Health Care Credit Draft Form

The IRS released a draft of new Form 8941 (Credit for Small Employer Health Insurance Premiums) for eligible small businesses and tax-exempt organizations to calculate a 2010 credit for health insurance purchased for employees. The credit was provided by the Affordable Care Act and is designed to help small businesses that employ moderate and lower income workers. Small businesses will include the computed credit amount as part of the general business credit on their tax return, and tax-exempt organizations will claim the credit on a revised Form 990-T. The form is available at www.irs.gov/pub/irs-dft/f8941–dft.pdf .

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Reed Tinsley, CPA for Physicians