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 Specialization
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U.S. Federal Taxation Specialization
U.S. Federal Taxation of Individuals & Businesses. Learners will develop knowledge in U.S. federal taxation as applied to individuals and businesses.
Instructors: Michael P Donohoe, PhD, CPA
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Get in-depth knowledge of a subject
4.8
(760 reviews)
Intermediate level
Some related experience required
3 months at 10 hours a week
Flexible schedule
Earn a career credential
Share your expertise with employers
Get in-depth knowledge of a subject
4.8
(760 reviews)
Intermediate level
Some related experience required
3 months at 10 hours a week
Flexible schedule
Earn a career credential
Share your expertise with employers
What you'll learn
Skills you'll gain
What’s included
Shareable certificate
Add to your LinkedIn profile
Taught in English
216 practice exercises
Advance your subject-matter expertise
- Learn in-demand skills from university and industry experts
- Master a subject or tool with hands-on projects
- Develop a deep understanding of key concepts
- Earn a career certificate from University of Illinois Urbana-Champaign
Specialization - 4 course series
What you'll learn
Identify relevant sources of tax law.
Compute an individual’s federal taxable income and tax liability.
Identify differences in tax-preferred retirement vehicles.
Complete a basic US federal tax return.
Skills you'll gain
Category: Income Tax
Category: Tax Returns
Category: Tax Laws
Category: Tax Preparation
Category: Payroll Tax
Category: Compensation Management
Category: Expense Management
Category: Tax
Category: Income Statement
What you'll learn
Identify classifications, conventions, and limitations used in the cost recovery of assets.
Calculate the depreciation of tangible assets, amortization of intangible assets, and depletion of natural resources.
Distinguish between realized gains and losses versus recognized gains and losses.
Compute the netting of gains and losses for ordinary items, Section 1231 assets, and short-term or long-term capital transactions.
Skills you'll gain
Category: Depreciation
Category: Tax Laws
Category: Tax Planning
Category: Corporate Tax
Category: Real Estate Transactions
Category: Income Tax
Category: Property Accounting
Category: Specialized Accounting
Category: Tax Compliance
Category: Capital Expenditure
What you'll learn
Evaluate the tax treatment of different organizational forms.
Compare and contrast the taxation of individuals and corporations.
Calculate the corporate income tax.
Determine the tax effects of incorporation, corporate distributions to shareholders, complete corporate liquidations, and corporate reorganizations.
Skills you'll gain
Category: Corporate Tax
Category: Tax Laws
Category: Depreciation
Category: Income Tax
Category: Mergers & Acquisitions
Category: Liquidation
Category: Corporate Accounting
Category: Consolidation
Category: Tax Compliance
Category: Organizational Structure
Category: Corporate Finance
Category: Capital Expenditure
Category: Business Analysis
Category: Tax Management
Category: Tax Planning
What you'll learn
Determine the tax effects of forming a partnership, partnership distributions, and partnership terminations.
Distinguish between the types of entities treated as partnerships for tax purposes.
Apply partnership tax provisions to limited liability companies and limited liability partnerships.
Identify corporations that qualify for the Subchapter S election.
Skills you'll gain
Category: Partnership Accounting
Category: Tax Laws
Category: Organizational Structure
Category: Corporate Tax
Category: Tax Compliance
Category: Income Tax
Category: Tax Planning
Category: Tax Returns
Category: Ethical Standards And Conduct
Category: Business Analysis
Category: Strategic Decision-Making
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Build toward a degree
This Specialization is part of the following degree program(s) offered by University of Illinois Urbana-Champaign. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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Frequently asked questions
Time to completion can vary widely based on your schedule, most learners are able to complete the Specialization in 5-7 months.
Basic knowledge of business environments (either via other courses or work experience) and basic mathematics skills. It is also beneficial if you have some experience with common spreadsheet software applications.
It is recommended that the courses in the Specialization be taken in the order outlined.In the Capstone Project, you will have the opportunity to synthesize your learning in all courses and apply your combined skills in a final project
More questions
Financial aid available,