Smart Benefits: IRS Issues Final Regulation on Small Business Tax Credit
Monday, June 30, 2014
Amy Gallagher, GoLocalWorcester Business/Health Expert
- Small employers are defined as those with no more than 25 full-time equivalent employees
- The employees must have average annual wages of no more than $50,800 each
- Employers must contribute at least 50% of the premium cost for each enrolee
And, for the 2014 tax year, employers must purchase coverage through the Small Business Health Options Program (“SHOP”) Exchange, a change from previous years. For those areas where SHOPs were not in place in 2014, this added requirement will not be enforced.
Designed to make it more affordable for small businesses to buy health insurance for their employees, employers who fulfil the requirements can claim a tax credit of 50% of the premium paid. Once a company claims the credit, it can only do so for two years.
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