Tuesday, September 14, 2010
IRS Releases Draft Form for Calculating Health Care Tax Credit by Small Businesses and Tax-Exempt Entities
As announced on its website, the Internal Revenue Service has recently 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 next year. Tax-exempt organizations will claim the credit on a revised Form 990-T, the form used to pay tax on unrelated business taxable income. The credit may be claimed even if no unrelated business income tax is due. For answers to frequently asked questions concerning the credit, click here.