Standard

R State Standard £ Developed College: n/a

ACC 156 – Business Tax Accounting

Course Description:

Provides instruction for preparation of both state and federal partnership, corporation and other business tax returns. Topics include: organization form, overview of taxation of partnership, special partnership issues, corporate tax elections, adjustments to income and expenses, tax elections, forms and schedules, tax credits, reconciliation of book and tax income, tax depreciation methods, and tax calculations.

Competency Areas:	Hours:
Organization form	Class	4
Partnership income and deductions	D. Lab	2
Corporate income and deductions	P. Lab/O.B.I.	0
Income and expense adjustments	Credit	5
Tax elections
Forms and schedules
Tax depreciation methods
Reconciliation of book and tax income
Tax Credits
Tax Calculations

Prerequisite:	ACC 101; ACC 151
Corequisite:

Course Guide

Competency	After completing this section, the student will:	Hours
		Class	D. Lab	P. Lab/ O.B.I.
ORGANIZATION FORM		1	1	0
Definitions	Distinguish type of business taxing entity.
	Discuss Subchapter S Corporations.
PARTNERSHIP INCOME AND DEDUCTIONS		8	4	0
Total income	Define and record components of total income.
Deductions	Define and record adjustments to total income.
Ordinary income	Compute ordinary income of a partnership and amount distributable to each partner, Form 1065 and supporting schedules.
CORPORATION INCOME AND DEDUCTIONS		8	5	0
Total income	Define and compute total income.
Deduction	Define and compute allowable deductions.
Taxable income	Compute taxable income of corporation, Form 1120 and supporting schedules.
Special allocations	Compute taxable income of a Sub S Corp. and amount distributable to each shareholder, Form 1120-S and supporting schedules.
INCOME ADJUSTMENTS		1	1	0
Gross income	Define and record adjustments to taxable income.
EXPENSE ADJUSTMENTS		1	1	0
Deductions	Define and record adjustments to deductions.
FORMS AND SCHEDULES		2	1	0
	Review all forms and schedules applicable to partnerships and corporations, including Schedule C.
TAX ELECTIONS		1	1	0
Elections	Define and select proper tax elections for a partnership and a corporation.
TAX DEPRECIATION METHODS		1	1	0
Depreciation	Compute deprecation based on income tax methods.
RECONCILIATION OF BOOK AND TAX INCOME		1	1	0
TAX CREDITS		2	1	0
Tax credits	Identify and record the appropriate personal exemption for a given taxpayer in arriving at taxable income and record applicable tax credits.
TAX CALCULATIONS		3	1	0
Tax calculation	Calculate the amount of taxes owned or refund due based on payments already made to the governing institutions.
OTHER TAXES		1	1	0
Sales and Use and personal property tax returns	Define taxable sales, compute taxable and nontaxable sales, preparation of sales tax returns.
	Define personal property, prepare personal property tax returns.
WWW & SOFTWARE		1	1	0
Web sites and tax software	Identify various tax web sites for research and tax software packages.

Suggested Resources

Media (Print Audio/Visual Web Other)	Note: Please adhere to the APA Formatting and Style Guidelines. Examples: Author, A. A. (Year of publication). Title of work: Capital letter also for subtitle. Location: Publisher. Duncan, G.J., & Brooks-Gunn, J. (Eds.). (1997). Consequences of growing up poor. New York: Russell Sage Foundation.
	Cruz, A. (2008). Fundamentals of Taxation. New York, NY: McGraw-Hill.