TAX 603 - Individual Income Taxation

3 Credit(s)

Students will be able to identify tax problems and/or opportunities for tax savings through the exposure to the primary sources that comprise the U.S. tax law such as the law’s statutory provisions, treasury regulations, revenue rulings and cases. Use of primary sources help students to develop analytical and critical thinking skills and remain current in their field long after the class is over. Students will be able to recommend strategies for reducing adjusted gross income, for fully utilizing deductions for dependents, and for reducing taxable income. They will be able to make recommendations about the timing of sales and exchanges of investments. They learn how to utilize a wide variety of fringe benefits and tax exclusions. Moreover, by gaining an understanding of how tax penalties operate, students will be able to help clients avoid onerous penalties and interest charges. This course explores Circular 230 and the ethical requirements for tax and financial planners. This is a required class for MSTFP students.