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Valuable Credits Available for Certain Small Businesses*

Valuable Credits Available for Certain Small Businesses*

The IRS is reminding small business owners who provide health insurance coverage to employees about the Small Business Health Care Tax Credit.[i]

The agency provides tax relief for some small businesses who want to claim the Small Business Health Care Tax Credit but have faced difficulty finding coverage in the Small Business Health Options Marketplace. Notice 2018-27[ii] provides small businesses with guidance in calculating the tax credit.

Small businesses qualify for the credit by providing their employees with qualified health plans from the Small Business Health Options Program[iii] (SHOP). The credit may only be used for two consecutive tax years.

The credit is available to businesses that first claimed the credit offered through the marketplace but were unable to find SHOP Marketplace coverage in their area.

The IRS states: “Under the relief, the employer can claim the credit for health insurance coverage provided outside of a SHOP Marketplace for the remainder of the credit period if that coverage would have qualified under the rules that applied before January 1, 2014.”

Other details may apply, and you can find more information on the IRS website.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax advisor.

Tip adapted from the IRS.gov[iv]

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

[i] https://www.irs.gov/affordable-care-act/employers/small-business-health-care-tax-credit-and-the-shop-marketplace

[ii] https://www.irs.gov/pub/irs-drop/n-18-27.pdf

[iii] https://www.healthcare.gov/small-businesses/provide-shop-coverage/shop-marketplace-overview/

[iv] https://www.irs.gov/newsroom/irs-issues-guidance-for-small-businesses-about-valuable-credit

Learn More about the IRS on Social Media

 

Learn More about the IRS on Social Media

You and more than half the world love to use social media. The Internal Revenue Service is no different.

The IRS uses YouTube, Twitter, Facebook, and Tumblr.

  • YouTube: The agency publishes short informational videos on tax topics.
  • Twitter: The agency tweets tax announcements, news releases for tax professionals, and hiring notices.
  • Facebook: The agency’s pages provide information for tax professionals and taxpayers who may need help with IRS issues.
  • Tumblr: The agency produces blogs about taxes and announcements. The blogs link users to IRS.gov or its YouTube content. Other details may apply, and you can find more information on the IRS website.Tip adapted from IRS.gov[i]
  • The IRS’s updated IRS2Go (https://www.irs.gov/newsroom/irs2goapp), a smartphone app, allows users to interact with the agency. The app enables taxpayers to monitor their refunds, make tax payments, and obtain other services.

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third-party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third-party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third-party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

Read more blogs on IRS topics and tax tips here.

[i] https://www.irs.gov/newsroom/multimedia-center

Looking for Regular IRS Updates?

The IRS provides email links to people interested in regular updates on tax tips, tax news, and changes in tax law.

The updates cover a variety of issues and topics, including:

  • Alerts on basic tax information
  • Tips to learn more about the Tax Cuts and Jobs Act
  • Tips from the IRS National Media Relations Office in Washington, D.C.
  • Tax guidance tips when the IRS releases advance copies on issues, such as regulations, revenue rulings, revenue procedures, announcements, and notices
  • Timely alerts from the IRS’s Office of Professional Responsibility
  • News on the most recent tax statistics

Go to https://service.govdelivery.com/accounts/USIRS/subscriber/new to subscribe.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Tip adapted from the IRS.gov[I]

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

[i] https://www.irs.gov/newsroom/e-news-subscriptions

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