ABC - IRS Helps Small Employers Claim New Health Care Tax Credit

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Home Page >> Newsroom >> Industry News >> Volume 2010 >> Issue 1 >> IRS Helps Small Employers Claim New Health Care Tax Credit

IRS HELPS SMALL EMPLOYERS CLAIM NEW HEALTH CARE TAX CREDIT (12/16/2010)

Final guidance is now available for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. New Form 8941, Credit for Small Employer Health Insurance Premiums, and newly revised Form 990-T are now available on IRS.gov. The IRS also posted on its website the instructions to Form 8941 and Notice 2010-82 , both of which are designed to help small employers correctly figure and claim the credit. Included in the Affordable Care Act enacted in March, the small business health care tax credit is designed to encourage both small businesses and small tax-exempt organizations to offer health insurance coverage to their employees for the first time or maintain coverage they already have. The new guidance addresses small business questions about which firms qualify for the credit by clarifying that a broad range of employers meet the eligibility requirements, including religious institutions that provide coverage through denominational organizations, small employers that cover their workers through insured multiemployer health and welfare plans, and employers that subsidize their employees’ health care costs through a broad range of contribution arrangements.http://www.irs.gov/newsroom/article/0,,id=231928,00.html