As one of the health care reform provisions of the Patient Protection and Affordable Care Act (PPACA), a tax credit is available to help offset the employer health care cost of offering employee benefits. On May 17, 2010, the Internal Revenue Service (IRS) provided new detailed guidance especially helpful for small businesses. With this information, small employers could determine their tax credit qualification and the estimated credit amount.
Do you understand the tax credit qualification process? Do you know the three steps in the determination process? Are you aware of the employer considerations for the credit?
For detailed information on these processes, employer considerations and much more, be sure to read the featured article by the HR pros at MyHRSupportCenter, New IRS Guidance on the New Health Care Tax Credit. If you’re not yet signed up or would like a free trial of MyHRSupportCenter, contact Vision Payroll today.