Yes, the Smith family will receive financial benefits for the taxable year. When you adopt a child, there are parts of the adoption process that are tax write offs for the family. Depending on the money spent, the different fee's paid and what all went into the adoption certain parts will be a tax credit they can apply and use as a deduction. Most of the time the expenses have to be at or over a percentage of your income.
YES, the Smiths will receive any financial benefit for the taxable year. Hence, there is no confudion about it.
A taxable benefit is a payment from an employer to an employee that is considered a positive benefit and can be in the form of cash or another type of payment.
Therefore, as long as the family pays tax on the adopted child, the family will definitely receive a taxable benefit.
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