Project Description

As this Practice Alert (excerpted from a more extensive article in the April 2014 issue of Practical Tax Strategies) explains, the Patient Protection and Affordable Care Act of 2010 provides a general business credit for small employers to help offset up to 50% of the cost incurred in funding employees’ health insurance premiums. Businesses are allowed to take the credit for two consecutive years beginning after 12/31/13. It is nonrefundable, but can be carried back one year and carried forward 20 years. Read more here.