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ACC3120

Survey of Federal Taxation

This course provides an overview and introduction to the tax law implemented by the Internal Revenue Service by applying basic tax principles involving individuals, partnerships, and corporations. Formerl course title Income Tax Procedures: Partnerships & Corporations

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

  • Summarizing the appropriate hierarchy of authority for federal tax purposes.
  • Recalling the regulations governing practice before the IRS and different levels of the judicial process as they relate to federal tax matter.
  • Distinguishing between various types of taxes (income, employment, estate and gift, sales, property, etc.).
  • Calculating the amounts that should be routinely included in, or excluded from, an individual’s gross income as reported on Federal Form 1040 – US Individual Income Tax Return.
  • Identifying some key tax credits available to individual tax payers.
  • Explaining the basic income and self-employment tax obligations of self-employed individuals.
  • Identifying key provisions for deducting business expenses and depreciation of assets for businesses.
  • Describing the benefits of a pass through entity, defined as partnership, S corporations, LLCs, and disregarded entities.

Syllabi

Summer 2023 Download