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.
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