In a short update to Notice 2016-75 under Section 45R of theInternal Revenue Code, the IRS has shed some light on how small businesses can seek relief in unique circumstances.
Small businesses are given the option of Qualified Health Plans (QHP) for their employees through a Small Business Health Options Program (SHOP) Exchange. However, for some businesses located within a county for the 2016 calendar year, there may be no QHPs available in their SHOP. The primary state with this dilemma is Wisconsin.
Per the IRS, the solution is as follows: small businesses are eligible for transition relief for the 2016 year and can claim their credits through the rules prior to 2014. This is important to know as information filing for the 2016 tax year is coming up. Should you have any questions, contact the IRS.
