Had my first class at the university today, i'm a transfer student (Junior)
with a major in accounting. My first class of the day was Federal Income
Taxes. My other classes are Intermediate Accounting and Cost Accounting.
Although I had the Income Tax class at community college last semester, i'm
required to take it again because it only transferred as an elective.

Truth is... the class covers THE SAME material and uses THE SAME textbook,
but the "2004" version. Just as I thought, buying the new book was a waste
of money. The only differences are the amounts of the standard deductions.
Wow, now the standard deduction is $4750 and $7950 for single and married
taxpayers! This is so worth $109!

Also, the professor said we will NOT be using tax forms at all, since there
is "software" that will do it all for you by just entering in the
information. Well, no *****. But understanding tax forms is a necessity, and
last semester at community college we worked our way through 1040's,
Schedules A/B, C, D, the child tax credit, earned income credit and the Self
Employment Tax form. The knowledge i've gained is incredible, there is no
substitute for doing actual tax returns from people on actual tax forms. So
i'm sitting back and relaxing in this class. The only difference is that he
speeds through the material so fast (class is from 830am to 940am, it was
originally 8 to 10am but that's too long I gather) and this course goes a
few chapters "deeper" than last semester.

But really, I must hand it to my community college teacher. Her class was
outstanding. This class, for $20,000 a year, is ... lazy. No wonder there
are so many accouting problems... no one knows *****.