ACCT 246 - Tax Accounting

3 Credit: (3 lecture, 0 lab, 0 clinical) 3 Contact Hours: [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.