ACCT 205 - Income Tax
PREREQUISITES: Demonstrated competency through appropriate assessment or earning a grade of “C” or better in ENGL 093 - Introduction to College Writing and ENGL 083 - Reading Strategies for College , or ENGL 095 - Integrated Reading and Writing , orENGL 075 - Co-Requisite Integrated Readin , and MATH 023 - Essentials of Algebra or MATH 080 - Mathematical Principles .
ACCT 101 Financial Accounting
PROGRAM: Accounting
CREDIT HOURS MIN: 3
LECTURE HOURS MIN: 3
DATE OF LAST REVISION: Fall 2023
Offers an overview of federal and state income tax law for individuals including taxable income, capital gains and losses, adjustments, standard and itemized deductions, tax credits and appropriate tax forms. Introduces tax concepts needed by a sole proprietorship.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be able to: - Utilize a tax vocabulary in order to discuss general concepts of U.S. income tax law for various taxable entities and to carefully read forms and instructions.
- Define the general tax formula or structure and place concepts as they are covered in the course within that framework.
- Discuss components of gross income, identifying whether these are excluded or included for federal income tax purposes.
- Discuss adjustments to gross income and calculate adjusted gross income (AGI).
- Discuss the standard deduction or itemized deductions and the deduction for exemptions to arrive at taxable income.
- Determine federal income tax less appropriate credits to arrive at tax due or to be refunded.
- Complete a tax return for an individual using the appropriate form 1040 and necessary schedules.
- Describe acceptable accounting methods for income tax purposes.
- Prepare a schedule C and/or schedule F (including depreciation schedules) with an accompanying schedule SE using the appropriate tax method.
- Discuss the rules for deducting IRAs and other retirement plans.
- Define a capital asset, contrast accounting vs. tax methods, explain the tax treatment of such assets, prepare a schedule D, and describe the tax treatment of sale of business assets including the filing of form 4797.
- Discuss the requirements of a tax preparer and explain the rules of tax compliance and the role and procedures of the IRS.
- Identify various tax planning techniques such as deferral or acceleration of income.
- Communicate effectively using correct standard English, both orally and in writing by completion of papers, projects and/or presentations.
COURSE CONTENT: Topical areas of study include - - Capital gains and losses
- Gross income - inclusions and exclusion
- Losses and bad debts
- Business and investment expenses
- Depreciation
- Determination of tax
- Taxable income
- Tax forms for individuals
- Standard deduction
- Tax forms for sole proprietorship
- Itemized deductions
Course Addendum - Syllabus (Click to expand)
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