By Angel Simpson, Attorney You love him! I mean, what is there not to love? He is delightfully eccentric, has never been married, wears lederhosen to family funerals and brings his own Peppermint Schnapps to holiday functions. But is he the best choice of caregiver for your child/ren? No way! Choosing a legal guardian for ... more
Adopting a child from another state requires strict adherence to the Interstate Compact on the Placement of Children (ICPC) guidelines. The stress and added expense of adopting from another state can be overwhelming. Nevertheless, there are ways you can plan ahead so that an interstate adoption is less stressful and less expensive. One of the ... more
Ways and Means Committee Chairman Kevin Brady offered an amendment on Thursday that would retain the adoption tax credit as part of H.R. 1, Tax Cuts and Jobs Act.
As we expected, the Republican tax plan, released today, eliminates the Adoption Tax Credit. Here is the section by section text discussing eliminating the ATC: Sec. 1102. Repeal of nonrefundable credits. Current law: Under current law, certain individuals who are over the age of 65 or who have retired on disability before the end of the ... more
The IRS has released information regarding the amount of the adoption tax credit for 2018 and the Modified Adjusted Gross Income (MAGI) amounts for the phase out yesterday. Assuming the Adoption Tax Credit survives the tax cuts, the maximum credit for 2018 will be $13,840 per child. The credit will begin to phase out for ... more
Last month, three U.S. senators introduced the Vulnerable Children and Families Act, a bill which aims to help children around the world who are living in institutions or without permanent homes receive more assistance from U.S. international delegates. Specifically, the bill aims to ensure that international child welfare is a central part of U.S. foreign ... more
On Monday, June 12, the House Appropriations Subcommittee on Military Construction, Veterans Affairs and Related Agencies held a markup to debate and potentially amend and rewrite the 2018 Military Construction and Veterans Affairs and Appropriations bill. The bill, which determines funding for military training and equipment, also finances veterans’ benefits and program — including a ... more
For many adoptive families, the federal adoption tax credit is an extremely helpful resource to make adoption affordable and provide stable, loving homes for waiting children. By providing a maximum of $13,460 per child, the tax credit helps offset the legal fees involved in the adoption process. Now the credit is in danger. In the ... more
On Jan. 31, without any prior notice, the Independent Adoption Center notified all families waiting with them that they were filing bankrupt. The national adoption agency was licensed in eight states and had been placing babies for 34 years.
By taking advantage of the federal adoption tax credit, US Military benefits and employer advantages, thousands of American families are eligible and receive financial benefits each year for the cost associated with an adoption. Here’s a quick breakdown of those three methods: Federal Adoption Tax Credit The federal adoption tax credit (FATC) allows a monetary ... more