Tax Accounting Course

Lesson 1 • Ethics and Professional Standards

Covers the ethical duties of tax professionals, including accuracy, confidentiality, and conflict-of-interest rules. Grounds students in professional conduct expectations.

Lesson 2 • Tax Accounting Methods Overview

Surveys cash, accrual, and hybrid accounting methods and their tax implications. Students identify which method applies to different taxpayer types.

Lesson 3 • Tax Accounting vs. Financial Accounting

Contrasts the objectives, standards, and reporting bases of tax and financial accounting. Sets the conceptual foundation for all subsequent tax treatment decisions.

Lesson 4 • Core Tax Terminology and Concepts

Introduces essential vocabulary including gross income, deductions, credits, and tax liability. Precise terminology use is required throughout the entire course.

Lesson 1 • Filing Status and Exemptions

Explains how filing status affects tax brackets, deductions, and credits. Correct status selection directly impacts the final tax liability calculation.

Lesson 2 • Standard vs. Itemized Deductions

Analyzes when itemizing exceeds the standard deduction and which expenses qualify. Students apply decision rules to maximize legitimate deductions.

Lesson 3 • Tax Credits for Individuals

Distinguishes refundable from nonrefundable credits and applies common individual credits. Credits reduce tax liability dollar-for-dollar, making them more valuable than deductions.

Lesson 4 • Sources of Individual Gross Income

Identifies wages, interest, dividends, rental income, and other income categories. Builds the gross income figure that anchors all individual tax calculations.

Lesson 1 • Sole Proprietorship Tax Treatment

Covers reporting business income and expenses on the individual return via Schedule C. Establishes the baseline for comparing other entity structures.

Lesson 2 • Entity Selection Tax Analysis

Applies a comparative framework to evaluate tax costs across entity types for a given scenario. Integrates prior sections into a practical decision-making tool.

Lesson 3 • S Corporation Tax Rules

Covers eligibility requirements, shareholder basis, and pass-through income reporting. Distinguishes S corporation treatment from C corporation and partnership rules.

Lesson 4 • C Corporation Tax Fundamentals

Addresses entity-level taxation, the corporate tax rate, and double taxation of dividends. Students calculate corporate taxable income and identify planning opportunities.

Lesson 1 • Amortization of Intangible Assets

Addresses the amortization of purchased intangibles, goodwill, and startup costs over prescribed periods. Distinguishes amortizable intangibles from non-depreciable assets.

Lesson 2 • Bonus Depreciation and Expensing Elections

Explains first-year expensing elections and bonus depreciation percentages for qualifying property. These provisions can dramatically accelerate deductions in the acquisition year.

Lesson 3 • Depreciation Methods and Recovery Periods

Covers straight-line, declining balance, and accelerated depreciation systems with assigned recovery periods. Correct method selection drives significant deduction timing differences.

Lesson 4 • Depreciation Recapture Rules

Applies recapture provisions that convert depreciation-related gain into ordinary income on disposition. Students integrate recapture with capital gain calculations for complete reporting.

Lesson 1 • Capital Asset Classification

Defines capital assets and identifies property excluded from capital asset status. Classification determines whether gain receives preferential or ordinary income treatment.

Lesson 2 • Like-Kind Exchanges and Deferrals

Explains the nonrecognition rules for qualifying property exchanges and deferred gain calculation. Students identify qualifying property, boot, and the basis of replacement property.

Lesson 3 • Capital Gain and Loss Netting

Applies the netting process to combine short-term and long-term gains and losses. The netting outcome determines the applicable rate and deductibility of net losses.

Lesson 4 • Preferential Capital Gain Tax Rates

Explains the rate brackets applicable to net long-term capital gains and qualified dividends. Students apply the correct rate based on taxable income thresholds.

Lesson 1 • Stock Redemptions and Liquidations

Covers the conditions under which redemptions receive capital gain vs. dividend treatment. Complete liquidation rules and their tax consequences are also addressed.

Lesson 2 • Qualified Business Income Deduction

Calculates the pass-through deduction for eligible businesses and applies wage and property limitations. Students identify specified service trades and their phase-out treatment.

Lesson 3 • Corporate Reorganizations Overview

Introduces tax-free reorganization types and the continuity requirements that qualify them. Students distinguish taxable acquisitions from nonrecognition reorganizations.

Lesson 4 • Pass-Through Loss Limitation Rules

Applies the four-layer loss limitation system: basis, at-risk, passive activity, and excess business loss. Students sequence the limitations correctly to determine deductible amounts.

Lesson 1 • Deferred Tax Asset and Liability Calculation

Applies enacted tax rates to cumulative temporary differences to measure deferred tax balances. Students record deferred tax assets and liabilities on the balance sheet.

Lesson 2 • Uncertain Tax Position Accounting

Applies the recognition and measurement framework for tax positions that may not be sustained on examination. Students determine whether to record a liability and at what amount.

Lesson 3 • Current and Deferred Tax Expense

Separates total income tax expense into current and deferred components for financial statement presentation. Students prepare the tax expense journal entries and disclosure schedules.

Lesson 4 • Valuation Allowance Assessment

Evaluates whether a valuation allowance is required to reduce a deferred tax asset to its realizable amount. Students apply the more-likely-than-not standard using available evidence.

Lesson 1 • Tax Research Methodology

Establishes a structured process for identifying issues, locating authority, and evaluating source weight. Rigorous research methodology underpins defensible tax positions.

Lesson 2 • Tax-Advantaged Accounts and Investments

Covers retirement accounts, health savings accounts, and tax-exempt investments as planning tools. Students quantify the tax benefit of each vehicle in a given scenario.

Lesson 3 • Audit Risk Management and Documentation

Identifies audit triggers, explains examination procedures, and establishes documentation standards. Proper documentation is the primary defense in any tax examination.

Lesson 4 • Timing Strategies for Income and Deductions

Applies income deferral and deduction acceleration techniques to reduce current-year tax liability. Students evaluate the time value of tax deferral in planning scenarios.