FUNDAMENTALS OF INDIVIDUAL INCOME TAX ACCOUNTING
Introduces the fundamentals of individual income tax accounting theory and practice, including a study of the rules and regulations for preparation of the most common forms and schedules, a brief review of the history of income taxation, tax laws in the United States, and the differences between GA AP and income tax accounting.
ACTG 115 or Instructor approval.
- Describe how a bill becomes law and the effect legislation and judicial review has on income tax codes and administration.
- Define the tax formula
- Define gross income including inclusions and exclusions
- Explain and describe Capital property and Capital Gains
- Define and explain adjustments for Adjusted Gross Income.
- Describe and define Itemized Deductions.
- Explain Tax Credits.
- Discuss and explain IRS audit and compliance issues.