AC340 (EX19) OA - Income Tax Accounting

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About This Course

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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 2019 with Connect (12th ed.)

  • Authors:  Cruz, Deschamps, Niswander, Prendergast, and Schisler
  • Publisher: McGraw-Hill Publishing Company

 

 

You are required to purchase Connect online access. The Connect Access comes with an ebook version of the textbook which is all you are required to have for this course. However, if you wish to purchase a "paper" copy of the book, option 2 will be a paper copy and Connect access.

OPTION 1: ebook with Connect Access =  ISBN = 978-126-015864-9

OPTION 2: Package - Looseleaf copy of textbook, + Connect Access = ISBN 978-126-025991-9

Connect: Connect is a publisher's website that has an ecopy of your textbook as well as various study tools. Your weekly assignments (homework and exams) will be completed in Connect. 

You can access Connect for free for 14 days if you are waiting on financial resources. 

The course address/registration link will be available in Resources and Materials on the first day of the course.

 

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