Only a fraction of small businesses that may qualify for help to offset the cost of health insurance have taken advantage of a tax credit that's included in the health reform package.
Under the Affordable Care Act, employers that have up to 25 employees, pay average annual wages below $50,000, and provide health insurance may be eligible for a small business tax credit of up to 35 percent (up to 25 percent for nonprofits).
The Treasury Inspector General for Tax Administration (TIGTA) released details this week of a report that examined what's known as the Small Business Health Care Tax Credit. The point of the report was to make sure the IRS "appropriately planned for and implemented" the health reform provision.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
