ACCT 208 - Advanced Income Tax

1. Define and explain the different accounting periods and methods allowed for businesses under current tax laws.
2. Review income tax concepts covered for proprietorships including bad debts, depreciation, inventories, capital gains and losses, nonrecognition provisions, installment sales, and estimated tax payments, and apply those to partnership and corporation returns.
3. Describe the procedures required of employers with regard to estimated taxes, withholding of employee taxes, and payroll taxes.
4. Discuss the basic concepts related to partnership returns, including bias, calculation and distribution of net income and prepare form 1065 with appropriate schedules.
5. Discuss the basic concepts related to a corporation return, including determination of basis of stock acquired and assets contributed; special tax treatment of capital gains, dividends received, organization costs, and charitable contributions; and prepare form 1120 with appropriate schedules.
6. Explain the difference between regular corporations and S corporations; compute income and income tax for S corporations and prepare returns required for S corporations.
7. Complete tax forms which may include schedule K-1; forms 1065, 1065D, 1065K, 1120, 1120D, 1120S, 1120W, 1120X, 4255, 4797, 6251 and/or other current forms.
8. Communicate effectively using correct Standard English, both orally and in writing by completion of papers, projects and/or presentations.

Bad debt and depreciation tax accounting

Asset basis

Special tax treatments for corporations
Course Addendum - Syllabus (Click to expand)