Course Descriptions
Practical and Relevant Curriculum
Acquire thorough and current knowledge of the laws, regulations and other authority, concepts, and practices of the discipline through the online MST. The curriculum is updated regularly, and incorporates current tax legislation and trends.
| Core Courses |
|---|
| Federal Tax Issues and Analysis |
| Corporations and Shareholders |
| Estate and Gift Taxation |
| Partners and Partnerships |
| Tax Research Methodology |
| Tax Practice, Procedure, and Ethics |
Core Courses
Federal Tax Issues and Analysis
Gives a broad examination of tax authority as it guides action on tax issues including personal and business decisions. Examines the tax structure with a specific focus on the income and expenses for individual taxpayers. Emphasizes property transactions (including the calculation of basis, gain/loss, and the resulting tax treatment). Also incorporates tax planning and research related to these issues.
Corporations and Shareholders
Provides an in-depth study of the tax issues related to the corporate form and the corresponding tax implications for its shareholders. Given the importance of corporations in the federal income tax system, an understanding of the tax issues related to this type of business is essential for tax professionals. Topics include capital formation and structure, the operations of the corporation, distributions, dividends and redemptions, sales and liquidations, and taxable and tax-free reorganizations.
Estate and Gift Taxation
Focuses on the study of the taxes common to the transfer of property and wealth. Topics include gift tax deductions and exclusions, estate valuation, state tax deductions and exemptions, and tax rates. Also explores planning opportunities for these wealth transfer taxes.
Partners and Partnerships
Provides an in-depth study of the tax issues related to one of the central flow-through entities, the partnership. The increasing popularity of flow-through entities as an organizational form has made an understanding of the tax issues related to this type of entity an important area of study for tax professionals. Topics include capital formation, operations, transactions between the partner and the partnership, distributions, sales of partnership interests, and liquidation of the partnership.
Tax Research Methodology
Provides an opportunity for students to develop and enhance their tax research skills. Success as a tax professional often hinges on the ability to find solutions effectively and efficiently. In addition to covering the creation of various sources of tax authority, also introduces students to a variety of research resources. Students are required to complete written research reports.
Tax Practice, Procedure, and Ethics
Investigates the procedures used in dealing with the Internal Revenue Service, with an emphasis on practitioner responsibilities. Reviews the organization of the IRS, filing requirements, appeal procedures, civil/criminal statutes, assessments, and protests. Also examines a study of the value and moral judgments inherent in the field of taxation including client confidentiality, disclosure of false or misleading information, and advice counter to the law or public good.
Electives
Advanced Flow-Through Entities
Offers an in-depth look at the tax consequences of businesses formed as flow-through entities (including partnerships, S corporations, and LLCs). Discusses allocation rules, liability sharing rules, disguised sales rules, partnership debt workouts, the S corporation election, and tax treatment of shareholders in an S corporation.
Financial Planning for Insurance
Surveys insurance products used for financial planning. Topics include life, accident, health, disability, long-term care, homeowner, auto, and personal liability, with emphasis on personal risk management and the use of insurance products in the financial planning process.
Financial Planning for Investments
Surveys the investment products that can be used for financial planning. Emphasis is on constructing the investment plan, the investment policy statement, the asset allocation strategy, and implementation recommendations.
Income Taxation of Trusts and Estates
Examines the general rules for the taxation of estates and trusts. Topics include trusts that distribute current income only, grantor trusts, irrevocable trusts, charitable vehicles, income in respect of a decedent, estates and trusts that may accumulate income or may distribute corpus, and treatments of excess distributions and beneficiaries.
International Taxation: Inbound Transactions
Addresses the taxation of foreign individuals or corporations receiving income from sources, or conducting business, in the United States. With the globalization of the economy, a greater number of taxpayers must consider the impact of international taxation. Topics include the sourcing of income, taxation of passive income, taxation of income connected to a U.S. trade or business, branch-level taxes, issues of foreign-owned U.S. corporations, income tax treaties, and transfer pricing.
International Taxation: Outbound Transactions
Examines the federal taxation of U.S. individuals receiving income from sources or conducting business in foreign jurisdictions. An increase in the number of U.S. individuals and corporations operating in other countries has enhanced the importance of an understanding of international transactions for tax professionals. Examines sourcing of income, allocation and apportionment of deductions, foreign tax credits, taxation of U.S. citizens and residents abroad, controlled federal corporations, passive foreign investment companies, foreign currency translations and transactions, and special entities.
Planning for Estate Tax Issues
Investigates the reporting of uncertain positions and accounting treatment accorded current and deferred income tax liabilities and expenses. Topics include accounting for uncertain tax positions, accounting methods and periods (particularly in cases where the accounting and tax records differ), special elections available to taxpayers, installment reporting, inventory methods, long-term contract accounting, and cash vs. accrual reporting.
Retirement Plans
Examines employee benefit plans including requirements for qualification, funding, coverage, and distribution requirements. Discusses a variety of plans including pension, profit-sharing, CODAs, IRAs, SEPs, TSAs, and stock plans.
State and Local Taxation
Addresses the most common types of taxes imposed by state and local governments. Examines state and local income, sales, excise, property, and city taxes. Emphasis is on the underlying principles governing the application of each type of tax and the interrelationships where they exist.
Tax Accounting for Income Taxes
Investigates the reporting of uncertain positions and accounting treatment accorded current and deferred income tax liabilities and expenses. Topics include accounting for uncertain tax positions, accounting methods and periods (particularly in cases where the accounting and tax records differ), special elections available to taxpayers, installment reporting, inventory methods, long-term contract accounting, and cash vs. accrual reporting.