Health Care Tax Credit Explained for Small Employers

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Since the March 2010 passage of the Patient Protection and Affordable Care Act, the IRS has released information to help small businesses, including small nonprofits, understand how a provision in the extensive legislation may allow them to claim a tax credit if providing health insurance as an employee benefit. In its recently released Notice 2010-44, the IRS provides guidance on the credit and instructions for claiming it. The tax credit applies to employers with fewer than 25 employees and average wages below $50,000 per year. To receive the credit, employers must be paying at least half the health insurance premiums for their employees.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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