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Aug 31, 2024
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ACC 850 - Tax Assistance Institute Credits: 3 Lecture Hours: 2 Lab Hours: 2 Practicum Hours: 0 Work Experience: 0 Course Type: Voc/Tech An opportunity to participate in a volunteer income tax assistance program by applying classroom skills to actual experience. Includes training to provide free tax assistance and preparation of basic tax returns for older, handicapped and low-income taxpayers. (This course is Pass/Fail.)
Prerequisite: Successful completion of ACC 265 or equivalent with a grade of “C” or above Competencies
- Examine taxpayer data collected via interview
- Select filing status
- Identify gross income
- Distinguish types of deductions
- Identify any credits which taxpayer is eligible to take
- Judge when to seek assistance
- Consult your advisor/teacher
- Utilize reference materials and text
- Discuss use of internet to solve tax related questions
- Calculate personal income tax
- Enter taxpayer information on correct IRS forms or use computer software package
- Compute taxable income
- Determine tax liability
- Discuss tax results with taxpayer
- Explain filing procedure
- Discuss Iowa tax requirements
- Define timeline for filing Federal and Iowa tax returns
- Answer questions taxpayer may have
- Develop awareness of ethical requirements for tax preparers
- Discuss IRS Rules for Tax Preparers as it applies to VITA
- Discuss Continuing Education requirements for tax preparers
- Discuss penalties for non-compliance
- Develop professional skills
- Demonstrate how to meet and greet clients
- Discuss basic office etiquette
- Discuss need for sensitivity in a multicultural environment
Competencies Revised Date: 2020
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