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December 10, 2010
New IRS Form, Guidance for Small Business Health Care Tax Credit

The IRS released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. The guidance includes a one-page form and instructions to claim the credit.

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The new IRS Form 8941, Credit for Small Employer Health Insurance Premiums, and revised IRS Form 990-T are now available on IRS website. Instructions and Notice 2010-82–designed to help small employers correctly figure and claim the credit–are also available online.

Part of the Affordable Care Act (ACA), the credit is available to small employers that pay at least half of the premiums for single health insurance coverage for their employees. It is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

Eligible small businesses will first use Form 8941 to figure the credit and then include the amount of the credit as part of the general business credit on its income tax return.

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