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
1. Select filing status
2. Identify gross income
3. Distinguish types of deductions
4. Identify any credits which taxpayer is eligible to take
Judge when to seek assistance
1. Consult your advisor/teacher
2. Utilize reference materials and text
3. Discuss use of internet to solve tax related questions
Calculate personal income tax
1. Enter taxpayer information on correct IRS forms or use computer software package
2. Compute taxable income
3. Determine tax liability
Discuss tax results with taxpayer
1. Explain filing procedure
2. Discuss Iowa tax requirements
3. Define timeline for filing Federal and Iowa tax returns
4. Answer questions taxpayer may have
Develop awareness of ethical requirements for tax preparers
1. Discuss IRS Rules for Tax Preparers as it applies to VITA
2. Discuss Continuing Education requirements for tax preparers
3. Discuss penalties for non-compliance
Develop professional skills
1. Demonstrate how to meet and greet clients
2. Discuss basic office etiquette
3. Discuss need for sensitivity in a multicultural environment

Competencies Revised Date: 2020