Curriculum

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 professional skills, and Lyceum events that engage leaders in the profession.

Below is a list of the Program’s courses followed by a chart which lays out the courses by semester.

1st Semester

Corporate Income Taxation (4 Credit Hours)
This course analyzes the tax treatment, issues, planning techniques, and affecting corporations.  It focuses on the life cycle of a corporation and the interaction between the various parties involved in the corporate business enterprise (e.g., shareholders, employees, and the corporation).  Coverage includes formation, operations, distributions, and liquidations.

Tax Policy and Procedures (2 Credit Hours)*
This course provides a general overview of the basics of public finance with special emphasis on taxation.  It includes a normative analysis of the structure and design of the tax system including the tenets of good tax policy.  The theoretical and empirical analyses of the impacts of taxation on the economic system are also examined.

IRS Procedures (2 Credit Hours)*       
This course provides an overview of the Internal Revenue Service and tax compliance procedures, including coverage of the IRS audit, appeals and litigation processes for taxpayers.

Accounting Periods and Methods (2 Credit Hours)**
This course analyzes the technical tax law governing accounting periods and methods.  It focuses on determining the taxable year of income inclusion, timing of deductions, methods of accounting and the procedures to change methods, capitalization principles and accounting period determination.**

Tax Research (2 Credit Hours)*
This course is designed to develop and enhance the skills necessary to conduct tax research, including developing an understanding of the different types of authorities and navigating the various tax research data bases. It also focuses on developing tax technical writing skills.

*,**These courses combine to fill one semester’s time slot

2nd Semester

Taxation of Closely-held Entities and their Stakeholders (4 Credit Hours)
This course focuses on the taxation dynamics in closely-held entities and the interrelationship between the entities and their owners.  It covers the taxation of S Corporations, compensation and fringe benefits in a closely-held environment, special tax issues affecting closely-held businesses, choice of entity issues associated with the owners, and business succession consulting.

Partnership Taxation (4 Credit Hours)
This course analyzes the tax treatment, issues, planning techniques and underlying governmental policies involving partnerships and their partners.  It is structured around the life cycle of a partnership and covers such topics as formation, operations, allocations, distributions, sales, liquidations and retirements.

International Taxation (4 Credit Hours)
This course analyzes the tax treatment, issues, planning techniques, and underlying governmental policies involving international 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 and expenses, foreign tax credits, controlled foreign corporations, Subpart F, foreign taxpayers with US activity, treaties, transfer pricing and restructuring.

3rd Semester

Corporate Reorganizations (2 Credit Hours)***
This course covers the differentiation of taxable and tax-free corporate transactions and the resulting consequences.  The foundations for understanding complex corporate transactions and a methodology to anticipate the results of a source of corporate transactions are discussed, and acquisitive asset and stock reorganizations are reviewed.  This is accomplished through an interactive process that combines the Internal Revenue Code, Treasury regulations, and cases to apply statutory and judicial principles to common transaction formats.

Consolidated Returns and Corporate Reorganizations (2 Credit Hours)***
This course covers the identification of corporations that may file a consolidated return; tax return due dates; the computation of consolidated taxable income; the application of net operating loss carryovers; the importance of subsidiary investment adjustments; and the effect of intercompany transactions on consolidated taxable income.

Accounting for Income Taxes & Multistate Taxation (4 Credit Hours)
This course analyzes the underlying concepts for Accounting for Income Taxes and Multistate Taxation.  The first part of the course covers sales & use taxation, as well as, the state and local taxation of business entities including an examination of issues related to jurisdiction, nexus, and mergers & acquisitions. The second portion of the course covers all aspects of financial statement income tax accounting including ASC 740, contingency reserves, purchase accounting, IFRS, footnote disclosures, and interim reporting.

Taxes and Business Strategy (4 Credit Hours)
This course focuses on how taxes affect business strategy and decision making.  The course will also examines a broad range of current tax developments, and provide additional in-depth coverage of select technical tax topics.

***These courses combine to fill one semester’s time slot