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ACC 121 Income Tax Fundamentals
Credit Hours:  3
Effective Term: Fall 2015
AGEC: None  
Credit Breakdown: 3 Lectures
Times for Credit: 1
Grading Option: A/F Only

Description: Theory, rules and procedures used in preparing federal income tax returns for individuals.

Prerequisites: RDG 094

Corequisites: None

Recommendations: ACC100 or ACC201 or previous accounting experience.

Measurable Student Learning Outcomes
1. (Comprehension Level) Explain and describe the role of taxes in our society and explain the differences between federal, state and local government revenues.
2. (Evaluation Level) Delineate the rights and responsibilities of taxpayers and accurately compute results of non-compliance and IRS procedures as well as penalties and appeals.
3. (Evaluation Level) Determine if, when and how to file appropriate returns including the applicable authority when addressing tax issues.
4. (Evaluation Level) Correctly apply basic principles governing income and deductions then determine which items to include or exclude on the income tax return.
5. (Application Level) Apply the rules of substantiation and record keeping and then list penalties for failure to properly apply these rules.
6. (Application Level) Advise about use of forms W-4 and 1099.
7. (Comprehension Level) Explain the value and use of tax planning.
8. (Synthesis Level) Accurately prepare tax returns from hypothetical data that requires application of the fundamentals studied in this course.
Internal/External Standards Accreditation