Course Syllabus - University of Southern California



[pic]

ACCT 499 PERSONAL FINANCIAL AND TAX PLANNING

Fall 2019

|Instructor: |Dr. Shiingwu Wang |

|Office: |ACCT 308C |

|Office Hours: |12: 30 – 2:00 TTh |

|Phone: |Tel: (213) 740-5012; Fax: (213) 747-2815 |

|Email: |swang@marshall.usc.edu |

TEXTBOOK AND REFERENCE

Billingsley, Gitman, and Joehnk. Personal Financial Planning, 14th Ed. (2017), Cengage, ISBN 978-1305636613 (BGJ)

Essentials of Personal Financial Planning, 1st Edition, American Institute of Certified Public Accounts (AICPA), 2017. ISBN-13: 978-1945498237

Scholes, Wolfson, Erickson, Maydew, Shevlin. Taxes and Business Strategy: A Planning Approach, 4rd Ed. (2008) Pearson Prentice Hall. Upper Saddle River, New Jersey (SWEMS).

Internal Revenue Service Website:

Research database: CCH ; RIA

COURSE DESCRIPTION

There is an increased demand and growth of personal financial and tax planning services in areas such as estate, retirement, risk management and investments. For example, American Institute of Certified Public Accounts (AICPA) has identifies the following facts.

• The financial planning profession is forecasted to grow two times faster than the U.S. accounting profession through 2017.

• The U.S. Bureau of Labor Statistics projects a 27% growth in the demand for advisers through 2022.

• 10,000 baby boomers per day will reach retirement age between now and 2030.

• According to a 2012 Accenture study, some $30 trillion will be transferred from one generation to the next as baby boomers pass along their life savings to their heirs.

As a result, there is a great desire for knowledge of personal financial and tax planning for either personal purposes or professionals who want to pursue financial and tax planning as a career. This is especially true for accounting students. In the absence of a systematic coverage of financial and tax planning in the current curriculum, this course is designed to fill the void.

This course will touch base on essential elements in financial and tax planning. These include

• Retirement planning

• Risk management/insurance

• Investments

• Trust and estate planning

• Wealth management and preservation

• Tax planning and tax effect on all elements identified above

Basic concepts and vehicles used in each of the above element will be introduced. Tax effect on each vehicle will be evaluated and backed up by examples. Two textbooks will be the basis for discussion in this course. Supplement readings from authoritative sources and financial press will be used extensively to update contemporary issues in personal financial and tax planning.

At the end of the course, the students will have exposure to all important issues in personal financial and tax planning and a good understanding of the basic planning approach. This yields a good command of the basic knowledge for either personal gain or future career planning in the financial and tax planning discipline.

COURSE LEARNING OBJECTIVES

Upon successful completion of the course, students will be able to:

• Describe the current financial planning environment

• Explain the fundamentals of financial and tax planning

• Assess alternative investment/savings vehicles and their tax effects

• Access the credit reporting system

• Describe the process, benefits and costs of loans and mortgages

• Compare the values and restrictions of a variety of common insurance products

• Describe basic options for retirement financial planning and tax effects

• Explain the basis components of estate planning

• Compare strategies for charitable gifting and their impact on taxes

GRADING POLICY

A possible total of 500 points can be earned in this course. A student’s grade will be determined by a curve based on the total points earned. The 500 points are assigned as follows:

Midterm 30% 150

Final exam 35% 175

Quizzes 15% 75

Assignments and Research problems 10% 50

Class participation 10% 50

100% 500

NOTES ON GRADING POLICY

1. NO MAKE UP EXAMS WILL BE GIVEN.

2. All assignments, exams, and class participation will be evaluated on effectiveness of your communication. This includes grammar, spelling, organization, format and the other essentials of strong and effective communication.

3. All assignments are due on the dates indicated on the course syllabus. Giving the complexity of the cases, you are required to work as a group of four (no exception). A group report is due on the date indicated. Late assignment will receive a grade of ZERO.

4. Class attendance is very important in developing a coherent view of the materials covered in the course. This is particularly true as there is no single text which ties all of the materials together. It is expected that each student will be prepared for each class and will participate through volunteering or by being called on to add to the discussion.

5. We adhere to the USC Leventhal School of Accounting and Marshall School of Business grading standards. In general, final course grades for this course average approximately B+ (3.3), but may vary based on class performance.

|STATEMENT OF ACADEMIC CONDUCT AND SUPPORT SYSTEMS |

USC seeks to maintain an optimal learning environment. Students are expected to submit original work. They have an obligation both to protect their own work from misuse and to avoid using another’s work as their own. All students are expected to understand and abide by the principles of academic honesty outlined in the University Student Conduct Code (see University Governance, Section 11.00) of SCampus (usc.edu/scampus or ). The recommended sanctions for academic integrity violations can be found in Appendix A of the Student Conduct Code.

Students with Disabilities:

USC is committed to making reasonable accommodations to assist individuals with disabilities in reaching their academic potential. If you have a disability which may impact your performance, attendance, or grades in this course and require accommodations, you must first register with the Office of Disability Services and Programs (usc.edu/disability). DSP provides certification for students with disabilities and helps arrange the relevant accommodations.  Any student requesting academic accommodations based on a disability is required to register with Disability Services and Programs (DSP) each semester. A letter of verification for approved accommodations can be obtained from DSP. Please be sure the letter is delivered to me (or to your TA) as early in the semester as possible. DSP is located in GFS (Grace Ford Salvatori Hall) 120 and is open 8:30 a.m.–5:00 p.m., Monday through Friday. The phone number for DSP is (213) 740-0776. Email: ability@usc.edu.

Support Systems:

Student Counseling Services (SCS) - (213) 740-7711 – 24/7 on call

Free and confidential mental health treatment for students, including short-term psychotherapy, group counseling, stress fitness workshops, and crisis intervention.

National Suicide Prevention Lifeline - 1-800-273-8255

Provides free and confidential emotional support to people in suicidal crisis or emotional distress 24 hours a day, 7 days a week.

Relationship & Sexual Violence Prevention Services (RSVP) - (213) 740-4900 - 24/7 on call

Free and confidential therapy services, workshops, and training for situations related to gender-based harm.

Sexual Assault Resource Center

For more information about how to get help or help a survivor, rights, reporting options, and additional resources, visit the website:

Office of Equity and Diversity (OED)/Title IX compliance – (213) 740-5086

Works with faculty, staff, visitors, applicants, and students around issues of protected class.

Bias Assessment Response and Support

Incidents of bias, hate crimes and microaggressions need to be reported allowing for appropriate investigation and response.

Student Support & Advocacy – (213) 821-4710

Assists students and families in resolving complex issues adversely affecting their success as a student EX: personal, financial, and academic.

Diversity at USC –

Tabs for Events, Programs and Training, Task Force (including representatives for each school), Chronology, Participate, Resources for Students

KEY DATES

First day of classes:

Monday, October 21, 2019

Last day to add:

Tuesday, October 29, 2019

Last day to drop without a mark of "W" and receive a refund:

Tuesday, October 29, 2019

Last day to withdraw without a “W” on transcript or change pass/no pass to letter grade:

Friday, November 8, 2019

Last day to drop with a mark of "W":

Wednesday, November 27, 2019

End of session:

Wednesday, December 18, 2019

CLASS SCHEDULE

|Date |Topics |Assignments |

| | | | |

|Oct |21 |Introduction |BGJ Chapter 1 AICPA Chapter|

| | |Personal financial planning process, concepts and regulatory environment. |1 |

| | |Tax planning fundamentals and financial planning integration | |

| | |Applicable steps and strategies within the personal financial/tax planning process,| |

| | |including communications skills (behavioral elements). | |

| | | | |

| |23 |Fundamentals of Financial and Tax planning |BGJ Chapter 2 & 3 AICPA |

| | |Personal financial statements |Chapter 2 |

| | |Cash management strategies | |

| | |Debt management strategies – financing asset acquisitions | |

| | |Tax liability management strategies | |

| | |The economic environment | |

| | |Consumer protection issues | |

| | |Tax law fundamentals | |

| | | | |

| |28 |Return to Alternative Investment/Savings Vehicles |SWEMS Chapter 3 |

| | |Time Value of Money Concepts | |

| | |Review of compound interest | |

| | |Savings vehicles | |

| | |Investment in saving vehicles | |

| | |Tax effect on savings vehicles | |

| | | | |

| |30 |Investment Basics |BGJ Chapter 11 AICPA |

| | |Regulatory environment |Chapter 10 |

| | |Data gathering | |

| | |Analysis | |

| | |Investment policy statement | |

| | | | |

|Nov |4 |Types of Investment Vehicles |BGJ Chapter 12 AICPA |

| | |Cash and cash equivalents |Chapter 11 |

| | |Bonds | |

| | |Stocks | |

| | | | |

| |6 |Types of Investment Vehicles |BGJ Chapter 13 |

| | |Mutual funds | |

| | |ETF | |

| | |Other | |

| | |Taxation of the investment vehicles | |

| | | | |

| |11 |Personal finance and credit reporting system |BGJ Chapter 6 & 7 |

| | |Basics of loans and mortgage |Supplement readings and |

| | |Overview of the credit reporting system in U.S. – FCRA, history, and development |handout |

| | |the function of credit reporting system and its importance to the economy | |

| | |Major credit reporting agencies and FICO scores | |

| | |Interest and payment computation | |

| | | | |

| |13 |Insurance Planning Basics Part I |BGJ Chapter 8 AICPA Chapter|

| | |the different types of life insurance |8 |

| | |underwriting factors as they relate to risk classifications | |

| | |the different types of individual and group medical expense plans | |

| | |the tax advantages of HSAs, FSAs, and HRAs | |

| | | | |

| |18 |Exam | |

| | | | |

| |20 |Insurance Planning Basics Part II |BGJ Chapter 9 AICPA Chapter|

| | |The various types and uses of annuities |9 |

| | |Types of disability insurance | |

| | |The appropriate Policy Form for insured property based on covered perils | |

| | |The need for LTC insurance | |

| |25 |Retirement planning – Saving for retirement |BGJ Chapter 14 AICPA |

| | |Employer-sponsored retirement plans available to an employer, 401(k), Roth 401(k), |Chapter 12 |

| | |403(b), SEP | |

| | |Compensation planning, pension | |

| | |ESOPS | |

| | |Tax effect on employer-sponsored retirement plans | |

| | |Individual arranged retirement plans | |

| | |IRA (deductible and non-deductible) | |

| | |Roth IRA | |

| | |The power of tax-deferred compounding | |

| | | | |

|Dec |2 |Retirement planning – Social Security and Medicare |BGJ Chapter 14 AICPA |

| | |Overview of Social Security and Medicare |Chapter 13 Supplement |

| | |Contribution to Social Security and Medicare |readings and handouts |

| | |Social Security and Medicare in retirement | |

| | |Planning for Social Security – full retirement benefits or early retirement | |

| | |benefits | |

| | |Tax of Social Security benefits | |

| | | | |

| |4 |Estate & Gift Planning Basics |BGJ Chapter 15 AICPA |

| | |Basic concepts and documents of estate planning. |Chapter 5 |

| | |The steps within the estate tax calculation and sources of funding. | |

| | |Skip generation transfer | |

| | |Gifting strategies and the characteristics of charitable trust | |

| | | | |

| |13 |Final Exam 2 – 4 pm | |

| |

STUDENT LEARNING OUTCOMES

Below are the five Student Learning Outcomes developed for this program by the USC Leventhal faculty and administration and filed with the AACSB, the accrediting body for accounting and business schools:

| |

|LSOA STUDENT LEARNING OBJECTIVES |

| | | |

|OBJ 1 |Technical Knowledge |Students will demonstrate technical proficiency in the accounting discipline,|  |

| | |including the use of technical accounting knowledge to help solve problems | |

| | |and make decisions. | |

|OBJ 2 |Research, Analysis and Critical |Students will demonstrate the ability to research, critically analyze, |  |

| |Thinking |synthesize, and evaluate information including professional standards for | |

| | |decision making in the local, regional and global business environment. | |

|OBJ 3 |Ethical Decision Making |Students will demonstrate an understanding of ethics, ethical behavior and |  |

| | |ethical decision-making. | |

|OBJ 4 |Communication |Students will demonstrate the ability to communicate ideas both orally and in|  |

| | |writing in a clear, organized and persuasive manner. | |

|OBJ 5 |Leadership, Collaboration and |Students will demonstrate leadership skills and the ability to work |  |

| |Professionalism |cooperatively and productively to accomplish established goals.  | |

This course will primarily deal with the Outcome #1, 2, 3 and 4.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download