Has the Obama Administration released any information on the small businees tax credits?
Yes. Last month, the IRS released guidance on the new Small Business Health Care Tax Credit The guidance is intended to make it easier for small businesses to determine whether they are eligible for the new health care tax credit and how large a credit they will receive. IRS Notice 2010-44 provides guidance on the credit, including guidance for determining eligibility for the credit, calculating the credit and claiming the credit. The small business health care tax credit, which is in effect this year, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. The credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers. Small businesses receiving state health care tax credits may still qualify for the ful
