(855) Marcum1 | FOLLOW US           
Marcum LLP
  • EVENTS
  • OFFICES
  • CAREERS
  • SUBSCRIBE  
  • 中文
Marcum LLP
Insights

Alert

 

In This Edition

Tax Implications of Supreme Court Ruling on the Defense of Marriage Act (DOMA)

:

Share:

With the overturning of the Defense of Marriage Act (DOMA) by the United States Supreme Court today, same-sex couples who were legally married in the 12 states that recognize their marriages, plus the District of Columbia, can now take advantage of the more than 1100 federal benefits that heterosexual married couples have been entitled to. This includes joint federal tax returns, unlimited federal and state tax marital deductions, stretch rollovers for retirement plan distributions, social security benefits, portability of the unified credit and access to immigration laws pertaining to residency for a spouse.

There is an opportunity to file amended individual income tax returns for same-sex married couples for any open statute years, normally three years from the filing date.

Estate tax returns filed in the same periods may also be open to amendment. This should be reviewed with your tax advisor. This is a huge planning opportunity, as most estate plans for same-sex married couples will need to be amended to take the federal changes into account.

For same-sex couples considering marriage as an economic strategy, a tax projection should be done prior to determine any tax implications for the timing of the nuptials.

Remember, there are still 50 states with 50 different tax filing scenarios, so it is important to consult your tax advisor about the specifics of your individual needs.

 
 
 
HAVE A QUESTION? ASK MARCUM
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM

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.

Learn More

CONNECT WITH US
               
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATION

Leading Edge Alliance

DOWNLOAD THE MARCUM ON THE GO APP

© 2016 Marcum LLP. All Rights Reserved.
Privacy | Legal | Sitemap