Foundations of Tax - Module 1

In this module, the complex and ever-changing world of taxes is introduced. Students learn about the history and evolution of taxes in the United States. An overview is provided of the conceptual underpinnings of the U.S. tax code, the most common taxes and tax forms, and how recent tax law changes have affected some taxpayers. Learning from this module is put into action with a tax mini-case and wraps up with an overview of tax planning tips and key dates to remember.

Estimated Completion Time: 1.5 hours
Featured Resources:    

 Articles/Books

• "Navigating Possible Tax Policy Changes" by The Northern Trust Institute
• "Principles of Good Taxation" by Future Learn
• "Canons/Principles of Taxation" by Adam Smith
• "Famous Americans Who Renounced U.S. Citizenship" by Dan Moffett
• US Tax Code, IRS website
• "Tax Topics No. 501 Should I Itemize?" IRS
• Tax Inflation Adjustments for 2024, IRS website
• Common Tax Forms, IRS website
• "Carl Icahn's Decision to Relocate his Firm From NY to Miami Could be a Tax Play" by Keith Laren
• "President Trump Thumbs Nose at New York Tax Collector With Move to Florida" by Ashlea Ebeling
• Estate and Trust Administration for Dummies, 2nd Edition, Chapter 20 "Report Tax Info on Schedule K-1" by Margaret Atkins Munro, EA & Kathryn A. Murphy, Esq.
• "2024 Federal Income Tax Brackets, Standards Deductions, Tax Rates" by Investopedia