Taxation is an important topic for business students.
One must be conversant with this topic and be able to understand how taxes affect individuals and businesses. The ability of students to understand taxation as it impacts business decision-making is affected by their knowledge and understanding of several aspects of taxation, such as basic tax rules, terminology, policies underlying the tax law, how the tax law is created, the relationship between GAAP and tax rules, and the role of a tax adviser. A First Course provides the knowledge of taxation that business students need to be successful as both students and graduates working in a business or government field. For decades, the first undergraduate tax course covered tax fundamentals within the realm of the federal income tax rules applicable to individuals. While used for many years, this traditional approach was at odds with other business courses which focus on corporations and other business entities.