ACC 231Federal Taxation

Course Outline

Course Number & Name:  ACC 231 Federal Taxation

Credit Hours:  4.0             Contact Hours:  4.0          Lecture:  4.0       Lab:  N/A             Other:  N/A

Prerequisites:  Grade of “C” or better in ACC 102

Co-requisites:  None                                                      Concurrent Courses:  None

Course Description: This course introduces the fundamental accounting procedures for determining tax liabilities for individuals and single-owner businesses.  The accurate completion of Form 1040 with the accompanying schedules in compliance with the Internal Revenue Code is emphasized using both manual and computerized systems.  The calculation of payroll taxes and maintenance of tax records and other selected tax reports are also studied.

Course Goals: Upon successful completion of this course, students should be able to do the following:

  1. identify specific tax codes;
  2. list the general deductible items allowed;
  3.  identify specialized income and loss items and the tax consequences of these items;
  4.  prepare computation of general cost and expenditures experienced in operating enterprises;
  5.  complete professional tax forms and schedules; and
  6. identify general filing periods and consequences.
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