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.
General Education Competency
[GE Core type]
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
II. Course Specification
Course Type
Program Requirement
General Education Competency
[GE Core type]
Semester Contact Hours Lecture
64
Semester Contact Hours Lab
0
Semester Contact Hours Clinical
0
Grading Method
Letter grade
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/Gill
ProSeries, Lacerte, or other professional tax software
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
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