ACCT 2300 - Federal Income Tax-Individual
Credit Hours: 4.00
Prerequisites: ACCT 1080 or 2 years work experience in accounting
Orientation to current federal tax laws and techniques in filing annual U.S. individual income tax returns. Provides practical experience in preparation of annual returns and a basic foundation for further study in the tax field.
Billable Contact Hours: 4
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OUTCOMES AND OBJECTIVES
Upon completion of this course, students will be familiar with federal income tax law and theory as it applies to most individual filers.
- Explain the principles used to determine who is taxed on a particular item of income, under both the cash and accrual methods of reporting.
- Apply IRS rules to determine whether items such as compensation, dividends, Social Security and pensions and annuities are taxable.
- Discuss the criteria for determining whether an activity is a hobby or a trade or business, and determine the tax consequences of vacation homes.
- Compute the phase-outs of the itemized deduction, the personal exemption, and the child tax credit.
- Discuss the tax treatment and requirements for various deferred compensation arrangement, including IRAs and 401(k)s.
Upon completion of this course, students will be able to prepare a fairly complex tax return including Form 1040 and Schedules A, B, C, D, E, SE and 2106.
- Determine the amount and correct number of personal and dependency exemptions.
- Determine the correct filing status of individuals, and the amount allowable for the standard deduction.
- Determine whether specific exclusions are available, including employment-related fringe benefit items.
- Distinguish between deductions for and from AGI, and discuss the criteria for deducting business and investment expenses.
- List substantiation requirements for deducting travel and entertainment expenses, and know how to show them.
- Identify and determine the timing of itemized deductions for individuals, including medical, taxes, interest, charitable, and miscellaneous.
- Identify deductible moving, education, and office in the home expenses.
Upon completion of this course, students will be able to prepare a Michigan tax return based on the same data, with similar competence.
- Be able to prepare a Michigan 1040, and related schedules, such as CR, Tuition Credit, and Homestead Credit.
COMMON DEGREE OUTCOMES (CDO)
CDO marked YES apply to this course:
- Communication: The graduate can communicate effectively for the intended purpose and audience.
- Critical Thinking: The graduate can make informed decisions after analyzing information or evidence related to the issue.
- Global Literacy: The graduate can analyze human behavior or experiences through cultural, social, political, or economic perspectives.
- Information Literacy: The graduate can responsibly use information gathered from a variety of formats in order to complete a task.
- Quantitative Reasoning: The graduate can apply quantitative methods or evidence to solve problems or make judgments.
- Scientific Literacy: The graduate can produce or interpret scientific information presented in a variety of formats.
Critical Thinking: YES
Information Literacy: YES
Quantitative Reasoning: YES
COURSE CONTENT OUTLINE
- Chapter 1 Introduction to Taxation
- Chapter 2 Determination of Tax
- Chapter 3 Gross Income: Concepts & Inclusions
- Chapter 4 Gross Income: Exclusions
- Chapter 15 Tax Research, Tax research problem assigned
- Chapter 5 Property Transactions: Capital Gain & Loss
- Chapter 6 Deduction & Losses
- Chapter 7 Itemized Deductions
- Chapter 8 Losses & Bad Debts
- Chapter 9 Employee Expenses & Deferred Compensation
- Chapter 10 Depreciation & Cost Recovery
- Chapter 11 Accounting Periods & Methods
- Chapter 12 Property Transactions: Nontaxable Exchanges
- Chapter 13 Property Transactions: Section 1231 and Re- capture
- Chapter 14 Special Tax Computation Methods, Tax Credits and Payment of Tax
Official Course Syllabus - Macomb Community College, 14500 E 12 Mile Road, Warren, MI 48088
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