ACCT 246 - Tax Accounting
3 Credit: (3 lecture, 0 lab, 0 clinical) 3 Contact Hours: [ACCT 105 or ACCT 115 ]
This course covers practices and procedures for state and federal income taxes for individuals and proprietorships. It includes 15 hours of service learning assisting local non-profit organizations prepare tax returns.
OFFERED: spring semesters
Course Goals/ Objectives/ Competencies:
Goal 1: Examine history and structure of the Internal Revenue Code (IRC).
- Describe the formulation of tax law.
- Describe the history of the IRC.
- Describe the basic tax formula.
- Ascertain taxpayer rights and responsibilities.
Goal 2: Develop proper business communication and analysis.
- Effectively articulate contemporary tax law issues.
- Compare and contrast current tax law issues.
Goal 3: Examine gross income.
- Identify gross income inclusions.
- Identify gross income exclusions.
- Calculate gross income.
Goal 4: Examine adjusted gross income.
- Identify deductions for adjusted gross income.
- Calculate adjusted gross income.
Goal 5: Examine taxable income.
- Identify deductions from adjusted gross income.
- Calculate taxable income.
Goal 6: Examine income tax.
- Calculate income tax before credits.
- Identify tax credits.
- Calculate income tax.
Goal 7: Examine business reporting requirements.
- Identify business income and deductions.
- Calculate business income or loss.
- Report business income or loss.
Goal 8: Demonstrate understanding of Michigan income tax.
- Calculate Michigan income tax.
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