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1099 Form Changes RepealedFebruary 3, 2010 - The Senate vote on February 2nd to repeal a small part of Health Care Reform that had been a thorn in the side of many small businesses and nonprofits. The piece of the law that was repealed called for businesses to file a 1099 tax form when they pay a vendor more than $600 in a year. Read more...
Forms and Additional Guidance Now Available on Small Business Health Care Tax CreditDecember 6, 2010 - Washingon — The Internal Revenue Service has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. This release includes a one-page form and instructions small employers will use to claim the credit for the 2010 tax year.
New Form 8941, Credit for Small Employer Health Insurance Premiums, and newly revised Form 990-T are now available on IRS.gov. The IRS also posted on its website the instructions to Form 8941 and Notice 2010-82 , both of which are designed to help small employers correctly figure and claim the credit.
Read more...
Early Retiree Reinsurance ProgramOctober 19, 2010 - The Affordable Care Act provides $5 billion in financial assistance to employers, unions and state and local governments to help them maintain coverage for early retirees age 55 and older who are not yet eligible for Medicare. Employers, unions and governments can use the savings to reduce their own health care costs, provide premium relief to their workers and families, or both. View a fact sheet.Other useful materials include:
Early Retiree Reinsurance Program website List of NH Employers Currently Enrolled
Does Your Small Nonprofit Qualify
for the Health Care Tax Credit? September 13, 2010
-Sector leaders from New Hampshire and across the country advocated to ensure
that nonprofits would be included in the Small Business Health Care Tax Credit,
but how do you know if your organization qualifies, and if it does, how do you
claim this credit? Who is eligibleThe IRS has
published information on the eligibility rules. In simple terms, a qualifying
employer has less than 25 full-time workers with average wages below $50,000 and
must cover at least 50% of the cost of health care for some of its workers based
on the single rate. More detailed information about eligibility can be found at:
http://www.irs.gov/newsroom/article/0,,id=223666,00.htmlHow
to claim the creditTax-exempt organizations will claim the small
business health care tax credit on a revised Form 990-T. The Form 990-T is
currently used by tax-exempt organizations to report and pay the tax on
unrelated business income. Form 990-T will be revised for the 2011 filing season
to enable eligible organizations –– even those that owe no tax on unrelated
business income –– also to claim the small business health care tax credit. At
this time, the IRS has released a draft of the form that for profit small
businesses will use, but has not released a draft of the revised form 990-T. We
will have more information on this form when it becomes available.
IRS Releases Form to Help Small
Businesses Claim New Health Care Tax Credit September
09, 2010 - The Internal Revenue Service has released a draft version of the
form that small businesses and tax-exempt organizations will use to calculate
the small business health care tax credit when they file income tax returns next
year. The IRS also announced how eligible tax-exempt organizations - which do
not generally file income tax returns - will claim the credit during the 2011
filing season. The IRS has posted a draft of Form 8941 to this website.
Both small businesses and tax-exempt organizations will use the form to
calculate the credit. A small business will then include the amount of the
credit as part of the general business credit on its income tax return.
Tax-exempt organizations will instead claim the small business health care tax
credit on a revised Form 990-T. The Form 990-T is currently used by tax-exempt
organizations to report and pay the tax on unrelated business income. Form 990-T
will be revised for the 2011 filing season to enable eligible tax-exempt
organizations –– even those that owe no tax on unrelated business income –– also
to claim the small business health care tax credit.The final version of Form
8941 and its instructions will be available later this year. Read
more...
New Federal Health Reform Portal
on Internet July 1st, 2010 - Find insurance, learn
about prevention, compare care quality, understand the new law, find information
for you. Learn more at www.health care.gov/
New IRS Guidance for Claiming
Small Employer Health Insurance Tax Credit May 17,
2010 - The Internal Revenue Service issued new guidance on May 17 to help
small employers (nonprofits and for-profit businesses) determine their
eligibility for and the amount of the health care tax credit. Small employers
receiving state health care tax credits may still qualify for the full federal
tax credit. Small employers can receive the credit for health insurance and also
for dental and vision coverage. Notice
2010-44The credit was designed to encourage small employers to offer
health insurance coverage for the first time or to maintain coverage they
already have. Small employers that provide health care coverage to their
employees and that meet certain requirements are eligible for a Federal income
tax credit for health insurance premiums they pay. To qualify for the tax
credit, small employers have to provide health insurance and have to pay at
least 50% of their employees’ premiums. Eligibility is also limited by company
size and wages. A firm has to have fewer than 25 full-time workers averaging
less than $50,000 a year in pay. Read more on the IRS website: http://www.irs.gov/newsroom/article/0,,id=223577,00.html
Small Employer Health Insurance
Tax Credit Calculator May 12, 2010 - Small
nonprofits can claim a tax credit immediately when they pay for at least half of
the health insurance premiums for their employees. The full credit is available
to employers with 10 or fewer workers with average annual wages of $25,000,
while firms with up to 25 or fewer employees and average annual wages of up to
$50,000 will be eligible for part of the credit. Visit the “calculator” to find out the amount of your tax
credit. Read more about how the tax credit works and what you need to
know
Health Reform Web
Portal
May 10, 2010 - A health reform web portal
will be launched July 1 to provide state-level information about affordable
health coverage options. Its goal is to help individuals and small businesses,
including nonprofits, learn about coverage options in their state.
The
July 1 launch will contain basic information about who sells individual and
small group products in NH and links to information about those products.
Information for small businesses and about coverage through the high-risk pools
will also be available. There will also be information on eligibility and
services for Medicaid and CHIP. In October, more detailed information will be
available at the web portal.
Timeline for Health Reform
Implementation April 5, 2010 - The Commonwealth
Fund has developed a timeline that outlines when health insurance reform provisions
will go into effect.
Small Nonprofits Can Claim Tax
Credit NowMarch 29, 2010 - Small nonprofits can
claim a tax credit immediately when they pay for at least half of the health
insurance premiums for their employees. This is a result of the health care
reform bill being signed into law by the President on March 23. The full credit
is available to employers with 10 or fewer workers with average annual wages of
$25,000, while firms with up to 25 or fewer employees and average annual wages
of up to $50,000 will be eligible for part of the credit. Read
more...
House Passes Senate’s Health Care
Reform Bill
March 22, 2010 - Late Sunday night the
House passed the Senate’s December health reform bill by a vote of 219-212. The
House also approved a package of revisions to the Senate bill that will go to
the Senate this week. The bill is widely seen as the biggest expansion of
health insurance coverage since Medicaid and Medicare were established in 1965.
Of particular interest to tax-exempt organizations is the section in the bill
that provides employers with 25 employees or less and average annual wages of
less than $50,000 that purchase health insurance for employees with a tax
credit.
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