U.S. Supreme Court Hearing on DOMA Could Open the Door to Equal Federal Tax Treatment, Marcum Says
New York City, NY – Tax experts in the Lesbian, Gay, Bisexual and Transgender (LGBT) practice group at Marcum LLP, a top national accounting and advisory firm, said today that the U.S. Supreme Court’s decision to hear a bellwether case challenging a key section of the Defense of Marriage Act (DOMA) could open the door to equal tax treatment for same-sex married couples under federal law. If the court overturns the act’s definition of marriage as a union between a man and a woman, same-sex married couples will be entitled to the same income and estate tax deductions and many other federal benefits available to traditional families, which are currently denied to them.
“An affirmative ruling by the court will also allow same-sex married couples to benefit from tax-advantaged estate planning,” said Janis Cowhey, a partner in the firm’s New York City office and a member of its Trusts and Estates Practice group, who frequently lectures on LGBT estate and income tax issues. Ms. McDonagh is the author of Top 10 Estate Planning Tips for LGBT & Non-Traditional Families.
Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services within the LGBT community. The firm’s 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.
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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. 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.