The Second Wave of Detailed Guidance Regarding the New Small Business Health Care Credit

IRS has issued the second wave of detailed guidance on the small employer health insurance credit created by the Patient Protection and Affordable Care Act. The guidance sheds further light on this complex new credit, including which employers qualify for the credit and which employees may be counted for credit purposes. It includes new rules for satisfying the uniformity requirement. The IRS also issued the final version of the Credit for Small Employer Health Insurance Premiums and its instructions.

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Guidance on New Small Business Health Care Credit

Proposed Regulations Phase in Next Year’s E-File Mandate

For returns filed after 2010, tax return preparers who expect to file 100 or more individual, estate, or trust returns must file them electronically. After 2011, e-filing will be required for those who expect to file 11 or more individual, estate or trust returns. Under a law change, the 11-return threshold was to apply for returns filed after 2010 but IRS previously indicated that it was phasing in the new e-filing requirement. Now, IRS has formally announced this transitional relief in proposed regs, which also would flesh out the e-file mandate. In addition, IRS has issued a notice containing a proposed revenue procedure on hardship waivers and documenting an exception for paper returns filed by clients, as well as a new release on the e-file requirement.

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2011 E-File Mandate

Another recent post discusses how the IRS Eases Interim Rules for Grandfathered Health Plans. Click here to read more and also view more posts about health care reform. Please contact us if you have any questions.