ACC217

Introduction to Income Tax

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: ACC101 or concurrent enrollment in ACC101 for students in the Accounting certificate only with instructor approval.

Course Learning Outcomes:

1. Identify the appropriate tax approach for the various types of business structures (proprietorships, partnerships, corporations, and limited liability companies).
2. Describe the resources available for staying current with changes in the tax code.
3. Apply the most current income tax formula for individual taxpayers.
4. Identify items to be included in an individual income taxpayer’s gross income.
5. Apply rules for rental property, passive income and losses; bad debts; inventory; or qualified retirement plans.
6. Identify adjustments related to adjusted gross income.
7. Calculate standard or itemized deductions.
8. Calculate several common credits including child credit, earned income credit, education credits, adoption credit, child care credit, or foreign tax credit.
9. Calculate amortization or depreciation expense using allowable IRS methods.
10. Calculate capital gains and losses.
11. Calculate employee payroll taxes.
12. Explain the primary responsibilities of the Internal Revenue Service.
13. Prepare individual income tax returns using income tax software.

Effective Term: Fall 2020

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