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Virtual Office

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Need help? Well, you've come to the right place.

This space is set aside for you to ask questions as if you were coming into my office.

I will check the Virtual Office daily Monday through Friday and respond within the next business day to questions posted over the weekend.

Please post questions you have about the course below.

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Kristen Swisher

Thu at $12$:$40$ PM

Unit $1$ Introductions

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Introduce Yourself!

This course provides you with many opportunities for discussion and to respond to other people's opinions and comments. Please take this opportunity to introduce yourself and to learn something about each other. Be sure to include the following information:$$

Tell your classmates and instructor who you are. $($What part of the country or world do you live in$?$ What are some of your hobbies? Interests?$)$

What are your career goals?

What are your expectations for this course?

If you could review the tax records of anyone, who would it be$,$ and why?

What do you find most interesting about federal tax?

Return to Unit $1$ Discussion Instructions

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Hashini Jayasekara

January $6$ at $8$:$57$ PM

Unit $1$ Discussion

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Tax Laws

Tax laws affect all citizens of the United States. Various facets of the economy rely on correct application of tax laws. Tax professionals play a critical role in assisting individuals as well as businesses to comply with these complicated laws. To correctly compute an individual$$s taxes, a brief historical review of how the United States got here is necessary.$$

How did these laws come to be in the United States? In this unit, you will briefly review its history.$$The first federal income tax was passed in $1861.$ When was the next one passed, and why was it necessary? Why was pay$-$as$-$you$-$go withholding needed in $1943?$

Return to Unit $1$ Discussion Instructions

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Amy Tragnitz

January $7$ at $11$:$48$ PM

Unit $2$ Discussion

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Tax Avoidance or Tax Evasion

The United States income tax system is based on the idea of voluntary compliance; it is the taxpayer's responsibility to report all income. Tax evasion is illegal. Some people try to evade paying taxes by failing to report all or some of their income.$$

Moneymaking activities that are not reported to the government are part of an underground economy. If taxpayers fail to pay what officials say they owe, the IRS can collect back taxes and assess a penalty.$$

Tax avoidance is perfectly legal. The IRS allows taxpayers to claim certain deductions, credits, and adjustments to income. For instance, some homeowners can claim a deduction for interest they pay on a home mortgage. Many people pay more federal income tax than necessary because they misunderstand tax laws and fail to keep good records.$$

Discuss whether each of the below listed actions is tax avoidance or tax evasion. Then, discuss the ethical implications of employing each of these in a tax return.$$

Keeping a log of business expenses

Ignoring earnings from a lawn mowing business

Not reporting interest earned on a savings account

Keeping a log of contributions to a charity

Not reporting tips

Claiming your dependents as tax deductions

Return to Unit $2$ Discussion Instructions

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China Thomas

January $14$ at $11$:$02$ PM

Unit $3$ Discussion

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Tax Exclusions

It is important not only to know and understand various tax laws, but also to ascertain how they apply in real$-$life decision$-$making situations. The following discussion allows you to apply your knowledge of these tax exclusions.$$

George, a wealthy investor, is uncertain whether he should invest in taxable or tax$-$exempt bonds. What tax and nontax factors should be considered?

George needs assistance understanding the different application of prepaid income under tax law and financial accounting. Explain this difference to George.