The MS TAX PROGRAM in Chicago is a 12-month executive-style program designed for working tax professionals. Students attend class on Friday afternoons and Saturdays while continuing their professional careers. The Program's innovative curriculum focuses on the "complete" tax professional by augmenting the rigorous technical tax courses with material that examines tax in a strategic business context, workshops that focus on developmental skills, and Lyceum events that engage leaders in the profession.
Corporate Income Taxation
Analyzes the tax treatment, problems, planning techniques, and underlying
governmental policies involving corporations and their shareholders;
coverage includes formations, operations, distributions, liquidations,
and reorganizations. The Internal Revenue Code, Treasury Regulations,
Case Law, and IRS Rulings are the foundation for understanding
these topics.
Tax Policy and Procedures
A normative analysis of the structure and design of the tax system
including the tenets of good tax policy; theoretical and empirical
analysis of the impact of taxation on the economic system; topics
include tax equity and excess burden, incentive effects of taxation,
tax incidence, structure of major types of taxes (income, consumption,
and wealth), and taxation in developing economies. In addition,
the framework within which a tax professional operates is analyzed,
including: the processes through which tax laws are enacted, interpreted,
administered and applied; the various forms of tax law interpretation,
including regulations, rulings, court decisions, etc., along with
their relative authoritative weight and what constitutes substantial
authority; and, the remedies available to taxpayers within the
tax controversy framework such as protests, appeals, and litigation.
Role of Information in Tax Decision Making
Information is the foundation of all decision-making, including tax decisions at the individual, corporate, and public policy levels. Yet information is a vastly misunderstood and misapplied concept. Topics include characteristics of information, risk and uncertainty, strategic management, systems theory, control, and ethics. Concepts are introduced in a general business context and are then explored and expanded in tax contexts. Assignments and projects are designed to facilitate self-discovery and application of knowledge. This course also covers the fundamentals of Tax Research including the framework and process for tax research, hands on use of tax databases, and the writing of technical tax memoranda.
Partnership Income Taxation
Analyzes the tax treatment, problems, planning techniques, and underlying
governmental policies involving partnerships and their partners.
The course structure is around the life cycle of a partnership
and covers such topics as formation, operations, allocations, distributions,
sales, liquidations and retirements. The Internal Revenue Code,
Treasury Regulations, Case Law, and IRS Rulings are the foundation
for understanding these topics.
Taxation of Closely-held Business Entities
Analyzes the taxation and planning opportunities associated with
all types of closely-held entities including S corporations, limited
liability companies, sole proprietorships, personal service corporations,
and partnerships. The class also addresses appropriate stakeholder planning, compensation and benefits issues, and tax-exempt organizations.
Advanced Tax Topics
Analyzes current tax issues and advanced taxation topics including
consolidated returns and accounting periods and methods. The course
is designed to further develop concepts discussed in the Corporate
Income Taxation, Partnership Income Taxation, and Taxation of Closely-held
Business Entities courses.
Multi-jurisdictional Taxation
Analyzes the tax treatment, problems, planning techniques, and underlying governmental policies involving multi-jurisdictional tax issues. The course covers both international taxation and state and local taxation. It incorporates concepts learned in all of the tax courses as they relate to cross border tax issues, including jurisdiction and nexus, source of income, foreign tax credits, controlled foreign corporations, Subpart F, foreign taxpayers with US activity, treaties, transfer pricing, state income tax, sales tax, and state mergers and acquisitions.
Advanced Topics in Accounting for Income Taxes
With FAS 109 as its core, this course focuses on the significance
of tax accounting in today's business environment. The course takes
an in-depth look at the requirements and nuances of FAS 109, including
temporary and permanent book/tax differences. The course also explores
the accounting treatment of various complex financial and business
transactions, thereby providing the foundation necessary to properly
determine the tax accounting treatment on the financial statements
and ultimately, the effective tax rate. The impact of FIN48 (Accounting for Uncertainty in Income Taxes), Sarbanes-Oxley, IFRS,
and the PCAOB's governance requirements for the accounting profession
are also added to the mix. The result is a unique look at and understanding
of the role of the tax professional in ensuring that the financial
statements properly reflect the tax impact of today's business
transactions.
Contact Us:
mstax@illinois.edu
312.575.0909 phone
312.575.7909 fax
200 South Wacker Drive
4th Floor, Illini Center
Chicago, IL 60606
