ACCT 530 Business Taxation

General

• From a conceptual perspective, explain how the federal tax system works and its impact on businesses.
• Demonstrate an understanding of the tax practice environment by engaging in basic tax planning activities, by conducting research using CCH IntelliConnect, and by communicating research results orally and in writing.
• Explain the professional and ethical standards that govern accountants engaged in tax practice.
• Compare general accounting, income, and deduction concepts in the federal tax system to those in financial accounting.
• Evaluate whether sources of income are taxable or excluded from federal gross income.
• Identify expenses as business, production of income, or personal and analyze their deductibility.
• Explain the business entity choices and assess the tax consequences of operating as a C corporation, S corporation, partnership, or sole proprietor.
• Explain the various forms of compensation and evaluate their financial and tax consequences.
• Describe and evaluate different tax elections and methods of cost recovery for business assets.
• Categorize assets as business, capital, ordinary, or personal and analyze the tax consequences of the disposition of these types of assets.