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Official Course Information

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Summer 2019

Accounting Courses:

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ACC217 - Introduction to Income Tax

Credits: 3

Catalog Description: Survey of current Federal Income Tax law and practice in the preparation of tax returns for the individual taxpayer. Topics include determination of gross income, deductions, exemptions, income from trade or business, retirement plans, credits and special taxes, accounting periods and methods, depreciation, gains and losses, withholding, estimated tax, payroll taxes, tax administration and tax planning. Fall only. Prerequisite: ACC102.

Lecture: 3 hrs.

Course Learning Outcomes (CLOs):
Upon successful completion of this course as documented through completion of homework, tax return projects, objective testing, and writing assignments, the student will be able to:

1.Identify the basic tax treatment of partnerships, corporations, S corporations, and limited liability corporations and explain how income from pass-through entities affects the individual income tax.
2.Describe and apply the income tax formula for individual taxpayers.
3.Identify items to be included in gross income and calculate taxable and nontaxable portions of annuities and social security.
4.Describe and apply rules for rental property, hobby losses, passive income and losses, bad debts, inventory, Individual Retirement Accounts and qualified retirement plans.
5.Identify deductions for adjusted gross income and deductions from adjusted gross income as they apply to travel expense, transportation expense, home office expense, moving expenses and common business expenses including entertainment, education, uniforms and business gifts.
6.Calculate standard or itemized deductions for an individual including medical expenses, taxes, interest, charitable contributions, casualty and theft losses and miscellaneous deductions.
7.Describe the difference between deductions and credits and calculate several common credits including child credit, earned income credit, education credits, adoption credit, child care credit and foreign tax credit.
8.Identify and explain the different accounting periods and accounting methods allowed for income tax purposes.
9.Calculate amortization and depreciation expense using allowable IRS methods including the election to expense, special first year depreciation, listed property rules and luxury automobile rules.
10.Define the term “capital asset” and determine the income tax affect of capital gains and losses as well as like-kind exchanges, involuntary conversions, sale of personal residence, installment sales, depreciation recapture and casualty losses.
11.Calculate employee payroll taxes and explain the reporting requirements.
12.Explain the organizational structure of the Internal Revenue Service and the IRS audit process and calculate the most common penalties for taxpayers and preparers.
13.Prepare individual income tax returns using income tax software selected by the full-time accounting faculty involving the topics covered. *

* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.

Content Outline:
Introduction & history
Tax entities
Filing requirements
Standard deduction
Tax computation
Gross income inclusions and exclusions
Business and rental income and expenses
Retirement plans
Self-employed and employee expenses
Itemized deductions and adjustments
Tax credits and special taxes
Accounting periods, accounting methods and depreciation
Gains and losses
Withholding, estimated tax, and payroll taxes
Tax administration and tax planning

Effective Term: Spring 2018