ACC 115 - Basic Tax Planning

Description: Techniques of federal individual, partnership and corporation income tax preparation. Emphasis on tax return preparation, with review of individual income tax law and applications of that law to tax return forms.

Prerequisites: ACC 121  (may be taken concurrently)

Recommended preparation: ACC 131  and ACC 132  

Credits: 3
Lecture: 3
Lab: 0

Course Content:

1. The individual income tax return
2. Gross income and exclusions
3. Adjustments to income and employee expenses
4. Itemized deductions
5. Credits and special taxes
6. Self-employment income
7. Accounting periods, methods and depreciation
8. Capital gains and losses
9. Withholding, estimated payments, and payroll taxes
10. Partnership taxation
11. Corporate taxation
12. Tax planning

1. Identify and discuss basic individual income tax law and individual income tax planning issues. (1-9, 12)
2. Complete Federal individual income tax returns of moderate complexity. (1-9)
3. Compute withholding and complete simple employment tax forms. (9)
4. Complete simple federal partnership tax returns and related schedules. (10)
5. Complete simple federal corporate tax returns and related schedules. (11)