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Enterprise Hall 4400 University Drive, MS 1B1
Fairfax, Virginia 22030
Phone: (703) 993-1880
Fax: (703) 993-1867
Taxes and Risk Management – ACCT 408
(This Syllabus is tentative and subject to change.)
Instructor:
GMU Email:
Course Website:
Class Meeting Times & Location:
Recitation Meeting Times:
Office Hours:
Office Location:
Required Texts:
- Principles of Risk Management and Insurance, 14th Edition Rejda, McNamara, Rabel
- McGraw-Hill’s Taxation of Individuals and Business Entities, [YEAR]. Spilker, Ayers, Barrick, Lewis, Robinson, Weaver, Worsham
Note: Both textbooks are required for this course. (Access to Connect is not needed.)
Course Introduction and Objectives
George Mason University Catalog Description
This course provides a detailed look at tax issues that investors and businesses face. In addition, the class will focus on risk management strategies from the perspective of the business and individual and a detailed look at insurance and insurance products in full detail. The course also will cover professional responsibilities and regulations governing the financial services industry.
Course Goals
The goal of this course is to study aspects of individual and business federal income taxation and to understand the roles of risk management and insurance for individuals and businesses. Specific student learning objectives include:
- Students will identify issues and relevant facts for assessing tax problems.
- Students will apply the tax law to solve compliance and planning problems.
- Students will identify key aspects of insurance policies.
- Students will apply risk management to manage risk exposure.
- Students will recognize ethical dilemmas and develop a framework for addressing them.
- Students will develop effective written and oral form communication.
- Students will work effectively in groups.
- Students will use higher level functions of technology to resolve tax and insurance problems and communicate results.
School of Business Undergraduate Program Learning Goals
- Our students will demonstrate an understanding of the social, global, ethical, and legal contexts of business and will be able to reflect on the role of the individual in business.
- Our students will demonstrate an understanding of and the ability to apply knowledge of professional skills necessary for success in business including effective business writing.
- Our students will demonstrate technical and analytic skills appropriate for success in business.
- Our students will demonstrate an understanding of and the ability to apply knowledge of core business disciplines including accounting, finance, information systems, management, marketing, and operations management.
- Our students will demonstrate knowledge and skills appropriate for specialization in their majors.
- Our students will demonstrate an understanding of how research in the business disciplines contributes to knowledge and how such research is conducted
Students who are competent in the accounting discipline will meet the following learning goals.
- Students will understand the accounting cycle from analysis of original transactions through the preparation of financial statements.
- Students will record, analyze, interpret and communicate financial and nonfinancial information for users of such information in accordance with applicable professional authoritative literature.
- Students will assess risks inherent in financial and non-financial information and provide appropriate assurance to users of such information and they will be able to develop, validate, and evaluate processes and controls which serve to ensure the integrity of financial and non-financial information.
- Students will understand the environment and role of the accounting profession in the proper functioning of commerce, and in society at large, and the ethical and regulatory responsibilities associated with that environment and role.
- Students will possess the following technical competencies: (1) research skills to access, understand, and apply relevant professional authoritative literature; (2) decision modeling skills to identify issues, analyze alternatives, and implement solutions related to financial and non-financial information; and (3) technology and data analysis skills to manage financial and non-financial information.
Grades
A ≥ 90
B ≥ 80
C ≥ 70
D ≥ 60
F < 60
Plusses and minuses will be used only in “borderline” cases as determined by the instructor. They will only be used in cases where the plus or minus helps the student. In other words, if a student’s score meets the threshold above (say, an 81% final grade), then the student has earned no less than that grade (in the 81% case: B), having crossed the threshold. Below the threshold, and on the borderline, a plus or minus will be given solely at the instructor’s discretion, based on factors like grade trends, distributions, participation/attendance, etc. Student lobbying efforts play no role in final letter grade determinations.
| Grading Breakdown | |
| Quizzes | 10% |
| Participation | 10% |
| Assignments | 10% |
| Projects | 10% |
| Insurance Midterm | 30% |
| Tax Final Exam | 30% |
Discussion Posts
Each week, you will discuss a topic relevant to the material we cover that week. The posts are due at 11:59pm.
Quizzes
I assign quizzes through Canvas (https://info.canvas.gmu.edu/). The quizzes have a 60 minute time limit, are due at 11:59 pm, and can be started up to 24 hours before due. The number could vary depending on whether we make it through all the planned chapters or not. Quizzes cover concepts from the chapter reading or additional content. I have no make-up quizzes, but I drop the lowest quiz for each student. Group work for quizzes is allowed. Your group can be up to 3 people. Quizzes are open book and open notes.
Assignments
I assign homework assignments throughout the class. The number could vary depending on whether we make it through all the planned chapters or not. Homework is due at 11:59 pm. Primarily, the assignments are homework problems for the material to help give students experience with the types of problems that will be on the midterm and final. These are more detailed than the quiz problems (e.g. involve calculations and story problems) and are intended to give students regular feedback on their understanding of the material prior to exams. In addition, this will help the instructor to assess how the class as a whole is grasping certain concepts as we proceed further with chapter material. As with the quizzes, there will be no make-ups, which is why I drop the lowest assignment grade.
Projects
The first project is to complete data analysis of insurance companies. The second project is to complete a Form 1040. More information on both projects provided during class.
Insurance Midterm
The insurance midterm is due on Oct. 29. Honorlock will be used to proctor the exam. You receive one question at a time and backtracking is not allowed. See the course policies below regarding make-up exams. Exams must be your own work and taken individually.
Tax Final Exam
The tax final exam covers material after Midterm 1, due on Dec. 15, and taken online. Honorlock will be used to proctor the exam. You receive one question at a time, and backtracking is not allowed. I cannot accommodate conflicts for recreational or convenience purposes. Exams must be your own work and taken individually.
Course Policies
Attendance
The class content is delivered online asynchronously through Canvas.
General Make-Up and Extra Credit Policy
There will be no make-up quizzes or assignments given. This is why I drop one quiz and one assignment. This should buffer against an unusual circumstance or conflict. If you have a foreseeable conflict with an exam date, then please notify me at least one week in advance of the scheduled in-class exam date to allow accommodations to be made.
The exception to this is sudden illness or family emergency, which will require official documentation to support. An unapproved failure to take an exam will result in a grade of zero on the exam. Midterm must be taken within a reasonable time limit (usually within a week from the scheduled date). The final exam must be taken within 3 days of the scheduled time. Note that it is a student’s responsibility to make required arrangements for alternative exam dates in advance, otherwise the grade will be a zero for that exam.
George Mason E-mail and Blackboard
Students are expected to check their George Mason e-mail and Blackboard on a daily basis. This is especially important with the online format of our class. In order to comply with student privacy laws, students must use their Mason email account to receive important University information, including messages related to this class, and when corresponding with me or fellow students for our class.
Course information and supporting materials will be available through Blackboard. I will disseminate course information using both outlets, including announcements, course content, grades, and (possibly) class cancellations. If you have any questions or problems about accessing these, please see me or IT.
Students with Disabilities
Disability Services at George Mason University is committed to providing equitable access to learning opportunities for all students by upholding the laws that ensure equal treatment of people with disabilities. If you are seeking accommodations for this class, please first visit http://ds.gmu.edu/ for detailed information about the Disability Services registration process. Then please discuss your approved accommodations with me. Accommodation requests should be completed during the first two weeks of the semester. More information about ODS is available at https://ds.gmu.edu/.
Notice of Mandatory Reporting of Sexual Assault or Interpersonal Misconduct
As a faculty member, I am designated as a ““Non-Confidential Employee,” and must report all disclosures of sexual assault, sexual harassment, interpersonal violence, stalking, sexual exploitation, complicity, and retaliation to Mason’s Title IX Coordinator per University Policy 1202. If you wish to speak with someone confidentially, please contact one of George Mason’s confidential resources, such as Student Support and Advocacy (SSAC) at (703) 993-3686 or Counseling and Psychological Services (CAPS) at (703) 993-2380. You may also seek assistance from George Mason’s Title IX Coordinator by calling (703) 993-8730 or email titleix@gmu.edu.
College of Business Standards of Behavior
The mission of the Costello College of Business at George Mason University is to create and deliver high-quality educational programs and research. Students, faculty, staff, and alumni who participate in these educational programs contribute to the well-being of society. High-quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the Costello College of Business community. In doing so, they agree to abide by the following standards of behavior:
- Respect for the rights, differences, and dignity of others
- Honesty and integrity in dealing with all members of the community
- Accountability for personal behavior
Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment and ensure every member the opportunity to pursue excellence. The Costello College of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the Costello College of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential.
Honor Code
Student members of the George Mason University community pledge not to cheat, plagiarize, steal, or lie in matters related to academic work.
All academic work in this course, including quizzes, assignments, and exams, is to be your own work, unless otherwise specifically described by the instructor. It is your responsibility if you have any doubt to confirm whether or not collaboration is permitted. In this class, an honor code violation would occur if unauthorized collaboration took place or if unauthorized materials were used on quizzes, assignments, or exams. Examples of unauthorized collaboration include but are not limited to copying off another student’s quiz, assignment, or exam, discussing questions on the quiz, assignment, or exam during the quiz/assignment/exam, and a student who has taken an exam earlier telling other students answers or specific questions on the exam. Examples of unauthorized materials include but are not limited to use of laptops, phones, calculators, notes, or the textbook on a quiz, assignment, or exam in a way that departs from what I have explicitly allowed in the instructions. If any part of this honor code statement is not clear, ask me for a clarification.
I expect all students to follow the GM Honor Code. Violations of the Honor Code will be forwarded to the Honor Council for resolution. Students can review the academic standards code and sanctions matrix at the following link: https://academicstandards.gmu.edu/academic-standards-code/.
Other Policies
Policies not explicitly stated in this syllabus are delegated to the George Mason University Catalog General Policies and the George Mason University Honor Code.
Testing with Honorlock: Honorlock will be used to proctor exams this semester. Honorlock is an online proctoring service that allows students to take exams online without creating an account or scheduling an appointment in advance. Students are required to have a computer, a working webcam/microphone, a valid ID (e.g., driver’s license, passport, or GMU Student ID), and a stable internet connection. For more information, review the School of Business Undergraduate Laptop Policy. Please review the Honorlock Getting Started page (https://its.gmu.edu/knowledge-base/honorlock-for-students/) to learn more about expectations, notices, and privacy statements. Honorlock support is available 24/7/365. If any issues come up, contact Honorlock through live chat on the support page or within the exam itself.
| Tentative Course Schedule | |||||
|---|---|---|---|---|---|
| Week # | Module | Topic Description | Quizzes | Assignment # | Assignment Schedule |
| 1 | 1 | Syllabus & Insurance, Risk and Statistics (Rejda Ch 1 & 2) | 1 | Introductions; Ch 1 & 2 | |
| 2 | 1 | Risk Management (Ch 3 & 4) | Mod 1 | 2 | Ch 3 & 4 |
| 3 | 2 | Insurance Companies (Ch 5, 6, & 7) | 3 | Ch 5-7; Project Step 1 | |
| 4 | 3 | Insurance Contracts (Ch 9 & 10) | Mod 2 & 3 | 4 | Ch 9 & 10 |
| 5 | 4 | Liability Risks (Ch 19) and Auto Insurance (Ch 20-21) | 5 | Ch 19-21 | |
| 6 | 4 | Homeowners Insurance (Ch 22-23) | Mod 4 | 6 | Ch 22 & 23; Project Step 2 |
| 7 | 5 | Life Insurance (Ch 11-13) | 7 | Ch 11-13 | |
| 8 | 5 | Health, Disability, & Long-term Care Insurance (Ch 15 & 16) | Mod 5 | 8 | Ch 15 & 16 |
| 9 |
Midterm |
||||
| 10 | 6 | Tax Review (Spilker Ch 4, 5, 6) | Mod 6 | 9 | Tax Review |
| 11 | 7 | Tax Planning (Ch 3); Investments (Ch 7) | 10 | Ch 3 & 7 | |
| 12 | 7 | AMT & Credits (Ch 8) | Mod 7 | 11 | Ch 8 |
| 13 | 8 | Compensation (Ch 12) | 12 | Ch 12 | |
| 14 | 8 | Retirement (Ch 13) | 13 | Ch 13 | |
| 15 | 8 | Homeownership (Ch 14) | Mod 8 | 14 | Ch 14; Project 1040 |
| 16 |
Final Exam - Tax Chapters Only |
||||
* The instructor reserves the right to make any necessary changes to the syllabus and course schedule with appropriate announcements in class and on Canvas.