Jul 24, 2024  
2024-2025 College Catalog 
2024-2025 College Catalog

ACC 204 - Individual Tax Accounting

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods
Individual income taxes with concentration at federal level. Includes history, assumptions and objectives of federal income tax law. Also includes determination of filing status, exemptions, inclusions, exclusions, adjustments, deductions, credits, tax liability, and reporting requirements; completion of tax returns, and tax planning; use of commercial tax-preparation software; determination of sole proprietorship income and taxes thereon.

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Course Learning Outcomes
  1. Identify and compute gross income.
  2. Identify and compute various deductions and losses.
  3. Identify and compute various tax credits.
  4. Identify and compute special tax computations.     
  5. Apply tax laws to property transactions.
  6. Prepare an individual’s tax return and related forms by hand and using professional software.

  1. Federal Tax Law for Individuals
    1. Federal tax laws governing individuals
    2. Standard deduction
    3. Exemptions
  2. Gross Income
    1. Adjustments
    2. Inclusions
    3. Exclusions
  3. Business Income and Expenses
    1. Schedule C
    2. Hobbies
    3. Schedule E
    4. Retirement accounts
    5. Farming
  4. Itemized Deductions (Schedule A)
    1. Deductible expenses
    2. Limitations
  5. Tax Credits and Special Tax Computations
    1. How tax credits are used
    2. Child tax credit
    3. Earned income credit
    4. Child and dependent care credit
    5. Education tax credits
    6. Temporary energy credits
    7. Alternative minimum tax
    8. Unearned income of minor children
    9. Community property
  6. Property Transactions
    1. Accounting periods
    2. Depreciation
    3. Modified Accelerated Cost Recovery System (MACRS)
  7. Capital Gains and Losses
    1. Gains and losses and basis determination
    2. Non-taxable exchanges
    3. Capital gains and losses
    4. §1231 rules and recapture provisions
  8. Withholding, Estimated Payments, and Payroll Taxes
    1. Payroll taxes
    2. Federal tax deposit system
    3. Self-employment tax
  9. Tax Administration and Tax Planning
    1. The audit process
    2. Statute of limitations
    3. Tax planning
  10. Income Tax Preparation and Related Forms
    1. Tax preparation using tax software

Effective Term:
Full Academic Year 2020/21