ACCT 350 - Federal Income Tax

Credit Hours: 3
Lecture Hours: 3
Laboratory Hours: 0

Prerequisite(s): ACCT 125 or ACCT 210

Restriction(s): None

Corequisite(s): None

This course covers Federal Income Tax Law, its applications to individual taxpayers and practice in preparing tax returns. Topics include: introduction to the history of tax; rates and exemptions; income determination; recognition of gains and losses; deductions; tax planning and an introduction to estate and gift taxes.

Student Learning Outcomes of the Course:

Students will identify the principles of federal taxation of income and compare the practices available to achieve maximum understanding of tax legislation.
Students will develop an understanding of the procedures related to proper fundamentals of tax preparation and reporting, income, credits and deductions.
Students will prepare Forms 1040, 1040-ES, 1040-EZ, 2441, 8863, 5695, 4868, 2106, and 4562 and Schedules A, B, C, E, F, SE, and EIC.
Students will complete and file an actual current year tax return.
Students will complete a research project.