IRS answers small biz questions about Affordable Care Act

The Internal Revenue Service has issued guidance for small businesses to determine whether they are eligible for the health care tax credit under the Affordable Care Act.

The guidance explains that small businesses that receive the state health care tax credits may still qualify for the full federal tax credit. And, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage.

The guidance, Notice 2010-44, provides guidelines to help small employers determine whether they qualify for the credit and estimate the amount of the credit.

The notice also requests public comment on issues that should be addressed in future guidance.

More information about the credit, including a step-by-step guide is available on the Affordable Care Act page.