ACCT 107: Federal Income Taxes [RE]

This course emphasizes tax planning and tax recognition, not tax expertise. Students will be aware of the many issues and general solutions in taxation, including tax considerations in business decision-making, tax effects of business transactions; taxation of compensation; fringe benefits; capital gains; fixed asset transactions; tax credits; alternative minimum tax and passive activity rules, but leaving the detailed tax planning or compliance work for other tax courses. Course Outcomes: 1. Prepare a basic individual tax return 2. Apply basic statute of limitations relating to tax law for individuals 3. Calculate common tax penalties for basic individual tax returns 4. Identify federal tax law from valid sources 5. Integrate basic tax law in a simulated environment 6. Execute basic federal individual tax preparation using technology