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IRS Announces Outreach Program for Small Businesses and Practitioners

September 21st

In preparation for the approaching filing extension tax deadline, the Internal Revenue Service, in conjunction with the Department of Health and Human Services, has announced a new round of outreach programs aimed at small employers. The announcement is also aimed at the tax attorneys and other qualified tax professionals these small business owners rely on to inform them of their eligibility in relation to the Small Business Health Care Tax Credit.

The IRS is conducting this move in the hopes that fewer small businesses will miss out on the tax credit they are owed. The Small Business Health Care Tax Credit was included as part of last year’s Affordable Care Act. The tax credit is given to those small employers who pay at least half of the premiums for their employees’ health insurance coverage, under a particular arrangement as specified by the IRS.

The Small Business Health Care Tax Credit is aimed at providing small businesses and tax-exempt organizations with some additional funds to stay afloat during the current economic crisis. Qualifying organizations must primarily employ 25 or fewer workers, and pay out a total average income of under $50,000.

Outreach Program Includes New Media

As the current deadline approaches, and the IRS begins looking at the 2011 and 2012 tax seasons, the outreach program will include a number of information-spreading methods. Most notable is the IRS’ plan to use social media and other online venues to reach small business owners and hand out educational information.

In addition, the IRS will be working with insurance agents, brokers, and carriers who work with small businesses, aiming to ensure that participants in the health care industry are fully informed. The tax software industry is also expected to improve, in order to include the Small Business Health Care Tax Credit.

 
 
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