Introduction to Tax Law

Most of the work of the national and local governments concerns various aspects of our daily lives. Local governments focus on programs for the local community, such as welfare, education, health/sanitation, police stations and fire stations. All of us share the responsibility for the costs of these programs through taxes. In a way, taxes are like membership fees for a safe and enhanced way of life.

This seminar allows students to learn basic concepts and terminology related to taxes and provides an overview of the US Federal Tax System compared to the Argentine system.

Contents

Module 1
Tax Basics

• What are taxes?
• US Tax System: Federal, State and Local Taxes
• Personal v Business Taxes
• What is taxable income?

Module 2
US Federal Tax System

• Income Tax
• Social Security (or FICA) Tax
• Sales Tax
• Property Tax
• VAT

Module 3
Businesses and Taxes

• How are Partnerships Taxed?
• Corporations and the Concept of Double–Taxation
• Taxation of LLCs

Module 4
Preparing Tax Returns

• What is the Internal Revenue Service?
• When Should Tax Returns be Filed?
• Who Must File a Tax Return?
• Contents of a Tax Return: Gross Income, Deductions, Net Income, Exemptions
• Alternative Minimum Tax (AMT)

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