ACCT 256 Income Tax II

5 credits

Beyond the basics of ACCT 255 individual income taxes. Course covers business expenses, cost recovery (tax depreciation), capital gains and losses, disposition of business assets, partnership taxation, and standard corporate income tax including subchapter S corporations. In addition the course will cover payroll and withholding tax procedures, general tax planning, and IRS procedures and penalties.

Prerequisites: ACCT 255

Course Outcomes
Upon successful completion of this course students will be able to:

Explain the basic concepts of the federal income tax system as applied to a business
Apply basic tax concepts to various business entities: partnerships, corporations, and S corporations
Identify the appropriate federal tax forms and supporting schedules, including: Sole proprietorship Schedule C, Partnership Form 1065, Corporation Form 1120, and S Corporation Form 1120S
Understand (more measurable) basic Washington state sales and payroll tax collection and reporting
Understand (more measurable) and reconcile the differences in accounting income and taxable income
Research and evaluate federal and state tax issues online

Program Outcomes
This course teaches to the following program outcome:

complete federal income tax returns

Total Hours: 50 Theory (Lecture) Hours: 50