Degree programs in accounting and finance are available at many universities and business schools. Undergraduate programs and courses typically introduce the fundamentals of the accounting world, while graduate-level programs and courses often focus on advanced research topics and corporate taxation.
Here are some common concepts found in tax accounting courses:
- Federal law
- Credits and deductions
- Records and documentation
List of Common Courses
Introduction to Income Tax Course
Individuals must learn about all components of tax accounting prior to starting a career in the field. The introductory course on income tax focuses on basic accounting principles and procedures, as well as tax law. Students enrolled in the class learn about taxpayer and tax practitioner responsibilities.
Individual Income Tax Accounting Course
Learning how to prepare and process personal income tax returns is a necessity for students in most accounting programs. The individual income tax accounting course is taken near the beginning of the program and provides students with information on federal income tax law, taxable income, Form 1040 and several variations. Preparing a personal income tax refund of any complexity requires familiarity with the buying and selling of property, itemized deductions, tax credit, gross income and more.
Corporate and Business Taxation Course
This course is often an extension of the individual taxation course and may be taken as an advanced elective or part of a graduate degree program. It provides in-depth information on rules, regulations and tax forms for corporations, partnerships and other business types. Students learn about business taxation, accumulated earnings tax, tax exemption, liquidations and other complex corporate taxation issues.
State and Local Tax Course
Knowledge of the current tax system is important for accountants, because they may face several state and local issues, in regards to both corporate and personal taxes. Later in the course, students receive information about tax-related clauses within the Constitution, while learning to interpret key court decisions.
Gift, Trust and Estate Taxation Course
Income from gifts, trusts and estates is taxable and regulated through the IRS. Upon completion of more basic tax accounting courses, students take this course to gain knowledge on reporting requirements and minimization of taxation on earnings for clients.
International Taxation Course
This class is typically a higher level elective, and students learn about international financial reporting and statement analysis, taxable international transactions, foreign tax credit and several other international taxation matters.