What can local authorities / foster care agencies do to help foster carers with the new tax exemption?
• To enable carers to calculate their income tax exemption threshold. At the end of the financial year provide to each foster carer: A list of the children in place with them during the that year to include the following information: • Date of birth. • Date placement started. • Date placement ended (unless placement ongoing at end of financial year). A statement setting out the total of all payments made to them in respect of foster care during that financial year. • To enable carers to make an accurate comparison of total receipts to threshold. Ensure that the total receipts from foster care figures included in statement 1(b) above are correct by: Having in place a system to record any overpayments / underpayments made to carers and track the collection / payment of these. If overpayments of fees and / or allowances occur • Where repayment / collection has been made in the year do not include either payment or repayment in statement 1(b) above. • Where collection / repayment is outsta
Related Questions
- Does the OOR recommend state and local agencies take any particular actions to help them be in compliance with the new law?
- What can local authorities / foster care agencies do to help foster carers with the new tax exemption?
- What type of tax incentive programs are provided by State and Local Municipal authorities?
