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Federal Income Tax - John Newcome

Books - Textbook requirements for this course
Class Description - Brief class description
Chapter Outlines - Chapter outlines
Class Competencies - Link to class competencies.
Syllabus - Course syllabus detail
Grading - Grading scale and weight
Calendar - Estimated quarter progress
Homework - Specific due dates
Exams - Planned exam dates

Outlines

Select the desired chapter

Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11

Syllabus - Federal Income Tax - ACC 223

Quarter: Winter 2003

Instructor: John Newcome

Class Schedule: M,W,F (10:20-12:10)

Telephone: 425-235-7869
E-mail: jnewcome@rtc.ctc.edu

Web Page: http://www.rtc.edu/instruction/accounting/Class - Tax - Newcome.htm

Office Hours: Room H307 (7:30A-8:00A; 2:30P-3:00P)

Text: Income Tax Fundamentals 2002 Edition

Other Materials: (2) 3 1/2" diskettes

OBJECTIVE: This course introduces the student to the preparation of federal income tax returns for individuals.

This is a fundamental course in basic individual income tax. No previous income tax experience is required. Upon completion of this course, you will be able to: Prepare a moderately complex individual federal income tax return to IRS standards of accuracy, including supporting forms and schedules, both manually and using "Turbo Tax" tax preparation software

MAKEUP POLICY:

Missed Assignments - cannot be made up

Missed Exams - “yes” under special circumstances

10% late fee

Make-up Exams - None

Missing Time -“no”

TIMELINESS: Being on time is important on the job and in this class.

OTHER: Food or drink – not allowed per campus policy

Cell phones and beepers – turn off please

Classroom phones – for official campus employee business

Copier Use – for official campus employee business

Emergencies – use campus pay phones

Course Competencies

1. Understand and apply the tax formula for individual taxpayers and complete a simple individual income tax return in accordance with Internal Revenue Service (IRS) regulations.

2. Apply the rules governing inclusions and exclusions of gross income and be able to calculate the taxable portion of annuity and social security benefit payments received in accordance with IRS regulations.

3. Apply the tax rules for rental property and vacation home including the treatment of passive income/losses and apply current tax rules for Individual Retirement Accounts including traditional, educational and Roth IRA’s in accordance with IRS regulations.

4. Complete a simple form 2106 and Schedule C and properly apply the rules relating to travel and transportation expenses, home office deduction and various common business expenses.

5. Apply the applicable rules relating to each of the various itemized deductions and complete an individual income tax return involving itemized deductions, hobby losses and moving expenses.

6. Calculate several common tax credits including Earned Income Credit, HOPE and Lifetime Learning Credit, Adoption credit and Child and Dependent care credit. Compute the tax on unearned income of minor children.

7. Compute depreciation using the MACRS tables including the Section 179 Election to Expense and the “listed property” and “luxury automobile” limitations.

8. Apply the rules to determine the long-term and short-term gains and losses from various capital asset transactions and prepare a Schedule D.

9. Prepare a moderately difficult income tax return using tax preparation software.

Grading - Federal Income Tax (Newcome)

The following standards are used for this class:

Grading Standards
Description	Percent of Grade
Exams	75%
Project	20%
Homework	5%
Grades
Percentage Range	Letter
94% and over	A
90% but less than 94%	A-
87% but less than 90%	B+
84% but less than 87%	B
80% but less than 84%	B-
77% but less than 80%	C+
74% but less than 77%	C
70% but less than 74%	C-
67% but less than 70%	D+
64% but less than 67%	D
60% but less than 64%	D-
Less than 60%	F

Calendar - Federal Income Tax (Newcome)

The following calendar is an approximation of the progress I expect from this class. However, each class seems to have its own characteristics - some move more quickly than others. Therefore, the actual schedule will adjust based on the class progress.

All listed assignments (Exercises and Problems) are due at the end of each chapter.

Week	Ch.	Topic	Assignments
tbd	1	The Individual Income Tax Return	Group I - 1 thru 10 Group II - 1 thru 14 Group III - Returns 1 and 2
tbd	2	Gross Income and Exclusions	Group I - 1 thru 9 Group II - 1 thru 16 Group III - Returns 1 and 2
Exam 1, Chapters 1-2
tbd	3	Business Expenses and Retirement Plans	Group I - 1 thru 21 Group II - 1 thru 12 Group III - Returns 1 and 2
tbd	4	Self-Employed and Employee Expenses	Group I - 1 thru 11 Group II - 1 thru 11 Group III - Returns 1 and 2
Exam 2, Chapters 3-4
tbd	5	Itemized Deductions	Group I - 1 thru 19 Group II - 1 thru 18 Group III - Returns 1 and 2
tbd	6	Credits and Special Taxes	Group I - 1 thru 16 Group II - 1 thru 10 Group III - Return 1 ( 2 optional)
Exam 3, Chapters 5-6
tbd	7	Accounting Periods and Depreciation	Group I - 1 thru 10 Group II - 1 thru 10 Group III - Return 1
tbd	8	Capital Gains and Losses	Group I - 1 thru 20 Group II - 1 thru 16 Group III - Returns 1 and 2
Exam 4, Chapters 7-8
Comprehensive Tax Return Project (three separate income tax returns to be prepared independently)

Homework/Exam Dates - Federal Income Tax (Newcome)

First - Please refer to the class Syllabus. All problems and exercises are due by the end of each chapter.

Second - See the calendar below for specific due dates. REMEMBER - even though a problem may not be specifically noted on the following calendar, it is still due by the end of the chapter.

Week# Monday Wednesday Friday

1 Orientation, Syllabus
Assign.

2
Assign.

3
Assign.

4
Assign.

5
Assign

6
Assign

7
Assign.

8
Assign.

9
Assign.

10
Assign.

11
Assign.