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Heartland Community College
Social and Business Sciences Division
Course Syllabus for Students
Course Prefix and Number: ACCT 140
Course Title: Small Business Taxes
Prerequisite: None
Credit Hours: Lecture Hours 4 Laboratory Hours 0
Days and times the course meets:
ACCT 140.01 Wednesday 6:00 – 8:50 pm
Catalog Description:
This course will introduce the fundamentals of federal and state income tax preparation and reporting
requirements for individuals and various types of small businesses. In addition, payroll tax and sales tax
reporting will also be introduced.
Instructor Information:
Lynn Sands Westhoff, CPA, MS
Cell phone: (309) 261-1430
E-Mail: Lynn.Sands@heartland.edu
Office hours: Before and after class and by appointment
Textbook and supplies:
Cruz, et al. Fundamentals of Taxation 2012, Boston, MA: McGraw-Hill Irwin, 2012.
Relationship to Academic Development Programs and Transfer:
ACCT 140 was designed to meet the specific needs of an Associate of Applied Science degree or
certificate programs and not necessarily as a transfer course, particularly in relation to the Illinois
Articulation Initiative. This course may transfer to various institutions in a variety of ways. Please see an
academic advisor for an explanation concerning transfer options.
It should be noted that this course generally will not transfer as Principles of Taxation that is required
for Accounting degree programs at a 4-year institution.
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COURSE OUTCOMES
General
Program
Education
Outcomes
Outcomes
Accounting
Foundations*
Analyze how the federal and state tax
Throughout
Throughout
structure affects tax reporting for the
the semester, the semester
various forms of business ownership.
students will students will
achieve the
achieve the
Analyze personal and business tax
following
following
reporting scenarios and apply the
Gen Ed
Accounting
appropriate federal tax laws and
outcomes:
Foundations
regulations to determine:
program
filing status, personal exemptions,
outcomes
dependency exemptions, and the
CO 1
standard deduction for tax reporting;
PS 1
AF 3
income that must be included in the
PS 2
AF6
computation of taxable gross income on
CT
1
a 1040;
CT 2
adjustments to income allowing in the
computation of adjusted gross income
on a 1040;
personal expenditures that are allowed to
be treated as itemized deductions
reported on a 1040 Schedule A;
business income and maximize business
expenses including depreciation reported
on a 1040 Schedule C for self-employed
business owners;
the computation, classification, and
reporting of gains or losses from the sale
of personal-use assets, trade or business
assets, or investment assets reported on a
1040 Schedule D;
the reporting of income from rental
properties, royalties, and flow-through
entities such as partnerships, S
corporations and LLCs on a 1040
Schedule E;
the requirements for a partnership to
report income or losses and other
required informational items on a 1065
and related Schedule K-1;
the requirements for a Subchapter S
Corporation to report income or losses
and other required information items on
a 1120S and related Schedule K-1.
Course Outcomes
1.
2.
a.
b.
c.
d.
e.
f.
g.
h.
i.
3. Apply appropriate state and federal tax
laws and regulations for payroll tax
withholding, reporting, and payment
responsibilities for employers.
Range of
Assessment
Methods
Throughout
the semester,
the following
assessment
methods will
be used to
measure the
course,
program, and
Gen Ed
learning
outcomes:
Homework,
Exams,
Quizzes,
Cases and
other activities
as determined
by the
instructor.
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4. Utilize income tax software to prepare tax
returns.
* Accounting Foundations Outcomes:
AF 3 Prepare accounting records and documentation necessary to prepare sales, payroll, and income
tax returns.
AF6 Possess proficiency in using computer software, including MS Word, MS Excel, computerized
accounting software, and computerized income tax software.
Course Outline:
1.
Sources of Tax Authority and Tax Law
2.
Form 1040EZ
3.
1040 and 1040A Basic Concepts
4.
Gross Income
5.
Adjustments for Gross Income
6.
Itemized deductions (Schedule A)
7.
Self-Employed Business Income (Schedule C)
8.
Capital Gains and Sales of Business Property (Schedule D & Form 4797)
9.
Rental Properties & Special Property Transactions (Schedule E)
10.
Partnership Taxation
11.
Sub Chapter S Corporate Taxation
12.
Employer Payroll Taxes
13.
Illinois Income Taxes
EDUCATIONAL BELIEFS
Beliefs about the Academic Discipline:
Every business professionals and individual taxpayer can benefit from a basic understanding of tax laws.
This understanding will help them prepare the facts needed to accurately prepare their tax returns.
Understanding the tax laws can help in recognizing potential problems before taxable events take place.
Through proper planning, taxpayers may be able to structure business transactions to reduce their overall
tax liability.
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Beliefs about Teaching and Learning:
My philosophy of teaching and learning evolves around the belief that the ultimate responsibility for learning
belongs to the student while it is the teacher’s responsibility direct the learning process by providing a classroom
environment that encourages the student to reach for their fullest individual potential.
As the teacher, I have a responsibility to direct the learning process by providing:
 a classroom environment that is respectful and supportive of the student while encouraging student
success
 an appropriate mix of course materials and activities to help the student learn the subject matter
 assistance with understanding the basic theories and principles of accounting and tax law that correlate to
the course materials
 opportunities for students to assess their learning before they are evaluated for grades
 an introduction to the basic principles, strategies or decision making tools that will provide the foundation
needed for the students’ future studies in accounting and business as well as for their lives/jobs.
As the student, you have a responsibility to:
 be prepared for class
 be willing to actively participate in all course related activities
 be respectful of the instructor and the other students in the classroom
 assess your own learning so you can communicate effectively when you encounter difficulties with course
materials
 apply what you learn in class to future studies in accounting and business as well in your life/job.
I believe there is definitely a reciprocal relationship between my responsibilities as the teacher and your
responsibilities as a student. Over the years I have found that if I live up to my responsibilities as the instructor,
you will find your responsibilities much easier, and vice versa. I have also found that if I live up to my
responsibilities, you are much more likely to take you responsibilities more seriously and that is when you will
begin to see your true individual potential.
COURSE POLICIES
Grading System:
Total points accumulated during the semester will determine course grades. Points will be assigned as follows:
Online Quizzes (top 8)
80 points
Text Tax Return Problems (15)
150 points
Comprehensive Tax Return Projects (2)
80 points
Payroll Tax Return Project
40 points
Hourly Exams (2)
200 points
Final Exam
100 points
Total points possible
650 points
Grading Scale:
The grading scale used to determine the course grade will be:
A = 585 to 650 points
D = 390 to 454 points
B = 520 to 584 points
F = Less than 390 points
C = 455 to 519 points
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Policies on Assignments/Tests/Make-ups:
Students will be required to complete several tax returns throughout the course utilizing the tax software that is
provided with the text and/or blank tax forms. Approximately 20 tax return problems will be assigned, however,
only the scores of the top 15 will be counted towards the final grade for the course. You must complete at least
one problem from each chapter that we cover.
There will be three required tax return projects assigned throughout the course that will count towards the final
grade for the course. In addition, the projects will require you to address questions from the taxpayer related to
their tax returns.
Students will be allowed to use calculators during quizzes and examinations. Students are responsible for
completing quizzes/exams within the allotted time period in case of calculator failure. No calculators on cell
phones, iPads, or other multifunctional electronic devices may be used on quizzes/exams
Online quizzes will be taken after we have completed coverage of that topic in class. You have two chances to
complete each 10 point quiz and only the top score will we counted for that quiz. There will be at least 10 online
quizzes available and only the top 8 scores will be used in the determination of your course grade. Deadlines for
the quizzes will be posted in Blackboard.
MAKE UP QUIZZES OR DEADLINE EXTENTIONS WILL NOT
BE GIVEN FOR ONLINE ACTIVITIES.
The exams may consist of problems, as well as multiple choice, true false, and/or essay questions which are
included to test your conceptual understanding of the material. The final exam for the course will be taken during
the final exam time assigned to this class.
MAKEUP EXAMS WILL BE GIVEN ONLY IF ARRANGED IN ADVANCE
UNLESS EXTENUATING CIRCUMSTANCES CAN BE DOCUMENTED.
Anyone who removes an exam, in part or in total, from the classroom at anytime will be given a grade of "F" for
the course. Reproduction of the contents of the exam by any process will result in your receiving a grade of "F"
for the course.
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Attendance Policy:
All students are expected to attend class on a regular basis. Consistent class attendance and participation
is critical in the learning process since accounting knowledge tends to be cumulative in nature. Class
attendance and participation in class activities may be evaluated by the instructor and may be considered
as part of determining your final course grade.
Notice of Cancelled Class Sessions
Cancelled class sessions, for all HCC classes, will be listed under Cancelled Class Meetings
announcements at www.myheartland.edu. The list will show you the classes have been cancelled for
that day and the upcoming week. Be sure to check the last column, which might contain a message from
the instructor.
Required Writing and Reading:
The text was selected to provide the basis of the information needed for this course. In additional,
supplementary materials will be made available from time to time for student usage in certain sections of
the course. We will not necessarily discuss all of the information contained in the reading assignments;
however, students will be responsible for all information presented in assigned readings.
Students will be required to complete two comprehensive tax return projects during the semester. Those
projects will include some written discussion of the tax return as well as tax planning strategies the
taxpayer may want to consider in future years.
Academic Integrity:
Academic integrity is a fundamental principle of academic life at Heartland Community College and is
essential to the credibility of the College’s educational programs. Moreover, because grading may be
competitive, students who misrepresent their academic work violate the right of their fellow students.
The College, therefore, views any act of academic dishonest as a serious offense requiring disciplinary
measures, including course failure, suspension, and even expulsion from the College. In addition, an act
of academic dishonesty may have unforeseen effects far beyond any officially imposed penalties.
Violations of academic integrity include, but are not limited to cheating, aiding or suborning cheating or
other acts of academic dishonesty, plagiarism, misrepresentation of data, falsification of academic
records or documents and unauthorized access to computerized academic or administrative records or
systems. Definitions of these violations may be found in the college catalog.
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SUPPORT CENTER SERVICES
Library
The Library, located in the Student Commons Buildings at the Raab Road campus, provides Heartland students
with a full range of resources including books, online journal databases, videos, newspapers, periodicals, reserves,
and interlibrary loan. Librarians are available to assist in locating information. For more information, please call
the Library (309) 268-8200 or (309) 268-8292
Tutoring Services
Heartland Community College offers tutoring in various forms at no cost to Heartland students at the Tutoring
and Testing Center in Normal and at the Pontiac and Lincoln Centers. Tutors are available at convenient times
throughout the week. Study groups are also available by request. For more information about services available at
each location, please call the Tutoring and Testing Center in Normal (309) at 268-8231, the Pontiac Center at
(815) 842-6777, or the Lincoln Center at (217) 735-1731.
Testing Services
The Tutoring and Testing Center provides a secure testing environment for students who are enrolled in online,
hybrid, and other distance learning courses; have a documented disability; or need to take a make-up exam.
Testing accommodations for students having documented disabilities must be arranged by the student through the
Office of Disability Services, and Testing Services will only administer make-up exams at the request of the
instructor. Contact Testing Services at (309) 268-8231 for more information.
Open Computing Lab
The Open Computing Lab provides free computing for HCC students at convenient times throughout the week.
The computer lab is staffed by trained Lab Assistants and offers the use of approximately 70 computers, a
scanner, a laser printer, and an electric typewriter.
Hours for Support Services
Hours that the various support services are available are posted online at www.heartland.edu . Please be
advised that hours around holidays and over school breaks may be limited.
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ACCOUNTING 140 - CLASS SCHEDULE (Spring 2013 W)
DATE Chpt Topic of Discussion
Homework to be discussed
1/16
Course Introduction & Intro to1040EZ
Chpt1: TRP1 to be completed in class
1/23 1&2 Form 1040EZ, 1040, 1040A
Chpt 1:3-5, 23, 24, 31-34, 43, 50
Chpt 2: 18-30, 33, 36-9, 4-5
1/29 Q1 Quiz Chapters 1 & 2
1/30 3
Gross Income
Chpt 3:1-3, 22-5, 28-33,35-7, 39,42-3
Chpt 1:TRP 2 & 3
Chpt 2:TRP 2 & 3
2/5 Q2 Quiz Chapter 3
2/6 4&5 For AGI deductions & Itemized deductions Chp 4: 29-42, 43, 47-8, 50, 55
Chpt 5: 32-40, 44-45,
Chpt 3:TRP 2 & 3
2/12 Q3 Quiz Chapter 4
2/13 5
Itemized deductions (Schedule A)
Chpt 5: 44-45, 48-59, 62-3
Chpt4: TRP 2 & 3
Chpt 5: TRP 2 & 3
2/19 Q4
2/20
2/27 6
Quiz Chapter 5
Exam 1
Self-Employed Business Income &
Depreciation (Schedule C)
3/5
3/6
Quiz Chapter 6
Capital Gains (Schedule D & Form 4797)
Q5
7
3/13
3/19 Q6
3/20 8 &
12
Spring Break
Quiz Chapter 7
Rental Properties (LO 1 & 4)
Property Transactions (LO 1 through 3)
3/26 Q7
3/27 11
Quiz Chapters 8 & 12
Retirement and Tax Deferred Plans
4/3
Exam 2
Chpt 6: 19-27, 30-42, 54-56
Chpt 7:
Chpt 6: TRP 1 & 3
Chpt 8: 18-21, 31-4, 40, 43
Chpt 12: 23-38, 45, 47, 56
Chpt 7: TRP 1 & 2
TBA
Chpt 8: TRP 1 & 3
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4/10 14
Partnership Taxation
Chpt 14: 26-47, 50, 52,54-5, 58, 60-1
4/16 Q8
4/17 15
Quiz Chapter 14
Corporate Taxation
Chpt 15: 25-44
Chpt 14: TRP 1 & 2
4/23 Q9
4/24 10
Quiz Chapter 15
Employer Payroll Taxes
5/1
Illinois Sales Taxes
Chpt 10: 26-48, 55-7
Chpt 15: TRP 1 & Handout
TBA
5/7
5/8
Quiz Chapter 10
Illinois Income Tax
TBA
Exam 3
5/15