New IRS Guidelines: Key to Helping Small Businesses Claim Healthcare Tax Credit
Statement by John Arensmeyer, CEO, Small Business Majority:
Today, the four million small businesses eligible for a tax credit under the Affordable Care Act received useful tools and information to help them claim the much-needed credit. The IRS's new guidance is timely, as millions of employers continue to struggle with the high cost of health insurance.
These instructions, which explain how to claim the credit for the 2010 tax year and clarify some of the more complex parts of the provision, will help small business owners better navigate the tax filing process and ensure they get the maximum benefits under the law.
With tax time drawing nearer, we applaud the Administration for issuing these guidelines now and allowing small business owners ample time to fully grasp the complexities of the credit. These credits are crucial for small businesses struggling to provide their employees with health insurance. It's imperative small business owners have clear, concise information about this and other provisions in the law that will help them gain access to affordable, quality healthcare coverage for themselves and their employees.
Small Business Majority is a national nonprofit organization focused on solving the biggest problems facing America's 28 million small businesses. We conduct extensive opinion and economic research and work with small business owners, policy experts and elected officials nationwide to bring nonpartisan small business voices to the public policy table.