Accounting Body to Push Changes to Make Credit More Effective
The chair of the Tax Executive Committee of the American Institute of Certified Public Accountants, will testify at the House Ways and Means Oversight Subcommittee hearing to examine the usefulness of the tax credit enacted by Congress that is intended to encourage small business owners to provide health insurance coverage for their employees.
Patricia Thompson’s testimony will focus on how the complexity and lack of transparency of the tax credit suppresses the usefulness of the credit and will discuss challenges faced by small business owners this year as they tried to determine eligibility and attempted to calculate the credit.
The hearing will be on November 15, 2011, 10:30 a.m. ET.
While the AICPA neither supports nor opposes the credit, Thompson will offer recommendations about how Congress could amend the law to make the tax credit more effective.
The small business health insurance tax credit was enacted as part of the Patient Protection and Affordable Care Act in 2010.