ACC 215W - Federal Tax Accounting

1. Describe an introduction to taxation.
   1. Identify several types of common taxes imposed on individuals, corporations, and partnerships at both the federal and state levels.
   2. Describe the reasons for and uses of tax revenue at the government level.
   3. Describe the guiding principles of tax planning.
2. Apply the processes involved in working with tax law.
   1. Identify the primary sources of tax law.
   2. Perform tax research on an introductory spectrum of tax issues.
   3. Apply the steps in effective tax research and communication.
   4. Recognize the nature of tax research coverage on the CPA examination.
3. Apply the tax concept of gross income.
   1. Apply tax formulas in deriving income tax liability.
   2. Describe the timing of income recognition.
   3. Identify and analyze specific taxable income items.
   4. Identify and analyze specific nontaxable income items.
   5.  Discuss tax planning strategies regarding various income items.
4. Apply the tax concepts of business deductions and losses.
   1. Describe the timing of expense and loss deductibility.
   2. Identify and analyze specific deductible expense and loss items.
   3. Identify and analyze specific nondeductible expense and loss items.
   4. Apply cost recovery principles in computing depreciation deductions.
   5. Discuss tax planning strategies regarding various deduction items.
5. Apply the concepts associated with property transactions.
   1. Explain the concept of, and calculate, basis relating to property transactions.
   2. Calculate gain or loss on disposition of property.
   3. Differentiate between taxable property transactions and nontaxable exchanges and conversions.
   4. Determine gain or loss classification upon disposition of property for noncorporate taxpayers.
   5. Determine gain or loss classification upon disposition of property for corporate taxpayers.
   6. Discuss tax planning strategies regarding disposition of property.
6. Describe the tax issues of business entities.
   1. Describe and analyze the different types of business formation and the rationale involved in choosing a structure.
   2. Explain the tax consequences of the various types of business formation.
   3. Corporations:
      1. Describe corporate formation, structure, operational issues, and procedural matters.
      2. Prepare basic tax returns.
      3. Explain the accounting for income taxes in the financial statements.
   4. Partnerships and Limited Liability Entities:
      1. Describe partnership formation and operational issues.
      2. Prepare basic tax returns.
   5. Subchapter S Corporations:
      1. Describe Subchapter S qualification requirements.
      2. Describe Subchapter S operational issues.
      3. Prepare basic tax returns.
7. Describe the tax issues of individuals.
   1. Explain and analyze personal and dependency exemptions.
   2. Calculate tax liability using the tax formulas and tables.
   3. Identify items of includible and excludible income relevant to individuals.
   4. Identify certain itemized deductions available to individuals.
   5.  Identify and explain issues regarding self-employed individuals.
   6.  Prepare basic tax returns.