Small Business Health Care Tax Credit

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DISCLAIMER

ARCHIVED SEMINARS ARE FOR VIEWING PURPOSES ONLY.

THE SEMINAR CONTENT IS NO LONGER CURRENT AND DOES NOT QUALIFY FOR ANY CONTINUING EDUCATION CREDIT.

ARCHIVE DATE: FEBRUARY 2015

The Taxpayer Advocate Service presented this seminar at the 2011 IRS Nationwide Tax Forum, and the information was correct at the time of recording.

The Small Business Health Care Tax Credit is the first major tax provision of the new health care law to take effect. The credit is available to businesses that have no more than 25 full-time employees, average annual wages of less than $50,000 and provide health insurance to the employees. Many eligible businesses have yet to determine if they qualify. Learn practical information on how your small business clients can take advantage of this credit and how the Taxpayer Advocate Service can provide help with problems they haven’t been able to resolve themselves.

Effect of Sequestration on Small Business Health Care Tax Credit - Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic cuts took place as of March 1, 2013. These required cuts include a reduction to the refundable portion of the Small Business Health Care Tax Credit for certain small tax-exempt employers under Internal Revenue Code section 45R. As a result, the refundable portion of your claim is reduced by 8.7 percent. The sequestration reduction rate is applied until the end of the fiscal year (September 30, 2013) or intervening Congressional action, at which time the sequestration rate is subject to change.

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