Shaw University Department of Business and Public Administration

ACC 345 Federal Income Tax Spring 2012 Instructor: Dr. Dr.Okoye Phone: (919) 546-8313, (919) 523-0169 (c) Office: Tupper 203 E- mail Address: [email protected] Hours: TTH 11AM-3PM; Meeting Times: F 2:15-4:45PM MW–10AM 11 and 12-1PM and Online or by appt.

Required Text[s] Income Tax Fundamentals, 2011 Ed., Whittenburg, Altus-Buller (Thomson)

Business Administration Program Mission Statement The mission of the Business Administration major reflects the mission of both the Department and the University, which is to provide a liberal arts education and to prepare the student to function effectively in the world of work as well as in graduate and professional schools. The sequence of courses leading to the major in Business Administration with concentration in Accounting is designed not only to sharpen the professional skills of the students but also to enhance their ability to think clearly and critically, to analyze, synthesize and evaluate, acquire and understanding of self, and to develop a commitment to ethics and values.

Business Administration Program Goals 1. Providing students with a liberal arts education in Business Administration that upon graduation will: (a) prepare them for employment in government and industries; (b) prepare them to continue graduate or professional studies. 2. Helping students develop their analytical, cognitive, oral and writing skills, as well as to develop an awareness of an commitment to values. 3. Increasing the number of students concentrating in Accounting. 4. Strengthening the Accounting Concentration Program with specific emphasis on computer application. 5. Starting the process of getting the Business Administration program accredited. 6. Encouraging the professional development and teaching effectiveness of the departmental faculty 7. Implementing and strengthening necessary administrative processes.

Program Learning Outcomes (PLO) The proposed accounting concentration program outcomes are: 1. Accounting graduates demonstrate the ability to understand operations of a profit or not-for-profit entity and to effectively apply professional knowledge to financial statement preparation, analysis and related decision- making. 2. Accounting graduates demonstrate the ability to effectively apply professional knowledge to individual and business tax return preparation, analysis and related decision-making. 3. Accounting graduates demonstrate the ability to effectively apply professional knowledge to internal managerial report preparation, analysis and related decision-making. 4. Accounting graduates demonstrate the ability to effectively apply professional knowledge to understand the audit process, including fraud deterrence, detection and investigation, and to research related decision making issues. 5. Accounting graduates are able to apply critical thinking skills in solving accounting problems. 6. Accounting graduates have an understanding of the legal, ethical and regulatory environment of business and the strategic role of accounting. 7. Accounting graduates demonstrate the ability to effectively use oral and written communication in the context of accounting related matters. 8. Accounting graduates are prepared for careers in the accounting profession, professional certification and graduate studies in the accounting field. Course Description/Prerequisites Study of basic IRS tax regulations stressing the preparation of federal tax returns. Recent fraud scandals and related ethical issues will also be discussed. This is a 3 credit hour course and the prerequisite is ACC242.

Student Learning Outcomes (SLO) Student Learning Outcomes: Upon course Assessment Linkage completion, students will be able to: of SLOs to PLOs 2A. Prepare federal tax returns and research related issues Exam Questions, 2 Research Paper 5B. Apply critical thinking skills to solving problems related Exam Questions, 5 to tax accounting matters. Research Paper 6B. Understand the legal, ethical, social, economic and Exam Questions, 6 regulatory environment of tax accounting in society. Research Paper 7B. Demonstrate effective use of oral and written Exam Questions, 7 communications skills related to tax accounting matters. Research Paper, PPT Presentation 8B. Pursue graduate studies, professional certifications, Follow-up Surveys, and 8 and careers in tax accounting. Recommendation Letters.

Classroom Policies Students are responsible for attending class on time and adhering to the University’s Class Attendance Policy. The Attendance Policy is printed in the Shaw University Undergraduate Catalogue and shall be enforced. Each student is allowed as many unexcused absences per semester as the class meets per week. Cheating ( includes plagiarism) will not be tolerated {ZERO TOLERANCE]. If caught, student(s) will receive a zero. Exams/Quizzes must be taken when scheduled. Make-ups will only be given in event of emergency. If final exam is missed due to emergency, an incomplete will be given and make-up exam will be administered during following term. Grading Criteria is discussed below. Student Classroom Decorum Expectations: To enhance the learning atmosphere of the classroom, students are expected to dress and behave in a fashion conducive to learning in the classroom. Students should dress up on Shaw Pride Tuesday. Students should refrain from disruptive classroom behavior (i. e., talking to classmates, disrespectful responses to teacher instructions; swearing; wearing clothes that impede academic learning such as but not limited to, wearing body-revealing clothing and excessively baggy pants; hats/caps, and/or headdress. Students should turn off telephones prior to entering the classroom. Students who exhibit the behaviors described above, or similar behaviors will be immediately dismissed from class at the third documented offense. The student will be readmitted to class only following a decision by the department chair. The student may appeal the decision of the department chair to the Dean of the College offering the course, and, subsequently, to the Office of the Vice President for Academic Affairs, and then to the President of Shaw University. The decision of the President will be final. Failure to follow the procedures herein outlined will result in termination of the appeal, and revert to the decision of the department chair.

Each behavior construed by the teacher/professor as non-contributive to learning will be recorded, properly documented, and appropriately reported to the student and to the chair of the academic department offering the course. The report will be in written form with a copy provided to both the student and the department chair. The faculty member should retain a copy for his/her own records. Additional student behavior codes may be found in Student Affairs Grading Criteria:

The overall assessment for this course is based upon the following components:

WEIGHT ASSESSMENT POINTS

10% Attendance and Homework 50 20% Unit Quizzes/Exams 100

50% Midterm/Final Exams 250

20% Research Project 100

100% TOTALS 500

Grade Scale:

The grading scale based upon total points earned is as follows:

POINTS GRADE EARNED

450 – 500 A

400 - 449 B

350 - 399 C

300 - 349 D

Below 300 F

Topical Course Outline Week(s) Topic Description Assignments ______1 Introduction Read Chapter 1, Log into Bb 2-3 Ch.1 -Individual Income Tax Return Self-Study/MC/Comprehensive Problems 4 2 -Gross Income and Exclusions Self-Study/MC/Comprehensive Problems 5-6 5 -Itemized Deductions Self-Study/MC/Comprehensive Problems 7 3 -Business Expenses Self-Study/MC/Comprehensive Problems 8 4 -Self-Employed Expenses Self-Study/MC/Comprehensive Problems 9 6 -Credits and Special Taxes Self-Study/MC/Comprehensive Problems 10-11 7 -Depreciation Self-Study/MC/Comprehensive Problems 12-13 8 -Capital Gains/Losses Self-Study/MC/Comprehensive Problems 14 Research Project Presentations Due** 15 Final Exam Review 16 Final Exam

** Term Project involves presentation of a research paper on a recent tax fraud case. Oral and written presentations should focus on tax accounting and ethical concepts discussed in class. Paper should be at least five pages and include cited references (eg. www.irs.gov). Paper should include following:

-Summary of case and background -Tax/Ethical issues involved -Lessons learned from tax fraud scandal

Grading rubric for oral and written presentations of term project is summarized at the end of this syllabus. In addition, the online search tool EBSCO Host and other LRC resources can be accessed through the university’s library website at http://www.shawu.edu/Academics/James_Cheek_Learning_Resource_Center.aspx

Online Course Policies and Procedures: 1. Homework Assignments are due by midnight on Sunday of the week after unit coverage is completed. It is important for your understanding of the course objectives to finish the homework assignment in time to review your solutions and post any questions you have to the “Open Forum' in the threaded discussion area. So - I encourage you to complete the homework early in the week. Please remember that no late homework assignments will be accepted.

2. Threaded Discussions participation is required a minimum of two responses per week. Comments or questions can be in response to either the questions posed in the discussion thread or to a previous comment by the instructor or a student. Please try to be thoughtful in your contributions in order to orient the discussion to understanding the course objectives. Also, please remember that no late threaded discussion contributions will be accepted.

3. Unit quizzes must be completed by midnight on the Sunday evening after unit coverage is completed .These exams will consist of 10 multiple choice questions. Many of the questions will require you to solve an exercise to obtain the correct answer. You will have two hours to complete the exam. Read each question carefully and use any remaining time to review your responses. You will be able to review your graded exam to determine if you have any questions. It is extremely important that you feel you are achieving the course objectives as we go through each week. Prior to taking chapter exams, please review lectures, powerpoints, participate in discussion boards, and take practice tests. Be sure to seek assistance if any of the course objectives are not clear to you. Please remember there is no opportunity to complete the chapter exams after Friday at midnight. Written Communication Rubric

Oral Communication Rubric

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