Wondering if your business qualifies for the tax credit available to companies that provide health insurance to employees under the Affordable Care Act (ACA), also known as Obamacare? The ramifications of the ACA are complex, and when it comes to tax issues, you don’t want to make any missteps. Fortunately, a new website from the Internal Revenue Service has the answer to this and many other questions.
The IRS’s new Affordable Care Act Tax Provisions site, IRS.gov/aca, is intended to educate business owners and individuals on how the ACA will affect them. The site has three sections explaining the tax benefits and responsibilities of the act for individuals and families, employers, and other organizations.
You can find more information about the tax provisions that are already in effect as well as those that will take effect next year and beyond. The site covers topics including tax credits, employer benefits and responsibilities, legal guidance and frequently asked questions.
There are also links to other resources from the Small Business Administration, the Department of Health and Human Services and the Department of Labor. You’ll also want to check out the IRS’s online publication Healthcare Law Online Resources (Publication 5093).
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