February 21, 2013
Marcum Partner & LGBT Tax Specialist Nanette Lee Miller Discusses the Cost of Marriage Inequality Under DOMA on Suze Orman Panel
New York City, NY – Nanette Lee Miller, a partner at Marcum LLP and head of the accounting and advisory firm’s national Lesbian, Gay, Bisexual, Transgender (LGBT) & Non-Traditional Family Practice group, today spoke about tax inequities for same-sex married couples, as part of a panel moderated by personal finance guru Suze Orman at New York University. The “Cost of Marriage Inequality” panel was sponsored by the Respect for Marriage Coalition and also included Rhode Island Governor Lincoln Chafee, who advocates for same-sex marriage as an economic necessity in his state, and two same-sex couples who have struggled with issues of parity under the federal and state tax codes in their domiciles.
“Federal tax laws are not geared to protect married same-sex couples and do not extend to them the same rights that are available to heterosexual married couples. In addition, it is extremely complex as well as costly for same-sex couples to participate in spousal benefits programs, to prepare their tax returns and to plan appropriately for their financial future even in states where their unions are recognized, because they are not recognized federally. The pending Supreme Court decision on the definition of marriage contained in the Defense of Marriage Act may level the playing field. But unless and until it does, Marcum is advising our same-sex clients to file protective tax refund claims now before the three-year statute of limitations expires,” Ms. Miller said.
“Everywhere you turn there are financial landmines,” Suze Orman said. “There are 1142 differences, financially speaking, between same-sex married couples and heterosexual couples.”
Nanette Lee Miller specializes in tax preparation and asset protective strategies for same-sex married couples. To assist clients and others track frequently changing state law impacting the tax status of same-sex married couples, Marcum’s LGBT practice group recently launched an interactive map tracking the status of same-sex marriage in each of the 50 U.S. states and how such unions are treated for tax purposes. The map can be viewed at www.marcumllp.com/LGBT-Unions.
Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services within the LGBT community. The Firms’ professionals have more than 20 years of experience in dealing with the complex tax and financial rules faced by LGBT couples and families, state-by-state and around the country.
For more information about Marcum LLP’s LGBT & Non-Traditional Family Practice Group, call 415.568.2605 or email email@example.com.
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., as well as Grand Cayman, China and Ireland. 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.