ACE 346: Tax Policy and Financial Planning
This is a tax class for beginners. We cover a wide variety of topics predominantly related to individual income tax, corporations and partnerships, and estate and gift-related issues. This term we will also examine the Tax Cuts and Jobs Act, focusing on the changes that have occurred regarding the new tax act and comparing it to the old law.
Prerequisites (Must be complete BEFORE taking this course):
Sophomore standing
Instructor Teaching the Course:
This course is taught by the instructor below. You may click on their name to learn more about them. Teaching schedules vary by semester. Please check the Course Explorer for the most up-to-date information about the sections they will teach.
John Breen
View the Course Explorer:
See when the course is offered as well as section details here: https://courses.illinois.edu/schedule/terms/ACE/346
Fall 2018 Restrictions
Restricted to students in Agricultural and Consumer Economics with sophomore, junior, or senior class standing. Priority registration for students in Ag Accounting and Financial Planning concentrations. Open to all ACE sophomores, juniors, and seniors on June 21.
Additional Course Information
Read more about what John Breen has to say about ACE 346!
Is this class discussion-based or lecture-based? How would you describe your teaching style?
This is a lecture based discussion. Participation is highly encouraged. I try and bring real life examples to the class based on my years working in public accounting and also private accounting with Cargill.
How are students evaluated (e.g. multiple choice or essay tests, papers, etc.)?
Multiple choice exams and quizzes, homework assignments which consist of preparation of tax forms, and 2 projects. One is a simple form 1040EZ while the final project is a complete tax returns with various types of income represented. We also have Iclicker points.
What careers does this course help prepare students to pursue?
The class is geared towards financial planning and ag accounting students. The course should help the students pass the CFP and CPA exams.
In what ways does this course prepare students to move through the program and/or into the work force?
Both the CFP and CPA exams have sections devoted to income tax. For financial planners it helps them understand how investments are taxed and helps them develop strategies for clients that will be tax advantaged. For accounting students it will help them get ready to prepare returns as well as give them some planning ideas. I also have 2 guest speakers in the class: A wealth management person from RSM and an estate planning attorney.
What is your background in Agricultural and Consumer Economics?
I have been in tax for 38 years with H&R Block, McGladrey and RSM. I am currently a senior director in tax for RSM. I also worked as a controller for Cargill for 4 years so I also have experience with private accounting. I have been instructing this course for 5 years.
What is your attendance policy?
To get full credit students need to attend class to get all Iclicker points. I do throw out the worst 5 Iclicker scores and the worst quiz. That allows the students to miss some classes and still not be penalized.
