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: Spring 2010 200-03HY 2:00-3:50 PM Tuesday
Catalog Description:
General tax principles and their application to small businesses. This course will introduce the
basics of the federal and state tax structure, payroll taxes, sales tax reports, and basic tax
preparation and reporting requirements for small business.
Instructor Information:
Betty Pilchard, M.S., C.P.A.
Office location:
2109 ICB
Office phone: (309) 268-8586
E-Mail: betty.pilchard@heartland.edu
Office hours: Tuesday 1:00 – 1:50 pm, Wednesday 1:00 – 3:00 pm, Thursday 1:00 – 3:00 pm
And other times by appointment.
Textbook and supplies:
Cruz, et al. Fundamentals of Taxation 2010, Boston, MA: McGraw-Hill Irwin, 2010.
Relationship to Academic Development Programs and Transfer:
ACCT 140 was designed to meet the specific needs of students in the Small Business
Management and the Microcomputer Applications 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 OBJECTIVES
Learning Outcomes:
Upon completion of this course, students will be able to:
1. Determine appropriate tax reporting of various types of taxes including income tax, sales tax,
and employment taxes.
2. Complete appropriate tax forms required for federal and state tax reporting for income tax,
sales tax, and employment tax.
3. Identify appropriate records and record keeping procedures required for tax purposes.
4. Compute net income or loss for tax reporting purposes.
5. Determine the tax reporting for the disposal of business assets.
6. Understand how the federal and state tax structure affects tax reporting for the various forms
of business ownership.
7. Discuss the tax appeals process, taxpayer rights, and taxpayer services available at the state
and federal level.
8. Discuss the role of taxes in planning for various financing, investing, and general business
decisions.
Course Outline:
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Sources of Tax Authority and Tax Law
Form 1040EZ
1040 and 1040A Basic Concepts
Gross Income
Adjustments for Gross Income
Itemized deductions (Schedule A)
Self-Employed Business Income (Schedule C)
Capital Gains and Sales of Buisness Property (Schedule D & Form 4797)
Rental Properties & Special Property Transactions (Schedule E)
Partnership Taxation
Corporate Taxation
Employer Payroll Taxes
Illinois Sales 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.
METHODS OF INSTRUCTION
Top 10 things to do to be successful in this class:
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Ask questions!
Attend class and participate in class discussions!
Read and review all assigned material prior to class.
Attempt all assigned homework problems/exercises prior to class. After the assignments have
been discussed in class, review the problems/exercises and complete all aspects of the assignment
for future reference.
Participate in class activities.
Have a class contact/study partner that you work with the keep up with class activities.
Review chapter materials on the web for this class.
Don’t let yourself fall behind – it can be devastating in a class like this.
Review EARLY and OFTEN for quizzes and exams.
Ask questions!!!
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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
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, palm pilots, or other multifunctional electronic devices may be used on quizzes/exams
Chapter quizzes must be completed online after we have completed coverage of that topic in class.
These quizzes will be timed and you have only one chance to complete each 10 point quiz. There are 12
chapter quizzes available and only the top 10 scores will be used in the determination of your course grade.
Deadlines for the quizzes will be posted in WebCT.
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NO MAKE UP QUIZZES OR DEADLINE EXTENTIONS
WILL BE GIVEN , NO EXCEPTIONS.***
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.
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NO MAKEUP EXAMS OR DEADLINE EXTENSIONS
WILL BE GIVEN. NO EXCEPTIONS. ***
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 makeup 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 - ASSIGNMENT SCHEDULE (Spring 2009 W)
DATE CHAPTER AND TOPIC OF DISCUSSION
HOMEWORK
01/13
Course Introduction & Intro to Tax Basics
01/20
1
Form 1040EZ
17-34, 43-4, 50, 62, 66, 69-75
TRP 1 & 3
01/27
2
1040 and 1040A Basic Concepts
16-30, 33, 35-9, 44-5
TRP 2 & 3
02/03
3
Gross Income
19-33, 35-7, 39, 42-3
TRP 2 & 3
02/10
4
Adjustments for Adjusted Gross Income
24-42, 45, 47-8, 50, 53
TRP 2 & 3
02/17
Exam 1
02/24
5
Itemized deductions (Schedule A)
25-45, 45, 47-51, 54-57, 60-1
TRP 2 & 3
03/03
6
Self-Employed Business Income (Schedule C)
17-40, 42, 44, 46, 49-50, 54-5
TRP 1 & 3
Spring Break – no class
03/10
03/17
03/24
7
Capital Gains (Schedule D & Form 4797)
8 & 12 Rental Properties & Property Transactions
Chpt 8 LO 1, LO4 Chpt 12 LO 1 to LO 3
03/31
24-9, 31-5, 37-8, 43-6, 49-50,
54
TRP 1 & 3
Chpt 8: 18-21, 31-4, 40, 43
Chpt 12: 23-38, 45, 47, 56
Chpt 8: TRP 1 & 3
Exam 2
04/07
14
Partnership Taxation
26-47, 50, 52, 54-5, 58, 60-1
TRP 1 & 2
04/14
15
Corporate Taxation
25-44
TRP 1 & Handout
04/21
10
Employer Payroll Taxes
26-48, 55-7 TRP 1 & 2
04/28
Illinois Sales Taxes
TBA
05/05
Illinois Income Tax
TBA
05/12
Final Exam
Changes to the schedule will be announced in class and online