ACCT 238 - Federal Tax Accounting

Credits: 4
Lecture Contact Hours: 4
Description: In this course, you will examine federal income tax laws and procedures that relate to individuals, partnerships and corporations. The course will focus on gaining practical skills by preparing tax forms and conducting basic tax research and tax planning.

Prerequisites: None.
Corequisites: None.
Recommended: ACCT 201

Course Category: Occupational
This Course is Typically Offered: Fall, Winter
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Course Competencies

Explain the impact of taxes on society.
Explain sources of primary and secondary tax authorities.
Determine filing status and exemptions for individuals.
Calculate individual federal income tax.
Prepare individual federal income tax returns.
Determine what income items are taxable and nontaxable.
Determine what items are deductible and nondeductible.
Calculate tax credits and payments.
Calculate capital gains and losses.
Calculate long-term asset cost, depreciation and adjusted basis.
Investigate a tax issue through basic tax research.
Explain the use of technology in tax compliance and planning.
Create tax planning strategies for certain situations.
Calculate individual federal estate and gift tax.
Explain the characteristics of partnership, C corporations and S Corporations.