AC340 (EX16) OS - Income Tax Accounting

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About This Course

This course has an assignment that is due by 11:55 pm Central Standard Time on Wednesday night of the first week of class. Failure to complete this assignment will result in your removal from the course for non-participation.

Textbooks

Fundamentals of Taxation 2017 with Connect including TaxAct software (10th ed.)

Authors:  Cruz, Deschamps, Niswander, Prendergast, and Schisler

Publisher: McGraw-Hill Publishing Company

Student can purchase: Option 1: ebook, Connect Access includes TaxAct Software OR

                                   Option 2: Paper textbook, Connect Access includes TaxAct Software

OPTION 1: Package - ebook, Connect Access includes TaxAct Software =  ISBN-13: 978-1-259-752735

OPTION 2: Package - Hard copy textbook, Connect Access with TaxAct Software = ISBN-13: 978-1-260-070514

Students in the course MUST have both components in order to pass this class -
  1. Textbook (ebook or paper copy)
  2. Connect Access (online only) - Includes Tax Act Software

You will be provided with Connect Course Registration information when the course opens on the first day of class.

Course Description

Survey of individual federal income tax laws.  Topics will include property transactions; business, farm, rent, royalty, and investment income; and employee expenses.  Forms 1040EZ, 1040A, and 1040 and the accompanying schedules are considered. Prerequisites: AC201.

Course Objectives

Students will

  • know the history and objectives of US tax law                                   
  • understand and record capital gains and losses
  • know the different entities subject to tax                                
  • read and use tax tables
  • understand the tax formula for individuals                             
  • understand the basic tax rules for partnerships
  • be able to complete a simple individual tax return                  
  • understand the basic tax rules for corporations
  • know the current tax treatment of IRAs                                  
  • have a general understanding of the audit process
  • know the basic concepts of tax planning                                
  • be able to itemize deductions                                      
  • know the difference between deductions and credits            
  • find tax forms and instructions on the IRS website
  • calculate depreciation using MACRS tables