businesses and tax-exempt organizations will use to calculate the small
business health care tax credit when they file income tax returns next year.
The IRS also announced how eligible tax-exempt organizations -- which do not
generally file income tax returns -- will claim the credit during the 2011
filing season.
The draft of the form is at the link below. Both small businesses and
tax-exempt organizations will use the form to calculate the credit. A small
business will then include the amount of the credit as part of the general
business credit on its income tax return.
Tax-exempt organizations will instead claim the small business health care
tax credit on a revised Form 990-T. The Form 990-T is currently used by
tax-exempt organizations to report and pay the tax on unrelated business
income. Form 990-T will be revised for the 2011 filing season to enable
eligible tax-exempt organizations -- even those that owe no tax on unrelated
business income -- also to claim the small business health care tax credit.
Mary Lew Kehm, CPA
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