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.
 
Prerequisite:
ACTG 115 or Instructor approval.

 
Learning Outcomes:

• 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.