Tax (TAX)

This course is a study of federal tax law as it pertains to individuals. It emphasizes the determination of gross income, deductions and credits, tax accounting and timing principles, realization and recognition of gains and losses, and standards of tax practice and ethical concerns. Students gain an awareness of history and tax policy considerations behind various Internal Revenue Code provisions.

This course will provide students with knowledge concerning organization, capital structure, gross income and deductions, dividends, accumulated earnings tax, personal holding tax and stock redemptions.

This course enhances the student?s ability to identify tax issues, locate and evaluate the legal authority relevant to those issues and effectively communicate, both orally and in written form, the conclusions and recommendations from their research. Electronic (computer) research will be taught in a hands-on setting. Students will gain an awareness of issues in federal tax practice and procedure, including ethical concerns for tax professionals.

This course will cover all aspects of financial planning including income tax planning, estate tax planning and strategies, gift tax, insurance planning, investment strategies, planning for the elderly and planning for survivors.

This course provides an in-depth study of flow-through entities including S corporations, partnerships and limited liability companies. Emphasis will be focused on student?s understanding of the tax statutes, court cases and practice techniques related to the concept of ?choice of entity.? This course creates an awareness of the potential consequences of choosing a particular form of entity. Topics covered include formation, operation, and dissolution of S corporations, partnerships and limited liability companies.

This course will cover all aspects of entities, types retirement and employee benefits plans. A focus will be placed on plan selection, with an emphasis on the tax advantages and disadvantages of specific types of qualified and nonqualified plans. Plan formation, administration,compliance and termination will be examined. Social Security, Medicare, life insurance and distributions from retirement plans will be examined. Various forms of executive compensation arrangements will be covered such as deferred compensation, golden parachutes, split dollar life insurance and stock option plans.

This course will review accounting methods and periods, installment method, long-term contracts and changes in accounting methods.

Emphasis will be placed on individual and corporate tax problem areas in the states of Pennsylvania, New Jersey and Delaware. Gross receipts and sales tax will also be covered.

This course will review mainly the estate and gift tax returns, such as preparation and problem areas. Deductions, income, annuities and taxable transfers will be discussed.

Content will vary in response to current issues.