Course Description

Introduction to income taxation. Emphasis on individual taxation, the income tax formula, the expanded tax formula, introduction to Forms 1040/1040SR/540, gross income, inclusions and exclusions, adjustments for adjusted gross income, itemized deductions, self-employed business income, capital gains and losses, and other sales of property, rental property, royalties, and income from flow-through entities, tax credits, payroll taxes, retirement and other tax-deferred plans and annuities, special property transactions, at-risk/passive activity loss rules and the individual alternative minimum tax per Federal and California tax law. This course meets the accounting-related or business-related course requirements needed to sit for the CPA exam.