ACBO 9210 Income Tax Preparation
An introduction to the basic mechanism of federal individual, partnership, and corporate income taxation. Topics include: federal income tax history, types of federal tax forms, filing status, what income is reported and not reported, IRS website search for online forms, publications, and current tax laws, and how to complete individual income tax forms 1040EZ, 1040A and 1040 including Schedules A, B, C, D and E, corporation income tax form 1120, and partnership income tax form 1064.
After successful completion of this course, students will be able to:
- Outcome 1: Describe the history and importance of the federal income tax system
- Outcome 2: Identify and search Internal Revenue Service (IRS) website for the major types of federal individual, corporations, and partnerships income tax forms and schedules
- Outcome 3: Identify types of income included and excluded from the individual, corporation and partnership income tax returns
- Outcome 4: Calculate amount due or refund owed on federal: 1) individual tax forms: 1040EZ, 1040A, and 1040, 2) corporation tax forms 1120 and 1120S, and 3) partnership tax form 1065