August 30, 2013

Marcum LGBT Tax Experts Respond to New Federal Tax Ruling for Same-Sex Married Couples

Marcum LGBT Tax Experts Respond to New Federal Tax Ruling for Same-Sex Married Couples
Modern Family & LGBTQ Services

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.