Course Description

ACCT 412: Introductory Income Tax Accounting

This course covers the basic income tax concepts relevant to individual taxpayers, and “how to” apply those principles. The course deals with the basic income tax provisions of the Internal Revenue Code, with a particular focus on provisions that affect the tax liabilities of individual taxpayers as opposed to corporations. They should be able to explain how the current federal individual income taxation evolved and developed .Students will prepare tax returns that includes Schedules A, B, C, D, and E as well as other schedules and forms that are required to complete individual income tax returns both manually and using tax software. Issues that put tax practitioners at odds with clients will be discussed, guided by the ethical parameters established by the various standards, codes of conduct, and Treasury Department Circulars. Problem solving skills will be emphasized by examining real world applications and situations. The materials presented in this course focus on preparers perspective so that students develop understanding of the mechanical operation as well as the intellectual aspects of individual income tax preparation.

This course is required for accounting majors and particularly relevant for hose interested to work in the public accounting sector. The course develops on materials covered in introductory financial and intermediate accounting courses. It provides the foundation for those who are planning to take upper level accounting courses including advanced accounting and corporate and partnership taxation courses.