About this Course
4.9
141 ratings
19 reviews

Start working towards your degree

Try out lectures, course readings, and self-paced assignments from the Master of Science in Accountancy (iMSA) degree

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Intermediate Level

Approx. 40 hours to complete

Suggested: 6-8 hours/week...

English

Subtitles: English

Start working towards your degree

Try out lectures, course readings, and self-paced assignments from the Master of Science in Accountancy (iMSA) degree

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Intermediate Level

Approx. 40 hours to complete

Suggested: 6-8 hours/week...

English

Subtitles: English

Syllabus - What you will learn from this course

Week
1
1 hour to complete

INTRODUCTION TO THE COURSE

In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course....
1 video (Total 3 min), 4 readings, 1 quiz
4 readings
A Note from Your Instructor5m
Syllabus15m
About the Discussion Forums10m
Update Your Profile10m
1 practice exercise
Orientation Quiz10m
4 hours to complete

MODULE 1: AN INTRODUCTION TO TAXATION

In this module, you will be introduced to the different kinds of taxes faced by U.S. taxpayers and the U.S. federal income tax structure. The origin of tax law and its constitutionality is discussed along with a brief history of the different changes in rates that have occurred since the 16th amendment was passed. Finally, we will discover the three different sources of new tax laws and rules....
9 videos (Total 78 min), 1 reading, 10 quizzes
9 videos
Evaluating a Tax System4m
The Tax Structure12m
The Tax Structure: Examples6m
Types of Taxes14m
Origins of Tax Law5m
Statutory Sources of Tax Law6m
Administrative Sources of Tax Law10m
Judicial Sources of Tax Law7m
1 reading
Module 1 Overview and Resources10m
10 practice exercises
Lesson 1.1 Knowledge Check10m
Lesson 1.2 Knowledge Check30m
Lesson 1.3 Knowledge Check10m
Lesson 1.4 Knowledge Check10m
Lesson 1.5 Knowledge Check10m
Lesson 1.6 Knowledge Check10m
Lesson 1.7 Knowledge Check10m
Lesson 1.8 Knowledge Check10m
Lesson 1.9 Knowledge Check10m
Module 1 Quiz30m
Week
2
3 hours to complete

MODULE 2: COMPUTING THE TAX

In this module, we will take a deeper dive into each part of the U.S. federal income tax structure, with a focus on what is included in gross income. We will learn how for-AGI deductions reduce gross income to generate adjusted gross income, or AGI, and why AGI is an important number which determines the floors and ceilings of many from-AGI deductions. We will also discuss who qualifies as a dependent. We will wrap up the module with a discussion of the actual calculation of the tax as well as filing status and filing requirements....
6 videos (Total 71 min), 3 readings, 7 quizzes
6 videos
Deductions and AGI7m
Qualifying Children and Qualifying Relatives23m
Tax Calculation10m
Filing Status10m
Filing Requirements and Other Dependent Issues10m
3 readings
Module 2 Overview and Resources10m
Standard Deduction Amounts for 201810m
Tax Rate Schedules for 201810m
7 practice exercises
Lesson 2.1 Knowledge Check10m
Lesson 2.2 Knowledge Check10m
Lesson 2.3 Knowledge Check10m
Lesson 2.4 Knowledge Check10m
Lesson 2.5 Knowledge Check10m
Lesson 2.6 Knowledge Check10m
Module 2 Quiz30m
Week
3
3 hours to complete

MODULE 3: GROSS INCOME

In this module, you will take a deeper dive into gross income, specifically regarding statutory inclusions. Congress, the courts, and the IRS have specific rules on whether and when certain income items are included as gross income. These rules provide clarification in situations where it is unclear whether money or property received should actually be included as income. ...
6 videos (Total 61 min), 1 reading, 7 quizzes
6 videos
Accounting Methods6m
Accounting Method Exceptions8m
Gross Income I: Alimony, Discharge of Indebtedness, Annuities11m
Gross Income: Example7m
Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits11m
1 reading
Module 3 Overview and Resources10m
7 practice exercises
Lesson 3.1 Knowledge Check10m
Lesson 3.2 Knowledge Check10m
Lesson 3.3 Knowledge Check10m
Lesson 3.4 Knowledge Check10m
Lesson 3.5 Knowledge Check10m
Lesson 3.6 Knowledge Check10m
Module 3 Quiz30m
Week
4
3 hours to complete

MODULE 4: GROSS INCOME: EXCLUSIONS

In this module, you will take a deeper dive into gross income, specifically regarding statutory exclusions. Congress, the courts, and the IRS allow exclusions of money or property received by the taxpayer for various reasons. ...
5 videos (Total 53 min), 2 readings, 6 quizzes
5 videos
Scholarships, Payments for Damages, Compensation for Injuries and Sickness16m
Meals and Lodging, Recovery of Capital Issues10m
Employee Fringe Benefits: Non-Discriminatory11m
Employee Fringe Benefits: Discriminatory5m
2 readings
Module 4 Overview and Resources10m
Sharing "Goodreads"10m
6 practice exercises
Lesson 4.1 Knowledge Check10m
Lesson 4.2 Knowledge Check10m
Lesson 4.3 Knowledge Check10m
Lesson 4.4 Knowledge Check10m
Lesson 4.5 Knowledge Check10m
Module 4 Quiz30m
Week
5
4 hours to complete

MODULE 5: DEDUCTIONS AND LOSSES: IN GENERAL

In this module, you will learn about deductions, which is the term used in tax to describe an expense that is allowed to reduce a taxpayer’s tax liability. You will discover what adjusted gross income is, why it is important, and how to calculate it. You will also learn the difference in tax treatments for special types of acitivites, such as hobbies and rentals. ...
8 videos (Total 76 min), 1 reading, 9 quizzes
8 videos
Trade or Business Deductions: Concepts10m
Timing of Deductions7m
Trade or Business Deductions: Political Contributions, Lobbying, Executive Compensation9m
Investigation Costs5m
Hobby Losses14m
Vacation Home Rental Deductions10m
Vacation Home Rental Deductions: Example6m
1 reading
Module 5 Overview and Resources10m
9 practice exercises
Lesson 5.1 Knowledge Check10m
Lesson 5.2 Knowledge Check10m
Lesson 5.3 Knowledge Check10m
Lesson 5.4 Knowledge Check10m
Lesson 5.5 Knowledge Check30m
Lesson 5.6 Knowledge Check10m
Lesson 5.7 Knowledge Check10m
Lesson 5.8 Knowledge Check10m
Module 5 Quiz30m
Week
6
3 hours to complete

MODULE 6: DEDUCTIONS AND LOSSES: ITEMIZED VS BUSINESS

In this module, we first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction. We will also learn about another from AGI deduction, the new 20% deduction for qualified business income, which while a from AGI deduction is not an itemized deduction. And, we will discuss other business deductions such as bad debts and net operating losses. Finally, we'll discuss deductions for losses on worthless securities and certain qualifying small business stock....
5 videos (Total 68 min), 1 reading, 6 quizzes
5 videos
Itemized Deductions: Taxes, Interest, and Charitable Contributions19m
Business Expenses: Bad Debts12m
Business Expenses: Qualified Business Income, NOLs, and Casualty Losses17m
Worthless Securities and Small Business Stock8m
1 reading
Module 6 Overview and Resources10m
6 practice exercises
Lesson 6.1 Knowledge Check10m
Lesson 6.2 Knowledge Check10m
Lesson 6.3 Knowledge Check10m
Lesson 6.4 Knowledge Check10m
Lesson 6.5 Knowledge Check10m
Module 6 Quiz30m
Week
7
3 hours to complete

MODULE 7: DEDUCTIONS: EMPLOYEE AND SELF-EMPLOYED EXPENSES

In this module, we discuss several unique situations where the same expense may or may not be deductible, dependent on the facts and circumstances surrounding the situation. To finish off this module, we’ll switch back to discussing income and situations where taxpayers can elect to delay recognition of income, such as saving for retirement, as well as situations where taxation of the annual earnings of those retirement savings are either deferred or permanently excluded from income....
7 videos (Total 55 min), 2 readings, 8 quizzes
7 videos
Travel Expenses7m
Education Expenses as Business Expenses1m
Meals, Entertainment, and Home Office Expenses8m
Retirement Plans and Traditional IRAs9m
Non-Deductible and Roth IRAs6m
IRA Basis and Rollovers8m
2 readings
Module 7 Overview and Resources10m
Education Expenses as Business Expenses10m
8 practice exercises
Lesson 7.1 Knowledge Check10m
Lesson 7.2 Knowledge Check10m
Lesson 7.3 Knowledge Check10m
Lesson 7.4 Knowledge Check10m
Lesson 7.5 Knowledge Check10m
Lesson 7.6 Knowledge Check10m
Lesson 7.7 Knowledge Check10m
Module 7 Quiz30m
Week
8
3 hours to complete

MODULE 8: COMPREHENSIVE EXAMPLE

In this module, you will review the Comprehensive Example video and then learn to apply the concepts to a tax return problem. ...
1 video (Total 15 min), 4 readings, 5 quizzes
1 video
4 readings
Module 8 Overview and Resources15m
Comprehensive Example Solution15m
Module 8 Graded Tax Return Problem Instructions10m
Course Wrap-Up10m
5 practice exercises
Unlock Comprehensive Example Solution5m
Graded Tax Return - Section 1 Gross Income & Deductions for AGI25m
Graded Tax Return - Section 2 Deductions from AGI25m
Graded Tax Return - Section 3 Dependents, Taxes, and Credits25m
Graded Tax Return - Section 4 Payments and Refund25m
4.9
19 ReviewsChevron Right

50%

started a new career after completing these courses

33%

got a tangible career benefit from this course

17%

got a pay increase or promotion

Top Reviews

By RGSep 6th 2018

Completed on September 5, 2018 - excellent introduction course that can lead to a Coursera Certificate titled "U.S. Federal Taxation Specialization" sponsored by the University of Illinois.

By BMOct 23rd 2018

EXCELLENT VIDEOS, GREAT QUIZ, PRACTICAL APPLICATION AND SOLVING OF PROBLEM GREATLY HELPS IN UNDERSTANDING THE CONCEPT, AT THE SAME TIME TEACHES TO APPLY THE CONCEPT!!

Instructors

Avatar

Matthew Hutchens

Lecturer of Accountancy
Department of Accountancy
Avatar

Petro Lisowsky, PhD, CPA

Associate Professor of Accountancy
College of Business: Department of Accountancy

Get a head start on your degree

This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign. Start an open course or Specialization today to watch courses featuring iMBA faculty and complete self-paced assignments. When you complete each course, you’ll earn a certificate that you can add to your LinkedIn and resume. If you apply and are admitted to the full program, your courses count towards your degree learning.

About University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs. ...

About the U.S. Federal Taxation Specialization

This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations....
U.S. Federal Taxation

Frequently Asked Questions

  • Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.

  • When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

More questions? Visit the Learner Help Center.