ACC 315 - Tax Accounting I (3)

Prerequisite: Junior standing.

This course introduces students to the complex study of federal taxation. It focuses mainly on taxation of individuals, but also covers a broad range of subjects from the definition of income to tax practices related to businesses, and includes practice in preparation of tax returns. Upon successful completion of this course, students will be able to 1) describe basic provisions of Federal income tax law as they relate to individual taxpayers; 2) discuss tax compliance issues affecting individual taxpayers; 3) recognize the ethical implications of working within a tax system characterized, in part, by a high degree of ambiguity; 4) understand (at a basic level) the Federal Income Tax Code and other sources of authority that combine to make up the working body of tax law; 5) use precise, tax-specific terminology in communicating with other constituencies regarding tax accounting issues; and 6) use tax information in a variety of planning and decision making contexts.