MN4612 Federal Taxation

This course covers a wide range of federal taxation topics, federal tax policy, current tax issues, and will focus on the statutory framework of the U.S. federal tax laws. The overall objective of this course is to assist students in developing an understanding of federal taxation concepts, with an emphasis on federal tax research skills using the U.S. Treasury Department’s Internal Revenue Service (IRS) documents as well as DFAS, FMR, FAR, and GAO documents related to defense contractors’ responsibility for tax compliance. Special emphasis will be on the impact of federal taxation on the DoD and DoN related to the use and accountability of taxpayer funds and public trust and on the consequences of defense contractors not complying with the federal tax policies.

Prerequisite

MN3156 or MN3056 or MN3050 or Consent of Instructor

Lecture Hours

Lab Hours

Course Learning Outcomes

By the end of the course, students will be able to:

Describe federal taxation concepts including general federal tax policy and tax practice as well as federal tax administration procedures.
Identify taxable and non-taxable income as well as appropriate deductions allowed by the Internal Revenue Code and the impact noncompliance has on the defense contractors, DoD, DoN, and the federal government as a whole as well as on the U.S. taxpayers.
Apply federal taxation concepts and tax research skills to tax case study situations using the appropriate federal tax policies and federal tax rules and regulations to determine federal tax liabilities of defense contractors and implications to the federal government.
Answer federal tax reporting questions related to the Financial Management Regulation (FMR), Defense Finance and Accounting Service (DFAS), and the Federal Acquisition Regulations (FAR) and address issues related to DoD and DoN public taxpayer funds and public trust.