The IRS recently released information
pertaining to the Small Business Health Care Tax Credit, outlining the
prerequisites for receiving the credit and which forms need to be filed.
For a business to receive the credit,
it must have used the Small Business Health Options Program (SHOP) to
purchase health care for employees. Eligible businesses must pay at
least half the cost of employee premiums, and must have “fewer than 25
full-time equivalent” workers who – on average – are paid less than
$50,000 annually.
To file, the eligible business must
complete Form 8941. Some non-profits might also be eligible for the
credit: They would include the information on their Form 990-T.
It may still be possible to claim the
credit for 2014 returns. The window for applying for a refund is “within
three years from the time the return was filed or two years from the
time the tax was paid, whichever … expires later.”
To read the full article, click here.
Source: Internal Revenue Service
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