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.
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.
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. Through the Marcum Group, the Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.