The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit.
The IRS also detailed how tax-exempt organizations, which do not generally file tax returns, will claim the credit in 2011.
A draft of Form 8941 can be viewed at http://www.irs.gov/pub/irs-utl/3_simple_steps.pdf . The final version of Form 8941 and its instructions will be available later this year.
Tax-exempt organizations will be able to claim the small business health care tax credit on a revised Form 990-T. For the 2011 filing season a revised form will enable eligible tax-exempt organizations, even those that owe no tax on unrelated business income, to claim the small business health care tax credit.
The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.