AUSTIN COMMUNITY COLLEGE
SPECIAL TOPICS IN ACCOUNTING TECHNICIAN – ACNT 1392
CIP CODE AREA: 52.0302 (Accounting Technician)
COURSE LEVEL: Introductory
COURSE NUMBER: ACNT 1392 (Common Course)
COURSE TITLE: Special Topics in Accounting Technician
CREDIT HOURS: 3; LECTURE HOURS: 3; LAB HOURS: 0
PREREQUISITE: ACNT 1404 and ACNT 2371
METHOD OF PRESENTATION: Three hours lecture/discussion each week.
CATALOG DESCRIPTION: ACNT 1392 SPECIAL TOPICS IN ACCOUNTING TECHNICIAN (3-3-0). Topics address recently identified current events, skills, knowledge, and/or attitudes and behaviors pertinent to the technology or occupation and relevant to the professional development of the student. Includes an examination of current accounting trends and topics in business and industry. Course may be repeated for credit when topics vary. Examples include industry-specific subjects such as mortgage banking, real estate, insurance and fund accounting.
Basic Income Tax Preparation: This course will provide elementary coverage of both individual and business federal income taxation. Specific attention is given to actual preparation of basic federal income tax returns using tax preparation software. Major topics include: The Individual Income Tax; Credits and Special Taxes; Accounting Periods, Methods, and Depreciation; Capital Gains and Losses; Partnership Taxation; and The Corporate Income Tax. Tax preparation software will be utilized in completing simulated tax returns.
Skills: B Prerequisites: ACNT 1404 and ACNT 2371. Course Type: W
COURSE REQUIREMENTS: See specific Instructor's First Day Class Handout.
Course Master Syllabus
Special Topics in Accounting Technician
The objectives of this course will be met by incorporating a variety of instructional methods. These include lecture, case studies, group activities, student presentations, research papers, and/or online accounting and tax database research, periodical research.
The goals and objectives of this course prepare students for (1) obtaining or improving job skills, (2) qualifying for a business or accounting job, (3) achieving job advancement (4) working as an entrepreneur, (5) completing degree requirements and/or (6) fulfilling personal goals.
SCANS (Secretary’s Commission on Achieving Necessary Skills) was an outgrowth of a task force commissioned by the U.S. Secretary of Labor in 1990 The Commission identified certain demands of the workplace that should be addressed during the educational process. Accordingly, the Texas Higher Education Coordinating Board now requires SCANS skills to be integrated into the curriculum and syllabi to address these demands. Therefore, specific certain SCANS skills (competencies) have been developed for this course and will be measured. A separate handout will be given to students which explains the background of this effort and this process in more detail.
Competency will be assessed and must be shown in the following three areas for this course:
Assessment of the competency level reached will be reflected by the student’s overall grade in the class.
Scholastic Dishonesty: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating n an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework.
Students with Disabilities: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this, three weeks before the start of the semester.
Course Evaluation/Grading System, How to Reach the Instructor, and Course Outline/Calendar:
Refer to the Instructor’s syllabus for this course.
COURSE OBJECTIVES AND CORE COMPETENCIES:
Upon successful completion of this course, students should be able to:
Understand progressive, proportional, and regressive tax structures.
Understand the concepts of marginal and average tax rates as well as a simple income tax formula.
Understand the components of a Form 1040EZ income tax return.
Determine tax liability in instances when a Form 1040EZ return is appropriate.
Understand the types of tax authority and how they interrelate (Appendix A).
Understand the provisions of IRS Circular 230 for paid tax preparers (Appendix B).
Describe the expanded tax formula and the components of the major sections of Form 1040A and Form 1040.
Determine the proper filing status.
Calculate personal exemptions.
Calculate dependency exemptions.
Determine the standard deduction.
Compute the amount of tax due to the Internal Revenue Service (IRS).
Determine what interest and penalties the IRS can assess and in what instances certain penalties are applicable.
Describe when and how to record income for tax purposes.
Apply the cash method of accounting to income taxes.
Explain the taxability of components of gross income, including interest, dividends, tax refunds, and social security benefits.
Apply the rules concerning items excluded from gross income.
Apply the rules associated with tax accounting for savings bond interest used for education expenses, below-market interest loans, gift loans, and original issue discount debt (Appendix).
Describe the tax rules for student loan interest.
Be able to determine eligibility requirements and applicable dollar limits related to the Health Savings Account deduction.
Determine the deduction for moving expenses.
Explain the deduction for half of self-employment taxes.
Discuss the self-employed health insurance deduction.
Explain the penalty on early withdrawal of savings.
Be able to calculate the deduction for alimony paid.
Describe the deductibility and reporting of medical expenses.
Be able to explain the state and local tax deductions.
Apply the tax rules associated with the interest deduction.
Explain the deductibility and reporting of charitable contributions.
Discuss the casualty loss deduction.
Know how to report miscellaneous expenditures.
Apply the tax rules for limitations on total itemized deductions for high-income taxpayers in 2014.
Describe how income and expenses for a self-employed individual are recognized and reported.
Explain the concept of ordinary and necessary business expenses.
Explain the calculation of depreciation for trade or business assets.
Describe travel and entertainment expenses and discuss their deductibility.
Apply the rules for deducting the business portion of a residence and business bad debts.
Explain the hobby loss rules and the limits on education expense deductibility.
Describe the calculation of self-employment taxes.
Determine the terms and identify the tax forms used in sales of property transactions.
Classify assets sold as ordinary assets, § 1221 capital assets, or § 1231 business assets.
Explain and apply the tax rules for recognizing gains or losses on the sale of ordinary assets.
Explain and apply the tax rules for recognizing short-term and long-term gains or losses on the sale of capital assets (§ 1221).
Calculate the recognized gain or loss on the sale of § 1231 business assets, including gain recapture provisions of § 1245 and § 1250 property.
Describe the tax rules for special types of sales, including block stock sales, capital gain distributions, sales of mutual funds, worthless securities, and sales of property received as a gift or through inheritance.
Explain how income and expenses are recognized and reported for rental property.
Understand how to report personal use of a rental property (vacation home).
Know how to report royalty income on Schedule E.
Discuss the different types of flow-through entities reported on Schedule E, such as partnerships, S corporations, LLCs, trusts, and estates.
Apply the tax rules and calculate the credit for child and dependent care expenses.
Apply the tax rules and calculate the credit for the elderly or the disabled.
Apply the tax rules and calculate the education credits.
Apply the tax rules and calculate the foreign tax credit (FTC).
Apply the tax rules and calculate the child tax credit.
Apply the tax rules and calculate the retirement savings contributions credit.
Apply the tax rules and calculate the adoption credit.
Apply the tax rules and calculate the Earned Income Credit (EIC).
Explain the tax issues associated with payroll and Form 1040.
Calculate federal income tax withholding, social security, and Medicare taxes on wages and tips.
Describe the rules for reporting and paying payroll taxes, including deposit penalties and Form 941.
Calculate self-employment taxes, unemployment taxes, Form 940, taxes for household employees, and Schedule H.
Determine employer payroll reporting requirements, including Forms W-2 and W-3.
Explain supplemental wage payments, backup withholding, Form W-9, estimated tax payments, and Form 1040-ES.
Discuss the basic tax and operational structure of tax-deferred plans and annuities.
Explain details about the contributions to employer-sponsored retirement plans.
Describe the tax rules related to contributions to individual-sponsored retirement plans.
Explain details about the contributions to tax-deferred nonretirement plans.
Apply the tax rules for distributions from tax-deferred plans and the tax treatment of those distributions.
Determine the tax treatment of annuity contracts.
Explain how to defer gains using the like-kind exchange rules.
Describe how to account for and report involuntary conversions.
Apply the tax rules to report an installment sale.
Explain how to exclude a gain on the sale of a personal residence.
Apply the rules affecting related parties and wash sales.
Explain the process of applying the at-risk rules.
Describe the rules and applications related to passive activities.
Explain how the passive activity loss rules and at-risk rules work together to limit deductibility of losses.
Explain the alternative minimum tax and how it is calculated.
Explain the rules dealing with the formation of a partnership.
Be able to report partnership ordinary income or loss.
Determine separately stated items.
Calculate partner basis.
Apply the rules for partnership distributions.
Correctly report partnership liquidations and dispositions.
Describe corporate formation and filing requirements.
Calculate corporate and shareholder basis.
Determine corporate taxable income and tax liability.
Explain the tax rules for transactions with shareholders.
Prepare Schedules L, M-1, and M-3.
Discuss other corporate issues.
Know the rules for tax treatment of Subchapter S corporations.