Description:

Emphasizing a hands-on approach to tax education, every concept introduced in Fundamentals of Taxation includes meaningful exercises that allow students to reinforce what they are learning. This book is designed to not only expose beginning tax students to tax law, but to also teach the practical intricacies involved in the preparation of a tax return. To train tomorrow’s tax preparers to handle the complex U.S. tax law, Fundamentals of Taxation’s author team has devised four primary teaching advantages: The text is organized closely to follow the IRS tax forms. Actual tax forms are incorporated throughout the text, giving students the opportunity to understand the principles behind tax law while they learn how to work with clients to obtain the information they will need to complete tax forms. Proper reporting of tax issues are illustrated. The authors present a tax issue, discuss the legal requirements, illustrate the proper tax form placement, and show the completed form in the text, mixing practical and legal implications of tax preparation. Integration of an individual income tax software package (TaxACT). The authors supplement the text with citations of relevant tax authorities such as the Internal Revenue Code, Treasury Regulations, Revenue Rulings, Revenue Procedures, and court cases.