The IRS recently released guidance for small businesses and non-profits that are eligible for the health care credit that was unveiled in March. Small businesses will include it as a general business credit on their income tax returns; non-profits will claim it on a revised Form 990-T.
If your organization does not normally file a 990-T, you will need to prepare the form and most likely will indicate on it that the form is filed only for the health care tax credit. You must first use Form 8941 to calculate the amount of your credit. That form is not final, so the IRS has not yet released instructions on completing it.
For more information, visit the IRS’s website or contact a Barnes Dennig representative.