BA 256 Income Tax Accounting
Introduces the basics of income tax accounting for individuals and business organizations. Develop an understanding of basic tax calculations and of how the Internal Revenue Code impacts individuals and businesses. Explore methods of incorporating and extracting income tax information from an organization's existing financial accounting system.
Prerequisite
Prerequisite:
BA 120 Professional Accounting I with a grade of C or better.
Notes
Lower Division Transfer (LDT) Course
Outcomes
Upon successful completion of this course, students will be able to:
Prepare a basis individual income tax return. Recognize tax situations the require further investigation, such as passive losses, tax credits, retirement plans, and fiscal years. Prepare basic corporate income tax returns, both C and S corporation. Distinguish between net income and taxable income, and complete differences. Explain how tax information can be gathered from financial accounting records.