August 30, 2013
Marcum LGBT Tax Experts Respond to New Federal Tax Ruling for Same-Sex Married Couples
New York, NY - One of the last impediments to jointtax reporting for same-sex married couples was removed with yesterday's ruling by the U.S. Treasury Department and the Internal Revenue Service, say tax experts in the Lesbian, Gay, Bisexual & Transgender (LGBT) Practice group at Marcum LLP, a top national accounting and advisory services firm. The federal government now recognizes same-sex marriages for federal tax purposes, regardless of the taxpayers' state of residence, so long as the marriage was valid where performed (U.S. States or foreign countries where same-sex marriage is legal).
"The implications of this ruling are significant for both estate and tax planning. Legally married same-sex couples are now able to consider their tax and estate planning needs without concern for differentiated treatment under federal tax law," said Nanette Lee Miller, National Leader of Marcum's LGBT practice.
This ruling is for tax purposes only. It does not address the definition of marriage by other federal agencies, such as social security, which looks to whether the couple’s marriage is recognized by their state of residence. It also does not address whether the IRS will implement any expedited procedures for filing amended tax returns for same-sex married couples. The IRS has indicated there will be additional guidance in the next month.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., Grand Cayman and China. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting and assurance services; advisory, valuation and litigation support; and an extensive range of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as high net worth individuals, private equity funds and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.