ACC 137 - Business Income Taxes

Institution:

Kapiolani Community College

Subject:

Description:

3 hours lecture per week Recommended Preparation: ICS 00 or ICS 0; ACC 34; ACC 20; ACC 202. Comment: ACC 37 was formerly ACC 33. ACC 137 prepares students to be paraprofessional accountants assisting an accounting professional in the preparation of the annual tax return of a business. The course covers the Federal and Hawai'i tax systems and basic concepts of the taxation of business entities. Students are also introduced to tax preparation software, tax research tools and methodologies, and the distinction between GAAP and income tax bases of accounting. Upon successful completion of the course, the student should be able to: Explain basic business income tax concepts. Explain the characteristics of the various forms of business entity and their tax implications. Explain the income tax treatment of each of the following business entities: Proprietorship (Schedule C), C corporation, S corporation, Partnership, Limited Liability Company (LLC). Prepare basic income tax returns for the above businesses entities manually and by using commercial tax preparation software, such as TurboTax or similar program. Apply the proper tax treatment to elements of business income, expense, credits and special items at a basic level. Explain the major differences between "tax" and "book" income Perform basic business tax research using IRS publications as well as software "help" menus, library and the Internet. Prepare and present basic research projects involving business income tax issues.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

kapiolani.hawaii.edu/page/home

Phone Number:

(808) 734-9000

Regional Accreditation:

Western Association of Schools and Colleges

Calendar System:

Semester

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