Supreme Court’s DOMA Decision will have a Major Tax Impact on Many Same-Sex Married Couples

Posted on

On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec. 3 defined marriage for federal benefits purposes as being between a man and a woman, thus denying federal benefits — including many tax benefits — to same-sex married couples.

The ruling means that, in states where same-sex marriage is recognized, same-sex married couples will be able to claim numerous federal tax benefits related to being married. But in some cases, these couples will also be subject to some tax burdens, such as the “marriage penalty.”

Same-sex married couples in states where their marriages are recognized should consult their tax planning advisors to determine what new opportunities may be available to them and whether there are any new burdens they should plan for. Please contact us if you have questions.

Source: PDI Global


The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

More Insights from Keiter CPAs

Contact

How Can We Help You and Your Business?

Innsbrook Corporate Center
4401 Dominion Boulevard
Glen Allen, Virginia 23060

804.747.0000 or 804.273.6200

Directions