BA 256 Income Tax Accounting I
Introduces the basics of income tax accounting for individuals and business organizations. Builds an understanding of basic tax calculations and of how the Internal Revenue Code impacts individuals and businesses. Explores methods of incorporating and extracting income tax information from an organization's existing financial accounting system. Prepares students for the Oregon Board of Tax Practitioner's Licensed tax Preparer (LTP) exam. Recommended: Strongly recommend BA 101A Business Foundations and BA 111 Practical Accounting I or significant experience working in business.
Notes
Career Technical (CTE) required or elective
Outcomes
Upon successful completion of this course, students will be able to:
Identify the basic conceptual foundations of United States (Federal) tax law and describe the differences between federal taxation of individuals, corporations, partnerships and sole proprietors. Explain the the gross income concept. Identify itemized deductions and prepare Schedule A 'Itemized Deductions', and identify business income and expenses for a sole proprietor and prepare Schedule C, Profit or Loss from Business (Sole Proprietorship). Prepare a basic individual income tax return, Form 1040, including commonly filed schedules. Identify complex tax situations such as passive losses, tax credits, retirement plans, and fiscal years for referral to a tax advisor.