Form 8941 is the result of new legislation from the Patient Protection and Affordable Care Act. Form 8941 allows a small business to claim a tax credit for a percentage of the health insurance premiums paid by the employer. The tax credit becomes effective in 2010. Form 8941 is required by the employers as a way to claim the credit. The IRS will also need the form to gather information and process the tax credit.
Section 1421 of the Patient Protection and Affordable Care Act, PL 111-148, allows qualified small employers to elect, beginning in 2010, a tax credit for 50% of their employee health care coverage expenses. Form 8941, Credit for Small Employer Health Insurance Premiums, has been developed to help employers compute the tax credit. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.
We have solicited comments through various public notification cards and public notice. We will also issue a new 60-day FRN once the final form is released to the public. In 2010, the credit is generally available to small employers that contribute an amount equivalent to at least half the cost of single coverage towards buying health insurance for their employees. Based on the feedback from the general public, there is a strong desire to see and understand the form and filing requirements as quickly as possible. Failure to make this form available to the public prior to the 2010 filing season could result in an adverse financial impact on the taxpaying public and hinder the mission of the IRS.
Section 1421 of the Patient Protection and Affordable Care Act, PL 111-148, allows qualified small employers to elect, beginning in 2010, a tax credit for 50% of their employee health care coverage expenses. Form 8941, Credit for Small Employer Health Insurance Premiums, has been developed to help employers compute the tax credit. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.
The creation of this new form will result in an increase in total burden by 40,189,456 hours and 3,046,964 estimated responses.
$15,000
No
No
Yes
No
No
Uncollected
Neal Dickman 2026225013
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 8941 - Credit for Small Employer Health Insurance Premiums