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    Central Washington University
   
 
  Oct 23, 2017
 
 
    
2016-2017 Undergraduate Catalog [ARCHIVED CATALOG]

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ACCT 303 - Tax Planning for Personal Finance


Description:
Examines the topic of income tax planning and forecasting for individual clients and small business owners. Uses a case study approach to integrate the material and apply it to personal financial planning situations. Emphasizes the evaluation of financial alternatives.

Prerequisites:
Prerequisites: ACCT 251 and ACCT 252 and admission to a college of business major.

Credits: (5)

Learner Outcomes, Activities and Assessments

Learner Outcome

Activity (optional)

Assessment

Compare and contrast the fundamental components of the income tax system including filing forms, filing status, income, exemptions, exclusions, deductions, adjustments, credits, and tax rates.

 

 

Written Assignment

Explain how a progressive income tax system works and contrast it with other tax systems

 

 

Written Examination or Quiz

Differentiate between the organizational form  and the tax treatment of income, expenses, payroll and wage taxes for sole proprietorships, partnerships, LLPs, LLCs, S- corps and C-corps.

 

Written Examination or Quiz

Explain the basic income tax compliance  rules for trusts and estates including when a return is required and how it is filed.

 

Written Examination or Quiz

Contrast the trust and estate income tax rules with personal income tax rules.

 

Written Examination or Quiz

Explain how a client will report income and appropriate deductions from a trust or estate on his income tax return.

 

 

Written Assignment, Case Analysis

Differentiate between tax avoidance and tax evasion.

 

 

Written Examination or Quiz

Identify income shifting techniques (transfer and timing) and explain how income shifting benefits a taxpayer.

 

 

Written Examination or Quiz

Compare the cash flow impact of receiving tax- exempt or tax-sheltered income to taxable  income.

 

 

Written Examination or Quiz

Explain how deduction clustering results in a lower tax liability.

 

 

Written Assignment, Case Analysis

Distinguish between different investment strategies that can be used to manage tax liability; e.g., tax loss harvesting, bond swaps, etc.

 

 

Written Examination or Quiz

Differentiate between the taxation of capital gains and ordinary income, including the difference in applicable tax rates.

 

 

Written Examination or Quiz, Case Analysis

Explain the special rules regarding capital gains and losses on a principal residence.

 

 

Written Examination or Quiz

Explain the tax implications of supporting an elderly parent or adult child.

 

 

Written Assigment

Select the appropriate credit/deduction to use for post-secondary education costs.

 

 

Written Assignment, Case Analysis





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