Survey of Federal Taxation

The Survey of Federal Taxation course provides an introduction and overview to the tax law implemented by the Internal Revenue Service (IRS) by applying basic tax principles involving individuals, partnerships, and corporations. Students are introduced to tax planning principles, the tax code, and the Qualified Business Income Deduction. Students will gain an understanding of taxpayer recourse and the benefits of tax planning. 

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Reviewing the conceptual framework of the United States tax code as it relates to individual taxpayers.
• Analyzing the significant rules that impact individual taxpayers for income, deductions, and credits.
• Reviewing the conceptual framework of the United States tax code as it relates to a sole proprietor business.
• Analyzing the availability and application of deductions and credits for the sole proprietor.
• Understanding the calculation of the Qualified Business Income Deduction.
• Reviewing the conceptual framework of the United States tax code as it relates to partnerships.
• Analyzing the tax impact of partnership transactions on tax liability.
• Reviewing the conceptual framework of the United States tax code as it relates to corporate income taxation.
• Analyzing the availability and application of significant deductions and credits for the corporation.
• Understanding the recourse available for the taxpayer.
• Understanding the benefits of tax planning.
• Distinguishing tax credits available to small businesses.
• Demonstrating the application of artificial intelligence (AI) in tax planning.
• Understand benefits of researching tax topics in a tax database.

ACQUIRED SKILLS 

• Tax Code Research
• Critical Thinking 
• Tax Code Evaluation