New guidance from the IRS on the new health care law is a major downer. Why? Because it says that the owner of a business may not claim the 35 percent tax credit on the health insurance premiums paid to cover his or her spouse.
What does this mean to you? You’ll find out when you read my important new article called Tax Tips: IRS Says No Tax Credit on Health Insurance Premiums Paid for the Proprietor’s Employee-Spouse.
Three ways our fact-filled article can help you:
- Understand the IRS’s new position. As we reported in April 2010, the IRS excluded the spouse of the sole proprietor from the prohibited family group, making it appear that the sole proprietor, unlike the corporate owner, could qualify for the tax credit on the hiring of the spouse. IRS Notice 2010-82 changes this original IRS advice. Get the whole story when you read the full article.
- We’ll make things clear by using a concrete example. Phil Fauld hires Bonnie Clayburn, a non-relative, as his first and only employee. We’ll walk you through the issues involved and show you what the IRS decided when you read the full article.
- We’ll explain the legislative history of the issue. You may not know it but the legislative history IS considered tax law. This needs an explanation and we’ll provide it when you read the full article.