ACC 307 Complete Course
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Wednesday, 29 July 2015

ACC 307 Complete Course

ACC 307 ACC307 Complete Course
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ACC307 Week 1 Discussion
"Taxpayer Rights and Maximizing Deductions" Please respond to the following:
After reviewing the scenario, discuss at least two (2) tests for claiming a dependency exemption for a child or qualifying relative, and identify major loopholes within these tests that the IRS would only detect during an audit. Provide specific examples of such loopholes.
From the e-Activity, select at least two (2) rights that most taxpayers may not be aware of that could reduce their fear or intimidation when dealing with an IRS audit. Discuss whether the IRS would be more effective in its collection efforts if it adopted a more customer service approach. Support your position.

ACC307 Week 1 Homework
Homework
Chapter 1: 26, 36, 42, 50, and 53
Chapter 3: 2, 10, 21, 29, and 46

ACC307 Week 2 Discussion
"Impact of Effective Tax Planning" Please respond to the following:
After reviewing the scenario, identify at least two (2) inclusions or exclusions for self-employed taxpayers to reduce their tax liability, and propose at least two (2) tax-planning strategies for taxpayers to reduce their tax liability. Provide specific examples of such strategies.
Imagine that you are a tax consultant. From the e-Activity, review the guidelines for the social security benefits that are taxable, and recommend at least two (2) key strategies that retirees with pension income may use in order to minimize their number of taxable social security benefits. Provide specific examples of such recommendations.
Week 2 Homework Submission
Homework
Chapter 4: 6, 28, 41, 42, and 47
Chapter 5: 17, 25, 35, 40, and 57
H&R Block Mini Practice Set 1
Chapter 3, Problem 53
ACC307 Week 3 Discussion
"IRS Compliance Issues" Please respond to the following:
·         In the textbook, the Internal Revenue Code states that in general business expenses are deductible as long as they are the ordinary and necessary expenses of carrying on a trade or business. After reviewing the scenario, suggest as least three (3) methods that the IRS could use in order to determine if hobby and trade expenses meet such conditions. Provide specific examples of such methods.
·         Analyze at least two (2) of the IRS guidelines on the deductibility of expense related to vacation homes in order to determine the fundamental way in which taxpayers are likely to abuse them, and ascertain the most effective means for the IRS to detect taxpayer abuse. Provide support for your rationale.

Week 3 Homework Submission

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Homework
·         Chapter 6: 13, 23, 41, 52, and 57
·         Chapter 7: 13, 33, 34, 41, and 43

H&R Block Mini Practice Set 1
·         Chapter 4, Problem 59


ACC307 Week 4 Discussion
"Tax Planning and Fiscal Policy" Please respond to the following:
·         After reviewing the scenario, discuss at least three (3) pros and three (3) cons for converting personal property to business use, and recommend at least two (2) implementation strategies that would increase the depreciable bases used to calculate depreciation expense. Provide support for your recommendation.
·         From the e-Activity, imagine that you have started a business and have purchased business assets, such as computer equipment, vehicles, and a building. Suggest at least two (2) implementation strategies to help you ensure that you are calculating the correct amount of depreciation. Provide specific examples of such strategies.


Week 4 Homework Submission

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Homework
·         Chapter 8: 23, 32 45, 55, and 59


Week 4 H&R Block Mini Practice Set 3 Submission

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H&R Block Mini Practice Set 3
·         Chapter 7, Problem 46


ACC307 Week 5 Discussion
"Distinction Between Independent Contractors and Employees" Please respond to the following:
·         After reviewing the scenario, identify at least three (3) key benefits that you could negotiate with your employer or potential employer that could reduce your tax liability. Provide specific examples of such benefits.
·         Imagine that a potential employer has given you the opportunity to work as either an employee or an independent contractor. Identify at least three (3) pros and three (3) cons of each option. Discuss the primary tax consequences or tax deductions of each classification that you believe provide the greatest opportunity to reduce your overall tax liability. Provide support for your rationale.

Week 5 Homework Submission

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Homework
·         Chapter 9: 3, 20, 28, 55, and 60


Week 5 H&R Block Mini Practice Set 4 Submission

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H&R Block Mini Practice Set 4
·         Chapter 8, Problem 63

ACC307 Week 6 Discussion
"Maximizing Itemized Deductions" Please respond to the following:
·         After reviewing the scenario, recommend at least two (2) tax-planning strategies that taxpayers could implement in order to ensure that the itemized deductions exceed their standard deductions, including those deductions that do not require itemization in order to reduce tax liability. Provide support for your recommendation.
·         Identify at least two (2) deductions that impact the amount of the itemized deduction claimed, and suggest at least two (2) tax-planning strategies for maximizing such deductions. Provide specific recommendations.


Week 6 Homework Submission

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Homework
·         Chapter 10: 4, 12, 35, 41, and 44

Week 6 H&R Block Mini Practice Set 5 Submission

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H&R Block Mini Practice Set 5
·         Chapter 9, Problem 61

ACC307 Week 7 Discussion

"Maximizing Investor Losses" Please respond to the following:
·         After reviewing the scenario, compare and contrast the at-risk rules and passive activity limits. Discuss the purpose for each, and suggest as least two (2) tax-planning strategies for ensuring that the IRS allows passive losses in order to reduce your tax liability. Provide support for your suggestion.
·         Imagine that you are in the process of creating a new business structure and have to choose between a personal service corporation and one that is closely held. Consider the tax deductions, at-risk rules, and passive loss limitations, and recommend the type of structure that has the greatest potential to minimize your tax liability. Defend your position.



Week 7 Assignment 1 Submission

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Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center.
Instructors, training on how to grade is within the Instructor Center.
Assignment 1: Should the U.S. Convert to a Zero Personal Income Tax? 
Due Week 7 and worth 280 points
In a recent news article located at http://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971, NBC News reported that the U.S. Government spends $3.6 trillion per year to fund Social Security, Medicare, homeland defense and safety, education, transportation, and the interest on debt obligations. In spite of the services and benefits that the government provides, many taxpayers dread paying income taxes but consider them a necessary evil. Consequently, there is much debate about the inequities contained within the tax code, due to tax shelters and tax credits provided to some taxpayers which thereby increase the tax burden on others. 
Using the Internet or Strayer Library, research at least two (2) countries that have a zero income tax rate.
Write a four to five (4-5) page paper in which you:
1.      Analyze the way in which the two (2) countries that you have researched provide services and benefits to its citizens without collecting personal income taxes.
2.      For the countries that you have chosen, determine whether or not the U.S. could adopt their taxation model without reducing its total amount of revenue generated by collecting personal income taxes from individuals and business. Justify your response.
3.      Suggest at least three (3) advantages and three (3) disadvantages of the U.S. adopting a zero income tax model. Provide a rationale for your response.
4.      Create a proposal for where the revenue would be derived if the U.S. were to adopt a zero income tax model. In your response, provide specific recommendations concerning the following:
1.      The proposed tax base.
2.      Whether or not tax payers at certain income levels should be exempt from taxation.
3.      The primary way in which the IRS would calculate the tax rate in order to ensure that the same level of tax revenue would still be collected.
4.      The primary way in which your plan will achieve equity.
5.      Speculate on the primary way in which the federal government could make up any shortfalls if it does not collect its targeted revenue from personal income taxes, and ascertain the most significant way in which the U.S. Department of the Treasury, through the IRS, can still adhere to its fiscal and monetary policies. Justify your response.
6.      Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
·         Examine the types of taxes imposed at the federal, state, and local levels; the federal tax formula; and the rules for arriving at personal and dependency exemptions.
·         Analyze the concepts of gross income and distinguish between the economic, accounting, and tax concepts of gross income and strategies to minimize gross income, maximize deductions, and minimize disallowance of deductions
·         Use technology and information resources to research issues in federal taxation.
·         Write clearly and concisely about federal taxation using proper writing mechanics.
Click here to view the grading rubric.


ACC307 Week 8 Discussion
"Property Transactions and Tax Avoidance" Please respond to the following:
·         After reviewing the scenario, ascertain at least three (3) business tax credits that business owners often overlook. Briefly outline a communication plan that the IRS can utilize to communicate such tax credit information to business owners. Provide support for your recommendation.
·         From the e-activity, identify at least three (3) general business tax credits, and describe at least two (2) conditions that could cause a recapture of a general business tax credit. Recommend at least two (2) tax-planning strategies for avoiding or reducing the recapture potential. Provide specific examples of such strategies.


Week 8 Homework Submission

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Homework
·         Chapter 12: 16, 25, 27, 33, and 40


Week 8 H&R Block Mini Practice Set 6 Submission

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H&R Block Mini Practice Set 6
·         Chapter 11, Problem 55


ACC307 Week 9 Discussion
"Property Transfers and Exchanges" Please respond to the following:
·         After reviewing the scenario, explore the key exceptions that would prevent taxpayers from deferring the tax liability on inherited property and like-kind exchanges. Identify at least two (2) types of property that are not considered like-kind exchanges, and speculate on the reasons why they do not meet the requirements for consideration. Defend your position.
·         From the e-Activity, determine at least three (3) conditions that would prevent a like-kind exchange classification, and speculate on the type of abuses the IRS is attempting to remedy with such a restriction(s). Defend your position.


Week 9 Homework Submission

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Homework
·         Chapter 13: 3, 16, 21, 59, and 64

ACC307 Week 10 Discussion
"Sales and Disposal of Assets" Please respond to the following:
·         After reviewing the scenario, explain the impact that the adjusted basis has on the calculation of tax liability, and propose at least two (2) tax-planning strategies for reducing, eliminating, or deferring the payment of capital gains taxes. Also, discuss other alternatives aimed at optimizing deductions or reducing taxes, such as selling the property to an unrelated third party which, in turn, allows losses to be deductible expenses.
·         Imagine that you are a tax consultant, and a client needs your advice on how to reduce his tax liability on the sale of depreciable assets that have not been fully depreciated. The client has identified three (3) long-term depreciable assets and assumes that he will be able to pay capital gains taxes on the profit from their sale. It would be to your client's advantage to treat a taxable gain as long-term capital gain to which lower rates apply and a loss is categorized as an ordinary loss, which can offset ordinary income. Discuss the treatment of gains and losses for Section 1231 and Section 1245 of the Internal Revenue Code, and recommend at least three (3) tax-planning strategies that would assist the client in reducing his tax liability. Provide support for your recommendations.


Week 10 Homework Submission

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Homework
·         Chapter 14: 1, 13, 25, 72, and 74

ACC307 Week 11 Discussion
"Course Wrap-up and Final Thoughts" Please respond to the following:
·         Identify at least two (2) concepts that were reviewed in this course that were the most beneficial to you. As a result of taking this course, determine whether or not you feel confident in preparing a personal income return as a paid tax preparer.
·         Indicate how these two (2) new concepts of knowledge identified in the previous discussion will benefit you in your current job or future career / endeavors

ACC 307 ACC307 Complete Course
Click below link for Answer visit    www.workbank247.com


 
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