Tax Planning and Research

The Tax Planning and Research course will prepare students to engage in tax research and planning. Students will utilize the Internal Revenue Code, regulations and rulings, judicial interpretations, and tax research services to develop responses to tax problems faced by businesses.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Explaining the hierarchy in tax guidance.
• Explaining taxation of sole proprietors.
• Explaining eligibility requirements for an S corporation election and related concepts.
• Describing concepts related to the taxation of limited liability companies.
• Describing concepts related to tax planning for an S Corporation.
• Describing concepts related to tax planning for partnerships.
• Demonstrating knowledge of consolidated return concepts.
• Describing and evaluating tax accounting methods for different business entities.
• Explaining how tax compliance filings impact financial statement reporting.
• Describing tax-exempt status and unrelated business income (UBI) concepts.
• Identifying the ethical considerations specific to tax planning and research.
• Recalling the different types of tax-exempt organizations and federal reporting requirements.
• Performing computerized tax research.
• Communicating tax research results effectively.
• Evaluating common tax situations faced by businesses.