ACCT 310 INCOME TAXATION (Federal Income Tax)
Spring I Semester: January 7-March 3, 2019
Apply in mid-November
(Three semester hours)
Background and history of income taxation; current income tax law, preparation of federal and state income
PURPOSE: The course will introduce the requirements of federal tax laws as currently implemented by the Internal Revenue Service, focusing on individual income taxation. Upon successful completion of this class, students should be able to accomplish the following objectives:
- Understand the importance and relevance of taxation and certain primary concepts that underlie tax law and identify the various types of taxes imposed at the federal, state, and local levels.
- Explain the general history of the federal income tax system and the influence of the Internal Revenue Service and the courts on the evolution of tax law.
- Evaluate some of the ethical guidelines involved in tax practice and understand the ethical responsibilities of tax professionals.
- Distinguish the sources of tax law and be able to locate the sources.
- Develop an awareness of tax research tools, describe the research process, and understand how to incorporate them into the tax planning process.
- Understand and apply the components of the federal income tax formula, including but not limited to the standard deduction, personal exemptions, filing status, and the proper procedures for determining tax liability and identifying tax planning opportunities.
- Identify the components of and exclusions from gross income and understand the concept of realization and the cash and accrual methods of accounting.
- Explain the difference between deductions for and from adjusted gross income.
- Understand the tax treatment of certain business expenses and losses, including depreciation, amortization, depletion, casualty and theft losses, and the tax treatment of net operating losses.