FEDERAL TAX AB256 Professor Ron Hathaway

WELCOME Introductions contact information: Ron Hathaway (c) AIM: DiverRescue4 Announcement Board Timely Information Facts Virtual Office Hours: Monday 7-8 pm ET & 9-10 pm ET

WELCOME cont. Syllabus -Course Description: Introduction to the procedures to decipher tax information on an individual federal tax basis. Basic concepts in federal income taxation are explored, including gross income, exclusions, adjusted gross income, deductions, exemptions, and credits. Introductory tax concepts including cash and accrual methods, like-kind exchanges, and passive loss rules are covered. Additionally, students will familiarize themselves with a tax software package and will explore the tax software’s use in generating a tax return. -Course Objectives: Use the IRS website and other tax-related internet sites for tax research Use tax tables to calculate individual tax deductions Apply tax concepts to real world examples Analyze proposed tax legislation Prepare an individual Federal Tax return using a tax software package

WELCOME cont. Textbook Prentice Hall’s Federal Taxation, 2011 Edition Author(s): Pope, Anderson, and Kramer ISBN: Software Requirements Microsoft Office Professional 2003 (or Later) **Includes Microsoft Word, Excel, and PowerPoint Gradebook Discussion (8 x 20 points each) Assignments (8 x 30 points each) Quizzes (7 x 20 points each) Web Field Trip (45 points) Final Project (200 points) Final Exam (175 points) Writing Assignment (40 points)

POLICIES Naming conventions: Projects: username-project-unit#.doc subject lines: Please start your subject lines in correspondence with Course, Section, and Username: SUBJECT_OF_MESSAGE

POLICIES cont. Discussion Board: – Minimum of three posts per Discussion Board. One initial response and two replies to your classmates and/or professor – Post on a minimum of three different days, for example: Wednesday, Friday and Monday – Your first, or initial, response/post, answering the questions posed in the Discussion Board must be made by Saturday Grading rubric for Discussion Board can be found on page 9 of the syllabus. Grading rubric for Projects can be found on page 8 of the syllabus.

FINAL PROJECT The Final Project is Problem 7:63 in Chapter 7. The project is due in Unit 7. On the final project you will be asked to: Prepare Form 1040 Prepare Schedule A Prepare Schedule B Prepare Form 8283, if necessary

FINAL PROJECT cont. In addition, the final project will ask you to: Complete Problem 7:63 and submit in Dropbox as a Microsoft Word, Excel. Or PDF file. May complete the tax return in a number of ways: Download forms from and fill inwww.irs.gov Download forms from and fill in manuallywww.irs.gov At your option use any Tax Return preparation softwareand only upload the “Filing Copy” Reminder: The Final Project must be the correct filing year.

UNIT 1 ACTIVITIES Be sure to meet the Assignment requirement for the week 1. Visit IRS Website and do screen print of the home page 2. Find the Form 1040 for the current year and take a screen print 3. Enter your name and address on the Form 1040 and do a screen print 4. Visit IRS Website and take a screen print of Code Section Visit Lexus Nexus – The Joint Committee on Taxation. Find argument against 16 th Amendment and take screen print 6. In a separate Word document write a word paper 7. Submit both documents in the Dropbox for Unit 1

QUESTIONS? Any questions? Thanks for participating in this weeks seminar. See you on the Discussion Board.