Taxation

SCHOOL OF PROFESSIONAL ACCOUNTANCY

M.S. in Taxation


Benefit from this exclusive Master of Science in Taxation program, which will provide you with the expertise to succeed as a tax professional.

This blended program, which combines in-class interaction and online formats (also offered fully online), focuses on tax planning, research of tax problems, and Internal Revenue Service procedures, with risk management and professional ethics interwoven throughout the curriculum.

Designed to fit the busy schedule of working professionals, this program will provide you with a high level of knowledge and understanding of the fundamental principles and practices of taxation. 

Check out the LIU Post Graduate Bulletin to learn about degree requirements, course descriptions, and more.

Admissions Requirements

Applicants to the Master of Science in Taxation must meet the following requirements for admission.

  • Application for Admission
  • Application fee: $50 (non-refundable)
  • Official copies of your undergraduate and/or graduate transcripts from any college(s) or universities you have attended.
  • A four year baccalaureate degree, with at least a 3.0 cumulative grade point average, from an accredited institution, including 3 credits of Auditing, 3 credits of Individual and Corporate Taxes and 3 credits each of Business and Commercial Law (total 12 credits. An applicant who attended institutions outside the United States must hold a degree equivalent to a U.S. bachelor’s degree.
  • An applicant who is in his or her senior year at an undergraduate institution may apply for admission, but acceptance is contingent upon submission of final grades and receipt of a bachelor’s degree. All previous coursework will be evaluated by the graduate accounting advisor. Students who have not taken necessary prerequisites may be admitted to the program subject to the completion of prerequisites with a B or better as part of their program of study. The following criteria have been established as the most critical in the evaluation of the application:
  1. Scholastic achievement and a desire to excel as evidence by previous academic work;
  2. Aptitude for graduate study as indicated by scores on the GMAT;
  3. Leadership potential and maturity as evidence by prior work experience, extracurricular activities, and responses to the application form questions.
  • Scholastic achievement and a desire to excel as evidence by previous academic work;
  • Aptitude for graduate study as indicated by scores on the GMAT;
  • Leadership potential and maturity as evidence by prior work experience, extracurricular activities, and responses to the application form questions.
  • Two professional and/or academic letters of recommendation that address the applicant’s potential in the profession and ability to complete a graduate program
  • Personal Statement that addresses the reason you are interested in pursuing graduate work in this area of study.
  • A current résumé. 
  • The following standardized tests may be used for admission into the MBA program: GMAT, GRE, and LSAT. The minimum GMAT (Graduate Management Admissions Test) score of 400 is required for full admission. A higher score is needed if the overall undergraduate GPA is between 2.5-2.7499. The GRE Exam is accepted if taken using the 130-170 scale (August 2011 to present) with a minimum GMAT equivalent score of 400. The GRE-GMAT Conversion Table may be found at http://www.ets.org/gre/institutions/about/mba/comparison_tool/ .  A LSAT Exam taken within the past five (5) years with minimum score of 141 is also accepted.  Prospective students are exempt from standardized testing if they meet the following criteria:  hold a CPA license, or either a JD, doctorate, or a Master’s degree in (most) Engineering concentrations.
  • Students who have not reached the standardized test qualification are invited to enroll in the Personal Enrichment Program as non-matriculated students and may enroll for a maximum of  two (2) 500-level MBA core courses. The student is expected to successfully pass the one of the standardized tests listed no later than the completion of the second course in order to continue their MBA program.
  • Students for whom English is a second language must submit official score results of the Test of English as a Foreign Language (TOEFL). The required minimum acceptable TOEFL score is: 85 Internet-based (213 computer based or 550 paper-based) or minimum IELTS score: 6.5.

Send application materials to:

LIU Post
Graduate Admissions Processing Center
15 Dan Road, Ste. 102
Canton, MA 02021

Course Description

TAX 620 Tax Accounting

This course will provide the participant with an in-depth analysis of the Code, Regulations, Rulings and Cases governing tax accounting issues. Areas covered include accounting periods and methods (including cash, accrual and installment sales), inventory rules, debt-forgiveness, time-value of money concepts and required adjustments for changes in accounting methods. Materials are introduced via lecture, open class discussion and review of selected case studies.
Annually, 3 credits

TAX 625 Federal Taxation of Estates, Gifts and Trusts

A detailed study of the gift and estate tax provisions of the Internal Revenue Code is covered. An introduction to the income taxation of trusts and estates is also provided.
Bi-Annually, 3 credits

TAX 729 State & Local Taxation

In-depth analysis of “Nexus,” Uniform Division of Income for Tax Purposes Act, the unitary principle, the multi-state taxes compact regulations and P.L. 86-272. Various landmark Supreme Court decisions pertaining to multi-state taxation are discussed. Emphasis is placed on New York State Income, Franchise and Sales Taxes for those entities doing business in New York State.
Bi-Annually, 3 credits

TAX 760 Tax Research

Sources of Legislative, Administrative and Legal precedents are discussed. Utilization of IRS publications, tax reporters, and judicial and statutory authority is explained. An introduction to computer-based tax research tools and techniques is included. Several research projects using these materials are required. Written and oral techniques for presenting research results are discussed. The presentation of three written research papers is required. This course is taught primarily on a distance learning basis.
Assignments are prepared on and submitted via the Internet and weekly discussion board questions are discussed. The participant must have access to a computer with Internet access.
Annually, 3 credits

TAX 762 Procedures and Practices in Federal Taxation

Among topics considered are preparation of tax returns, due dates and extensions, techniques for gathering information and preparation of returns, statute of limitations, tax examinations, appeals procedures in the IRS, request for rulings, collection matters, tax fraud, and professional responsibility of taxpayer’s representatives.
Bi-Annually, 3 credits

TAX 771 Corporate Taxation

This course reviews the tax aspects of corporate formations, including corporate characteristics, transfers to controlled corporations, corporate capital structure, the income tax calculations for corporate entities and elections. Topics covered include corporate stock holder relationships, corporate distributions, corporate redemptions and partial liquidation, accumulated earnings, and personal holding companies.
Prerequisite of TAX 620 & TAX 760 is required
Annually, 3 credits

TAX 772 Corporate Reorganizations and Consolidations

Coverage includes reorganizations, recapitalization, acquisitions and disposal of assets, mergers, acquisitive and divisive reorganizations as well as corporate tax attributes.
Prerequisite: TAX 771
Bi-Annually, 3 credits

TAX 773 Consolidated Returns

This course deals with the principles and mechanics of consolidated returns including eligibility, computation of consolidated tax liability, inter-company transactions, inventory adjustments, basis of property, net operating losses, earnings and profits and separate return limitations.
Prerequisite of TAX 771 is required
On Occasion, 3 credits

TAX 775 Introduction to Partnerships and Limited Liability Entities

A study of the fundamentals of Subchapter K of the Internal Revenue Code and regulations pertaining to the Subchapter. Topics that will be covered are: choice of entity, partnership formations, operations, allocations, distributions, sales and exchanges of partnership interests, and transactions between a partner and a partnership. The tax ramifications of Limited Liability Companies (LLC) and Limited Liability Partnerships (LLP) are discussed.
Prerequisite of TAX 620 & TAX 760 is required
Bi-Annually, 3 credits

TAX 776 Subchapter S Corporations

This course is an in-depth study of the federal tax ramifications of operating the S Corporation. The election, operation, termination and special rules associated with the S Corporation status are examined. Tax planning for the S Corporation is also emphasized.
Prerequisite of TAX 771 is required
Bi-Annually, 3 credits

TAX 777 Estate Planning

In general, this course covers Estate planning techniques for the individual. The course includes study of the factors to be considered in planning an estate, including life insurance, trusts, specific legacies, provisions for protection of a going business, and estate and gift tax provisions of the Internal Revenue Code, especially with respect to marital deduction, powers of appointment, exemptions, and jointly owned property.
Prerequisite of TAX 625 is required
On Occasion, 3 credits

TAX 778 Advanced Partnerships and Limited Liability Entities

An in-depth study of certain advanced topics relating to partnerships and limited liability companies. Topics that will be covered include: a detailed analysis of partnership allocation regulations (704(b) and 704(c) regulations) and the sharing of partnership liabilities (752 regulations), the disguised sales rules and some of the more complex areas of Subchapter K (disproportionate distributions, retirement of a partner, etc).
Prerequisite of TAX 775
Bi- Annually, 3 credits

TAX 779 Tax-Exempt Organizations

In this course, the tax laws governing the creation and operation of tax exempt organizations are studied. Compliance requirements governed by the Internal Revenue Service are also reviewed.
Prerequisite of TAX 620 & TAX 760 is required
On Occasion, 3 credits

TAX 780 Fundamentals of Qualified Employee Benefit Plans

This course is an in-depth study of ERISA. The course is geared towards an understanding of the pension and profit-sharing rules required for plan qualification. Emphasis is placed upon the establishment of a qualified plan for both incorporated and unincorporated forms of business.
On Occasion, 3 credits

TAX 788 International Taxation

This course covers the taxation of United States persons investing or doing business abroad and nonresident Aliens and foreign corporations having nexus with the United States. Topics covered include, among others, the foreign tax credit, Subpart F income, controlled foreign corporations, tax treaties, sourcing rules and expatriate taxation.
Prerequisite of TAX 771 is required
Bi-Annually, 3 credits

TAX 790 Seminar in Current Developments in Taxation

Current trends in federal taxation are analyzed. Tax cases, rulings and new developments are examined for their significance to tax practitioners.
Prerequisites of TAX 620, 625, 760, 762, 771, 775 are required
On Occasion, 3 credits

TAX 791 Independent Study

Directed independent reading and research projects in an area selected by the student with the approval of a faculty member sponsor. The student is expected to prepare a substantial integrative written report at the conclusion of the semester.
Prerequisite: Permission of the Director of the School of Professional Accountancy
On Occasion, 3 credits

Degree Requirements

Students are required to maintain a 3.0 cumulative grade point average. If the student does not maintain this standard, the school’s Academic Standing Committee will review his or her performance and will make a recommendation concerning the students’ potential to complete successfully the M.S. program to the Director. The Director makes the final disposition on such cases.

Typical Sequence

Core Requirements
Course Credits
TAX 620 Tax Accounting 3
TAX 625 Federal Taxation of Estates, Gift, and Trusts 3
TAX 760 Tax Research 3
TAX 762 Procedures and Practices in Federal Taxation 3
TAX 771 Corporate Taxation 3
TAX 775 Introduction to Partnerships and Limited Liability Entities 3
Total credits required 18
Concentration Requirements

 

Taxation Concentration - 12 credits required from the following:
Course Credits
TAX 729 State and Local Taxation 3
TAX 772 Corporate Reorganizations 3
TAX 773 Consolidated Returns 3
TAX 776 Subchapter S Corporations 3
TAX 777 Estate Planning 3
TAX 778 Advanced Partnerships and Limited Liability Entities 3
TAX 779 Tax-Exempt Organizations 3
TAX 780 Fundamentals of Qualified Employee Benefit Plans 3
TAX 788 International Taxation 3
TAX 790 Seminar in Current Developments in Taxation 3
TAX 791 Independent Study 3
Total Credits Required to complete the program 30

A minimum of 27 credits of coursework must be in the taxation field. A student may petition the program coordinator to substitute an accounting, business, or economics course as an elective. Such a substitution shall be limited to one course in the student's program of study.

CONTACT

College of Management
Library, Lower Level
Robert Valli
Dean

LIUPostbiz@liu.edu

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