Course Number and Title:
ACC 211 Tax Accounting I
Campus Location
- Dover
- Georgetown
- Wilmington
Prerequisites
Prerequisite: (Test scores or ENG 102 or concurrent) and (MAT 152 or higher) and ACC 101
Course Credits and Hours
3 credit(s)
3 lecture hours/week
1 lab hours/week
Course Description
This course is an overview of the federal income tax structure. Major topics include determination of gross income, adjustments, itemized deductions, the standard deduction, personal and dependency exemptions, tax liability, and tax credits. Theory and return preparation are emphasized.
Core Course Performance Objectives (CCPOs)
- Identify the major sources of federal tax law. (CCC 1; PGC 1, 2)
- Calculate the payment or refund due by choosing between inclusion and exclusion for income items and between deductible and non-deductible expense items. (CCC 1, 2, 6; PGC 2, 5)
- Differentiate between deductions for adjusted gross income and itemized deductions, and explain the relevance of the distinction. (CCC 1, 2; PGC 2, 5)
- Explain the difference between tax credits and tax deductions and between refundable and non-refundable credits, and calculate the allowable credit. (CCC 1, 2; PGC 2, 5)
- Classify gains and losses from sales or exchanges of property as ordinary or capital gains, and calculate the tax effects of such transactions. (CCC 1, 2, 6; PGC 2, 5)
- Demonstrate familiarity with the appropriate tax forms and schedules that are required in filing an individual federal tax return. (CCC 1, 2; PGC 1, 5)
- Analyze tax-planning opportunities for individual taxpayers, and select the most beneficial alternative, either individually or through a group decision-making process. (CCC 1, 2, 3; PGC 1, 2, 5)
See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.
Measurable Performance Objectives (MPOs)
Upon completion of this course, the student will:
- Identify the major sources of federal tax law.
- Discuss the statutory, administrative, and judicial sources of federal income tax law.
- Calculate the payment or refund due by choosing between inclusion and exclusion for income items and between deductible and non-deductible expense items.
- Describe the components of the individual tax formula.
- Use tax tables and rate schedules to compute tax liability.
- Discuss the general rules of inclusion and exclusion regarding gross income.
- Differentiate between deductions for adjusted gross income and itemized deductions, and explain the relevance of the distinction.
- Differentiate between the two categories of deductions.
- Apply cash basis and accrual basis concepts with respect to the timing of deductions.
- Explain the determination of certain expenditures as non-deductible.
- Discuss recordkeeping requirements to substantiate deductions.
- Determine which losses are deductible.
- Calculate net operating losses for tax purposes.
- Explain the differences between depreciation for tax purposes and for financial accounting purposes.
- Explain the categories of depreciable assets, and calculate depreciation allowance.
- Apply the rules of Section 179 and bonus depreciation.
- Explain the rationale for the treatment of "listed property".
- Distinguish between employed and self-employed, and explain the differences for tax purposes.
- Calculate automobile expense deduction two ways.
- Determine the deductible amounts of travel, transportation, and entertainment expenses.
- Figure out the amounts and character of employee business expenses.
- Calculate the amount of itemized deductions allowable in a variety of taxpayer scenarios.
- Define tax shelters, and explain the purpose of the at-risk and passive loss rules.
- Apply the at-risk and passive loss rules to simple situations.
- Explain the Qualified Business Income deduction under IRS Section 199A and calculate the deduction in simple scenarios.
- Explain the difference between tax credits and tax deductions and between refundable and non-refundable credits, and calculate the allowable credit.
- Calculate the tax benefits from deductions versus credits in simple situations.
- Calculate the allowable amount of common tax credits such as the earned income credit (EIC), child and dependent care credit, and other credits as they became available due to changes in tax law.
- Explain the procedures available to employees, self-employed persons, and investors for timely payment of taxes, and use these figures in determining the amounts of allowable credits.
- Classify gains and losses from sales or exchanges of property as ordinary or capital gains, and calculate the tax effects of such transactions.
- Determine adjusted basis in an asset in simple situations.
- Determine the amount realized in a sale or exchange.
- Calculate the amount and character of gains and losses.
- Demonstrate familiarity with the appropriate tax forms and schedules that are required in filing an individual federal tax return.
- Use form 1040 and supporting schedules 1-6, as required.
- Recognize Schedules A, B, C, D, E, and SE.
- Recognize common forms as required by changes in tax law.
- Analyze tax-planning opportunities for individual taxpayers, and select the most beneficial alternatives, whether individually or through a group decision-making process.
- Examine and analyze tax-planning scenarios.
Evaluation Criteria/Policies
The grade will be determined using the Delaware Tech grading system:
| 90-100 |
= |
A |
| 80-89 |
= |
B |
| 70-79 |
= |
C |
| 0-69 |
= |
F |
Students should refer to the
Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.
Final Course Grade
Calculated using the following weighted average
Evaluation Measure | Percentage of final grade |
Summative Assessments |
- 4 – 6 Exams (Equally weighted)
| 60% |
Formative Assessments |
The course will contain various formative assessments including but not limited to: - Assignments
- Activities
- Quizzes
- Problems.
| 40% |
TOTAL | 100% |
Program Graduate Competencies (PGCs are the competencies every graduate will develop specific to his or her major)
Integrate professional, ethical, and legal standards into business decision-making.
Apply foundational business concepts that lead to strategic thinking and the ability to analyze complex problems.
Use professional and technology based skills that are relevant to the dynamic business environment.
Employ effective communication skills and collaboration strategies to promote positive organizational outcomes.
Apply skills necessary to analyze and interpret business and financial data for decision-making purposes.
Core Curriculum Competencies (CCCs are the competencies every graduate will develop)
- Apply clear and effective communication skills.
- Use critical thinking to solve problems.
- Collaborate to achieve a common goal.
- Demonstrate professional and ethical conduct.
- Use information literacy for effective vocational and/or academic research.
- Apply quantitative reasoning and/or scientific inquiry to solve practical problems.
Students in Need of Accommodations Due to a Disability
We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.