BUS 0221. Federal and California Individual Taxation
Units: 4
Formerly known as BUS 14
Advisory: Completion of BUS 201 with grade of "C" or better
Hours: 72 lecture
Study of the United States and California individual income tax system. Rights and responsibilities of taxpayers under the Internal Revenue Code. Introduction to filing status, exemptions, income exclusions and inclusions, capital gains/losses, itemized deductions, employee business expenses, sale of home, and tax planning. CTEC approved QE course. (CSU)
BUS 0221 - Federal and California Individual Taxation
http://catalog.sierracollege.edu/course-outlines/bus-0221/
Catalog Description Formerly known as BUS 14 Advisory: Completion of BUS 201 with grade of "C" or better Hours: 72 lecture Description: Study of the United States and California individual income tax system. Rights and responsibilities of taxpayers under the Internal Revenue Code. Introduction to filing status, exemptions, income exclusions and inclusions, capital gains/losses, itemized deductions, employee business expenses, sale of home, and tax planning. CTEC approved QE course. (CSU) Course Student Learning Outcomes CSLO #1: Describe IRS tax codes and how they relate to individual tax returns. CSLO #2: Construct individual tax returns following IRS and California State tax codes. CSLO #3: Assess and relate ethics in the accurate reporting, application and interpretation of IRS code in relation to individual tax preparation. Effective Term Fall 2024 Course Type Credit - Degree-applicable Contact Hours 72 Outside of Class Hours 144 Total Student Learning Hours 216 Course Objectives Through written or oral presentation, exams and problem-solving the student will: 1. Describe the constitutional origins, statutory requirements, and other legislative and administrative underpinnings of the income tax systems of the United States and California. 2. Compute the federal and state tax formula for individuals: gross income, adjusted gross income, taxable income, and income tax. 3. Describe what constitutes "substantial authority" with respect to a position taken on a tax return, and be able to locate substantial authority for such a position. 4. Identify where each item of income and deduction belongs on federal and state income tax returns for individuals. 5. Prepare basic, intermediate, and advanced federal and state individual income tax returns. 6. Conduct basic tax research using publicly-available research tools. 7. Describe the basics of income tax administration, including the audit process, reporting requirements, and taxpayer and preparer penalties, particularly California tax practitioner requirements. 8. Calculate state and federal taxes using applicable laws and standard forms. 9. Identify and calculate tax credits taxpayers are entitled to claim on their tax return. 10. Prepare written communication to IRS and/or clients analyzing tax issues and making appropriate recommendations. 11. Apply professional ethical behavior in accounting, taxation, and business. General Education Information Approved College Associate Degree GE Applicability CSU GE Applicability (Recommended-requires CSU approval) Cal-GETC Applicability (Recommended - Requires External Approval) IGETC Applicability (Recommended-requires CSU/UC approval) Articulation Information CSU Transferable Methods of Evaluation Essay Examinations Example: Students will write an essay from the hypothetical scenario provided, describe the nature and amount of the exemptions allowable to the taxpayer. Objective Examinations Example: Students will take a multiple-choice examination on gains. Sample question: A feature of ordinary gains as distinguished from capital gains: (a) Gains from sales of assets not stock in trade. (b) May or may not be taxable in full.(c) Sources are capital assets.(d) No holding period. Problem Solving Examinations Example: Given a sample taxpayer case, determine the impact a real estate rental would have on the taxpayer's personal tax return. Skill Demonstrations Example: Given a sample taxpayer's information, prepare tax form 1040. Repeatable No Methods of Instruction Lecture/Discussion Distance Learning Lecture: Lecture and demonstrations by the instructor in conjunction with class discussions of tax problems and student presentations of tax concepts. The instructor will present lectures on tax concepts and principles. Students will work on tax problems individually and in small groups to apply the lecture concepts. Class discussions will be utilized to clarify concepts which students find challenging. Distance Learning Following an online lecture on how to calculate income and loss related to self-employment, students will be given a real estate rental scenario and be expected to calculate the amount of income or loss. Students will post their findings to the rest of the class and be expected to comment on a minimum of 3 other students posts. Typical Out of Class Assignments Reading Assignments 1. Read chapter on Gross Income and Exclusions and be prepared to discuss retirement strategies that minimize tax liability. 2. Read chapter on Business Expenses and be prepared to discuss the tax advantages and disadvantages of self-employment. Writing, Problem Solving or Performance 1. Analyze the tax situation for a hypothetical taxpayer described by the instructor and create a tax plan to minimize their tax liability. 2. Identify expenditures qualifying as a deduction or tax credit and perform calculations based on a hypothetical taxpayer's gross income, as adjusted. Other (Term projects, research papers, portfolios, etc.) Required Materials Income Tax Fundamentals Author: Whittenburg, et al Publisher: Thompson Publishing Publication Date: 2018 Text Edition: 36th Classic Textbook?: OER Link: OER: Fundamentals of Taxation Author: Ana Cruz, et al Publisher: McGraw Hill Publication Date: 2018 Text Edition: 11th Classic Textbook?: OER Link: OER: South-Western Federal Taxation 2019: Individual Income Taxes Author: James Young, et al Publisher: Cengage Publishing Publication Date: 2019 Text Edition: 42nd Classic Textbook?: OER Link: OER: Other materials and-or supplies required of students that contribute to the cost of the course. Various downloadable IRS tax forms and schedules including Your Federal Income Tax--Publication 17
Course Identification Numbering System (C-ID)
...0001 BUS 110 BUS 0260 BUS 115 BUS...PS 128 L AGRI 0221 AG-AS 132...
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