ACCT-236 Tax Accounting II

This course continues Tax Accounting for federal income tax for individuals and business taxpayers. Topics include federal tax research, tax practice and ethics, tax written communication, tax accounting methods and periods, reconciliation of tax and financial methods, tax elections, current tax laws governing alternative minimum tax for individual and corporate taxpayers, and property transactions. This course is the second of three tax courses that prepare students for individual and business decisions relating to federal taxation and the Federal Tax Regulation section of the Certified Public Accountant (CPA) Exam.

Credits

3

Prerequisite

ACCT-235

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Analyze research results that involve the Internal Revenue Code, Income Tax Regulations, and federal
   court tax cases.
2. 2. Prepare a tax research written document.
3. 3. Interpret and apply professional and ethical obligations for tax practice including Circular 230, AICPA
   Statements on Standards for Tax Services, and rules and regulations related to tax return preparers.
4. 4. Determine proper tax accounting periods for various taxpayers.
5. 5. Distinguish and evaluate methods of accounting for tax and financial accounting.
   
6. 6. Prepare reconciling schedules for financial and tax accounting methods.
7. 7. Apply time value of money principles to various tax accounting methods.
8. 8. Describe and examine Accounting for Income Taxes (ASC 740).
9. 9. Compare tax treatments of property transactions.
10. 10. Evaluate alternative minimum tax for individuals and corporations
11. 11. Recommend alternative tax treatments that affect economic decisions.

Course Objectives

1. 1. Analyze research results that involve the Internal Revenue Code, Income Tax Regulations, and federal
   court tax cases.
2. 2. Prepare a tax research written document.
3. 3. Interpret and apply professional and ethical obligations for tax practice including Circular 230, AICPA
   Statements on Standards for Tax Services, and rules and regulations related to tax return preparers.
4. 4. Determine proper tax accounting periods for various taxpayers.
5. 5. Distinguish and evaluate methods of accounting for tax and financial accounting.
   
6. 6. Prepare reconciling schedules for financial and tax accounting methods.
7. 7. Apply time value of money principles to various tax accounting methods.
8. 8. Describe and examine Accounting for Income Taxes (ASC 740).
9. 9. Compare tax treatments of property transactions.
10. 10. Evaluate alternative minimum tax for individuals and corporations
11. 11. Recommend alternative tax treatments that affect economic decisions.