Dallas, TX -- (SBWIRE) -- 05/29/2015 -- Dallas-Fort Worth tax lawyer Nick Nemeth authors an article on Small Business Health Care Tax Credit changes and how they impact small business employers. When asked about his latest publication Nemeth explained "Many small business employers are not aware of the changes in the Small Business Health Care Tax Credit. This can affect the tax liability the small business owner has. The Affordable Care Act provision means that many more small business employers are entitled to a tax credit in 2014 but determining eligibility and credit amounts can be difficult."
Tax-Exempt organizations and small businesses may be affected by the Small Business Health Care Tax Credit changes. In many cases, the amount of tax credit received may be more than previous years. The percentages of healthcare costs that are covered by the credit have increased by a significant amount. Many small business owners may get a credit for 50% of the costs instead of the 35% that was allowed prior to 2014. Tax-Exempt organizations also saw an increase in the allowable percentage. These organizations are now eligible for a tax credit of up to 35% of the healthcare costs versus the 25% allowed before 2014.
In his latest published article, Nick Nemeth also discusses the requirements involved in claiming the Small Business Health Care Tax Credit. In order to qualify for this tax credit, small business owners must provide a significant amount of information and documentation to the IRS. If all the required documentation and employee information is not provided, the IRS may not allow the small business employer to take the tax credit. This could mean a much larger tax liability for the company.
One of the most important changes to the Small Business Health Care Tax Credit in 2014 was the requirement that Qualified Health Plans must be purchased from a Small Business Health Options Program Marketplace in order to qualify for the tax credit. If the small business employer meets certain requirements, the employer may be eligible for transition relief. This means that, for a period of time, some tax credit requirements could be waived.
About Nick Nemeth
The Law Offices of Nick Nemeth focus solely on IRS tax problems and one of the most common reasons clients come to Nemeth is for delinquent tax returns. With over 15 years experience as a lawyer, Nick Nemeth is a best-selling author who focuses on helping both individuals and businesses overcome the stress and devastation of their tax problems. At his boutique tax law firm located in the Dallas/Fort Worth area, solving IRS problems goes beyond saving his clients' money.
The Law Offices of Nick Nemeth
4100 Alpha Rd., Ste 915,
Dallas, TX 75244