October 23, 2012
Marcum's LGBT & Non-Traditional Family Practice Group Featured in Accounting Today Article "DOMA Decision Creates Tax Appeal Opportunity for LGBT Families"
By Jeff Stimpson
A recent decision by the Second U.S. Circuit Court of Appeals regarding the Defense of Marriage Act creates an immediate opportunity for lesbian, gay, bisexual and transgendered families to file protective tax refund claims, according to the accounting and advisory firm Marcum LLP.
Marcum, which launched a national LGBT and non-traditional family practice last spring, advises eligible families in this “broadly underserved” market to file protective claims for potential refunds of income and estate tax overpayments dating to 2009.
Marcum noted that the court found that DOMA’s definition of marriage as a union between a man and a woman is unconstitutional. If the U.S. Supreme Court hears the case as expected and upholds this finding, same-sex couples previously denied income and estate tax deductions available to traditional families will be able to file claims for refunds of overpayments. (This will apply only to those whose marriages are recognized by the state in which they reside.)