Send More Info
Apply Now
Classroom Login
Call Now
Call Now 855-300-1469

EAC 4421 Individual Federal Income Taxes


Course Description

Introduces federal taxes, emphasizing individual taxation. Includes the concepts of business income in various forms of business, the practical application of tax laws including tax return preparation, and simple tax research. Also introduces the various taxes beyond federal taxes. Requires computer skills. (Requirement: Must be enrolled in Florida Tech University Online.)

Course Objectives

In this course, we will

  • Discuss general income tax concepts
  • Define the elements of individual taxation
  • Examine capital gains and business deductions
  • Dicuss itemized deductions and expenses
  • Explain non-taxable echanges and section 1231 entities
  • Describe special tax computations and tax research
  • Dicuss business entities

Week 1


Lecture: Course Overview
Lecture: Income Tax Concepts

Outcomes

After completing these lectures, you will be able to:

  • Describe the three types of tax structures
  • Describe the various types of taxes
  • Discuss the criteria for “good” tax structure, the objectives of the federal income tax law, and recent reform proposals
  • Describe the tax entities in the federal income tax system
  • Use the tax formula to compute an individual’s taxable income
  • Determine the amount of deductions from adjusted gross income
  • Explain the basic income tax rules relating to business entities
  • Explain the basic concepts of capital gains and losses
  • Discuss typical budgetary accounting and reporting requirements
  • Describe tax planning considerations for various tax matters
  • Describe compliance and procedural matters for filing tax returns

Week 2


Lecture: Individual Taxation

Outcomes

After completing this lecture, you will be able to:

  • Explain the difference between the economic, accounting, and tax concepts of income
  • Explain the principles used to determine who is taxed on a particular item of income
  • Determine when a particular item of income is taxable under both the cash and accrual methods of accounting
  • Determine whether items such as compensation, dividends, alimony, and pensions are taxable
  • Describe tax planning considerations for inclusions of gross income
  • Determine whether an item is income
  • Determine which major statutory exclusions are available to a taxpayer
  • Describe tax planning considerations for exclusions of gross income
  • Describe compliance and procedural considerations for exclusions of gross income

Week 3


Lecture: Capital Gains and Business Deductions

Outcomes

After completing this lecture, you will be able to:

  • Determine the realized gain or loss from the sale or other disposition of property
  • Determine the basis of property
  • Distinguish between capital assets and other assets
  • Discuss how capital gains are taxed for corporate and non-corporate taxpayers
  • Recognize when a sale or exchange has occurred
  • Determine the holding period for an asset
  • Distinguish between deductions for and from AGI
  • Discuss the criteria for deducting business and investment expenses
  • Explain the timing of deductions
  • Discuss special disallowance rules for deductions

Week 4


Lecture: Itemized Deductions

Outcomes

After completing this lecture, you will be able to:

  • Identify qualified medical expenses and compute the medical expense deduction
  • Identify taxes that are deductible as itemized deductions
  • Identify different types of interest deductions
  • Compute the amount of charitable contribution deduction and identify limitations
  • Discuss casualty and theft losses
  • Identify transactions that may result in losses
  • Determine the proper classification for losses
  • Identify and calculate the deduction for casualty and theft losses
  • Compute the deduction for a bad debt

Week 5


Lecture: Expenses

Outcomes

After completing this lecture, you will be able to:

  • Determine the classification and limitations of employee expenses
  • Determine the proper deductible amount of travel expenses
  • Describe the deductibility of transportation expenses
  • Discuss tax methods concerning reimbursed employee business expenses
  • Identify deductible moving expenses and the year of deductibility
  • Determine whether the expenses of an office in the home meet the requirement for deductibility and apply the gross income limitations
  • Explain the general concepts of depreciation and cost recovery
  • Calculate amortization for intangible assets and distinguish between amortizable and non-amortizable assets

Week 6


Lecture: Nontaxable Exchanges and Section 1231

Outcomes

After completing this lecture, you will be able to:

  • Determine whether gain from an involuntary conversion may be deferred
  • Determine when a gain from the sale of principal residence is excluded
  • Explain the tax consequences of a tax-free exchange
  • Discuss the basic tax treatment for Sec. 1231 transactions
  • Apply the recapture provisions of Sec. 1245
  • Apply the provisions of Sec. 1250
  • Describe other recapture applications

Week 7


Lecture: Special Tax Computations and Tax Research

Outcomes

After completing this lecture, you will be able to:

  • Calculate the Alternative Minimum Tax
  • Describe self-employment income and compute the self-employment tax
  • Describe various business and personal tax credits
  • Distinguish between closed-fact and open-fact situations
  • Describe steps in the tax research process
  • Identify sources of tax laws
  • Apply the basics of Internet-based tax research

Week 8


Lecture: Business Entities

Outcomes

After completing this lecture, you will be able to:

  • Define the types of entities that can be classified as a corporation for federal income tax purposes
  • Explain specific rules that apply to corporations
  • Describe tax planning considerations for corporations
  • Compare and contrast the various types of pass-through entities
  • Determine the tax implications of forming and operating a partnership
  • Explain the requirements for electing and maintaining S corporation status and apply operating rules for S corporations

 

The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. November 2013