Tuesday, December 28, 2010

Important News About the Adoption Tax Credit

The North American Council on Adoptable Children (NACAC) has important news about the Adoption Tax Credit.

The health care reform bill made the U.S. federal adoption tax credit refundable for 2010 and 2011. New guidance from the IRS states that adoption tax credits carried forward from previous years will also be refundable, which means that families who adopted as far back as 2005 but who didn't have enough tax liability to use the credit in the past can take full advantage of the credit with their 2010 return.

Go to the NACAC web site at www.nacac.org for information. NACAC will host Webinars on the Tax Credit, so keep checking the site.