ACCB 230 Income Tax Procedures

This is an introductory course in the theory and law of federal income tax. The students learn to prepare personal and small business returns along with the accumulation of data to support those returns.

Credits

4 Credits

ACCB 230Income Tax Procedures

Please note: This is not a course syllabus. A course syllabus is unique to a particular section of a course by instructor. This curriculum guide provides general information about a course.

I. General Information

Department

Business

II. Course Specification

Course Type

Program Requirement

Credit Hours Narrative

4 Credits

Semester Contact Hours Lecture

64

Semester Contact Hours Lab

0

Semester Contact Hours Clinical

0

Grading Method

Letter grade

Repeatable

N

III. Catalog Course Description

This is an introductory course in the theory and law of federal income tax. The students learn to prepare personal and small business returns along with the accumulation of data to support those returns.

IV. Student Learning Outcomes

Upon completion of this course, a student will be able to:

Describe the basic individual income tax return including filling requirements, personal and dependency exemptions, and what is gross income and what is excluded from gross income. Articulate the general treatment of passive income and losses and be familiar with the tax treatment of various business expenses. Use the general rules for retirement plans and demonstrate use of them. Use the rules to identify between deductions for adjusted gross income and deductions from adjusted gross including self-employed versus employee expenses. Demonstrate knowledge of itemized deductions, tax credits, and special taxes. Demonstrate understanding of different accounting tax period, the concept of depreciation including the calculation of depreciation using MACRS tables, and the term "capital asset" including capital gains and losses. Use withholding taxes, estimated tax payments, and the various payroll taxes including self-employed taxes during in class work on tax returns Demonstrate understanding of the basic tax rules for partnership and corporate income tax returns.

V. Topical Outline (Course Content)

The individual income tax return Gross Income and Exclusion Business Income and Expenses, Part I Business Income and Expenses, Part II Itemized deductions and other incentives Credits and Special Taxes Accounting Periods and Methods of Deprecation Capital Gains and Losses Withholdings, Estimated payments, and payroll taxes Partnership Taxation The Corporate Income Tax

VI. Delivery Methodologies

Required Assignments

Chapter homework associated with above-mentioned chapters.

Required Exams

One Manual tax return per chapter Once Computer generated tax return per chapter Comprehensive final exam

Required Text

Income Tax Fundamentals 2016 Whittenburg/Atlus-Buller/GillProSeries, Lacerte, or other professional tax software

Required Materials

Required Activities

Specific Course Activity Assignment or Assessment Requirements

Chapter homework associated with above-mentioned chapters. One Manual tax return per chapter Once Computer generated tax return per chapter Comprehensive final exam 1. 2.