The company said the calculator computes specific, complete, and actual numerical data needed for qualifying small businesses to use in filing tax returns to take advantage of the Small Business Tax Credit (SBTC) created by the Patient Protection and Affordable Care Act. The calculations are computed through detailed algorithms based on twenty-plus variables per employee, comparison of hours, days or weeks worked to calculate FTE’s and best options, a company’s specific health care components, required variances, state domicile premiums, and legislation requirements provided by the U.S. Department of Health and Human Services (HHS).
Any additional clarifications or regulations issued by HHS will automatically be updated in the calculator’s programming, enabling users to simply update their data prior to filing 2010 tax returns, according to a press release.
The calculator can be used by individual small business owners or multi-client professionals as it offers a defaulted Excel template for Multi-Licensees for ease in communications and data completion with small business clients eligible for the Small Business Health Care Tax Credit. Introductory pricing for the use of the calculator ranges from $29.95 for a Single Company License allowing a small business owner to calculate their tax data to $595.95 for a Multi-Company License which allows for the calculation of multiple returns by one user.
The calculator is at http://www.smallbusinesstaxcreditcalculator.com.The Human Capital Practice of Willis Group Holdings recently also launched an online tool to help employers assess the financial impact of health care reform measures on their businesses (see Willis Group Offers Health Reform Financial Impact Calculator).