Accounting Information Systems and Controls

Individual Income Tax System Structure

Explore the legislative, administrative, and judicial framework that establishes individual income tax law. Analyze tax policy objectives, primary and secondary authorities, and the relationship between federal and state tax systems while developing tax research skills.

Income Types and Classification

Master income recognition principles and differentiate between various income sources including wages, business income, investment income, and other sources. Analyze includable income, exclusions, timing rules, and characterization issues that determine gross income for tax purposes.

Taxable Income Calculation

Navigate deduction rules including above-the-line deductions, standard vs. itemized deductions, and limitation provisions. Calculate adjusted gross income and taxable income for diverse taxpayer situations while identifying optimal deduction strategies.

Tax Credits and Liability Determination

Apply various tax credits including child tax credit, education credits, and earned income credit. Calculate total tax liability, analyze credit limitations and phaseouts, and explain how credits reduce final tax obligations compared to deductions.

Tax Return Preparation and Compliance

Assemble complete and accurate individual tax returns using current forms and supporting documentation. Apply filing requirements, due dates, and record-keeping obligations while ensuring compliance with current tax law and regulations.

Professional Ethics and Responsibilities

Master ethical requirements for tax practitioners including Circular 230 standards, due diligence obligations, and professional conduct rules. Analyze practitioner responsibilities, potential penalties, confidentiality requirements, and standards of practice in tax preparation and planning.