The IRS released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year.
The IRS has posted a draft of Form 8941 to their website. Small businesses and tax-exempt organizations will use the form to calculate the credit.
- Small business will include the amount of the credit as part of the general business credit on their income tax return.
- Tax-exempt organizations—even those organizations that owe no tax on unrelated business income—will claim the small business health care tax credit on a revised Form 990-T.
The final version of Form 8941 and its instructions will be available later this year.
For more information on the small employer tax credit, read:
You can also visit Healthcare Reform: A Resource Center for Employers for more information on how the healthcare reform could affect your organization.