IRS Extends Employer Provided Health Insurance Tax Credit and Offers Relief On New W-2 Requirements for Small Businesses
The IRS has extended the tax credit for small businesses paying 50% or more of their employees’ health care premium. For 2012 & 2013, the IRS is offering a credit of 35% of the premiums paid by the employer. This credit is set to increase to 50% in 2014.
The IRS has also recently announced additional relief for employers that offer health insurance through a group plan. Employers that issue less than 250 W-2’s will not be required to report the premium costs on their employee’s W-2 for tax year 2012.
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