DOMA Ruling Creates Tax Opportunities, Problems

1800Accountant

New York, NY, July 18, 2013 (GLOBE NEWSWIRE) -- (http://www.myprgenie.com) -- When the U.S. Supreme Court struck down the federal Defense of Marriage Act (DOMA) on June 26, it kicked off a Gay Pride week celebration like no other. Barely two weeks later, however, reality is setting in for same-sex couples and small business owners who are realizing that the ruling creates both tax opportunities and potential problems.

1800Accountant.com has just published a new white paper that summarizes what is known about how the DOMA ruling will affect taxes for:

  • Same-sex married couples
  • Same-sex unmarried couples considering taxes as part of the decision whether to marry
  • Business owners considering the ruling's implication on their benefits plan
  • Families considering the inheritance issues relating to a transfer of property when one or more of the property owners or beneficiaries is a partner in a same-sex marriage

The white paper, titled The Tax Fallout from DOMA: What the SCOTUS Decision Means for Businesses, Employers and Same-Sex Couples, is now available for free download on the Resources page of the 1800Accountant.com website.

Gary Milkwick, CPA and Vice President at 1800Accountant.com says, "We have been doing tax returns for same-Sex couples for years, and this ruling has a huge effect on these clients. In states where same-sex marriages are recognized, we are receiving questions about whether clients should amend past tax returns going back to the year in which they were married. We're also getting a lot of questions about estate planning issues since it is not longer clear whether the special trusts which were often set up to protect families will be more or less beneficial in terms of taxes than the laws which have not previously applied to same-Sex married couples.

"Last, but hardly least, many of our same-Sex clients are rightly concerned about the impact that the marriage penalty may have on their taxes. Many of our small business clients who offer benefit plans to employees are also wondering how the DOMA ruling will affect those benefit plans. Sorting it all out and finding the best path can be confusing without help from a tax advisor who is on top of the rapid changes this ruling is creating."

The new white paper, titled The Tax Fallout from DOMA: What the SCOTUS Decision Means for Businesses, Employers, and Same-Sex Couples, is now available for free download from the Resources page of the 1800Accountant.com website.

"The white paper is as comprehensive as it can be in the current climate of uncertainty, but it is not the final word and will be updated as new information becomes available," Milkwick said. "It's a starting point, but individual and business taxpayers need to discuss specifics with their own tax advisor before making decisions."

The Tax Fallout from DOMA: What the SCOTUS Decision Means for Businesses, Employers, and Same-Sex Couples includes sections on:

  • Joint Returns for Same-Sex Couples: Will Taxes Go Up -- or Down?
  • Who Benefits -- Who Doesn't: The Marriage Penalty
  • Changing Estate Planning Strategies
  • Impact on Business Owners & Employer Benefit Plans

Download The Tax Fallout from DOMA now at www.1800Accountant.com/resources.

About 1800Accountant.com

1800Accountant.com is the leading national business services and accounting firm specializing in small businesses. New York, Washington State, and Florida-based teams of Certified Public Accountants (CPAs), enrolled agents (EAs), and accountants provide affordable accounting, tax preparation, payroll, bookkeeping, businesses planning and consulting services to clients nationwide.

Small businesses count on 1800Accountant.com to provide flat-fee services that take the worry and drudgery out of business accounting, bookkeeping, and tax planning or preparation.

  • Certified Public Accountants (CPAs), enrolled agents (EA), and accountants do the heavy lifting for clients. 1800Accountant.com is unlike the do-it-yourself software products or online services because the company's services are provided by a dedicated team of experienced professionals who provide personalized service without high hourly fees.
  • 1800Accountant's tax professionals sign client tax returns, and stand with them in the event of an audit. It's all part of the flat fee service -- there's no extra charge to handle tax notices or audits.
  • Unlimited telephone or email support and a full library of webinars and whitepapers help clients learn how to protect personal and business assets, and take advantage of all allowable deductions.
  • Clients have more time to focus on their business while 1800Accountant.com deals with the IRS and state agencies and keep up with constantly changing tax laws.

To find out how small businesses, freelancers, independent contractors, and high-income families can keep more of the money they earn, and how 1800Accountant.com can help them avoid tax problems and overpayment, visit 1800Accountant.com.

Photo Credit: The photograph of the U.S. Supreme Court Building distributed with this release is by photographer Rose Bennett, and was offered on Flickr under a Creative Commons License.

CONTACT: Deb McAlister-Holland, deb@mcalisterpr.com, 214-340-4774

Source:1800Accountant.com