded income, non- 108 residents' foreign-sourced income, and assessable income
401(k) 457 Roth IRA Traditional IRA Lower tax bill now! Tax-free growth! Tax deferred growth! Tax deferred Tax deferred After-tax deposits May be tax-deductible Pay income tax Pay income tax Tax-free Pay income tax when withdrawn when withdrawn withdrawals when withdrawn Deposits Payroll-deduction (if allowed by employer) Rollovers
FINANCIAL ACCOUNTING : MEANING, NATURE AND ROLE OF ACCOUNTING STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Origin and Growth of Accounting 1.3 Meaning of Accounting 1.4 Distinction between Book-Keeping and Accounting 1.5 Distinction between Accounting and Accountancy 1.6 Nature of Accounting 1.7 Objectives of Accounting 1.8 Users of Accounting Information 1.9 Branches of Accounting 1.10 Role .
s d n t i a l O w e r-Occupied Alcoholic Beverage Tax O t h e r Entities 2015-16. 4 LAO Californias Tax System Personal Income Tax PIT 1CHAPTER. 5 LAO California s Tax System Personal Income Tax (PIT) The personal income tax (PIT) is a broad-based tax that the state levies on most types of income, such
Tax & Accounting CCH Axcess Tax and CCH ProSystem fx Tax Forms and States Supported for the 2019 Tax Year CCH Axcess Tax and CCH ProSystem fx Tax are the most comprehensive tax preparation and compliance software systems in the industry, providing hundreds of automated forms and
Stamp Duty 83 Tax Payments and Tax Return Filing 85 Monthly tax obligations, Annual tax obligations, Early tax refunds Accounting for Tax 91 Tax Audits and Tax Assessments 93 Tax Collection Using Distress Warrant 100 Tax Dispute and Resolution 102
New York State Withholding Tax Tables and Methods Effective July 1, 2021 The information presented is current as of the publication’s print date. Visit our website at www.tax.ny.gov for up-to-date information.File Size: 278KBPage Count: 22Explore further2020 tax tableswww.tax.ny.gov2021 Income Tax Withholding Tables Changes & Exampleswww.patriotsoftware.comWithholding tax forms 2020–2021 - current periodwww.tax.ny.govWithholding tax amount to deduct and withholdwww.tax.ny.govWithholding taxwww.tax.ny.govRecommended to you b
COURSE DESCRIPTION This is an upper level accounting course designed for students to develop an understanding of the fundamentals of Federal Income Tax. In this course, accounting students will learn federal income tax law pertaining to individuals and businesses. This course will help students develop skills in applying the
