ACC 211 - Principles of Tax 1

 
Description
This course provides an analysis of the federal income tax structure and procedures. The emphasis is on the federal law as it applies to individuals.

1. Demonstrate and apply the individual knowledge of income tax law and the accounting component required to analyze and classify tax information for tax form preparation.
2. Explain the knowledge of the individual tax law through the ability to interpret, practice, discriminate, design, appraise, argue, assess and defend judgments that require interpretations of current tax regulations.
3. Apply special tax computation methods that represent a small percentage of tax payers.
4. Choose from alternative tax law regulations and appraise, argue, assess and defend choices made based on professional judgment.

1. Introduction and basic tax model
2. Working with the tax law
3. Tax determination; personal and dependency exemptions
4. Gross income
5. Gross income: exclusions
6. Capital gains and losses
7. Deductions and losses: certain business expenses and losses
8. Depreciation, cost recovery, amortization and depletion
9. Deductions: employee expenses
10. Deductions and losses: certain itemized deductions
11. Optional Topics: Alternative minimum tax
12. Tax credits and payment procedures
13. Property transactions
14. Deferred compensation
15. Introduction and overview of tax preparation software
16. Overview of partnerships and corporations
17. Other additional topics per individual instructors’ course outlines

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