ACCT 3221 : TAX FINAL OUTLINE
Document Summary
Income tax withholding: lo 7: interest and tax penalties. Interest on assessments: failure to file, failure to pay, failure to pay estimated, accuracy-related, fraud, erroneous claim for refund/credit. Chapter 3: lo 1: income recognition rules, 3 conditions, lo 2: cash method of accounting, lo 3: gross income components. Chapter 4: lo 1: student loan interest, qualified education loan, qualified education expenses, provisions and limitations, lo 2: health savings account deduction, taxpayer eligibility, high-deductible health plan, contributions limits, lo 3: moving expenses. Chapter 5: lo 1: medical expenses, limitations, calculation, dependent qualification, expense eligibility, expense limitations, travel and transportation. Insurance: lo 2: state and local taxes, personal property taxes: 3 tests, real estate taxes, state and local taxes, documentation for state and local taxes, foreign taxes, lo 3: interest, mortgage interest, home equity loans interest, mortgage points. Investment scams: lo 6: miscellaneous, limitations, common deductions, lo 7: limitation on total.