New CCH Tax Briefing Examines Impact of Supreme Court's DOMA Ruling Tax Implications Loom Large
RIVERWOODS, Ill., June 27, 2013 /PRNewswire/ -- CCH has issued a new Tax Briefing: Supreme Court Strikes Down DOMA, providing expert analysis and insights on key tax provisions affected by the Supreme Court's historic ruling. In a decision that will generate significant change in U.S. tax law, the Court struck down the federal Defense of Marriage Act (DOMA) in a 5-4 ruling on June 26, saying it was unconstitutional in denying benefits and equal protection under the law to same-sex married couples. The decision opens the door for same-sex married couples to enjoy many federal tax-related benefits previously available only to married couples of the opposite sex. CCH, part of Wolters Kluwer is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
Specifically, the Court ruled that Section 3 of DOMA violated the equal protection clause of the Fifth Amendment of the Constitution as it applies to same-sex couples legally married under the laws of their state. This decision also means employers must now prepare for extensive changes in benefits for same-sex couples and that affected couples may consider updating their estate plans based upon the estate and gift tax impact.
Even though the decision will immediately extend many benefits to couples in states where same-sex marriage is legal, questions remain over whether the same federal benefits will be available to those in states that do not recognize marriage of same-sex couples.
"The Court's ruling also creates uncertainty for domestic partnerships and civil unions under state laws when it comes to federal tax benefits," said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. "Same-sex couples who were married under state law before 2013 should determine whether they may benefit from amending prior-year tax returns still open under the Tax Code's statute of limitations and change their filing status from unmarried to married. But they are also subject to the same tax law circumstances that create what's commonly known as the 'marriage penalty'."
For More Information
For full details on the tax implications of the Court's ruling, please click here to access CCH's new Tax Briefing: Supreme Court Strikes Down DOMA. A full range of recent CCH Tax Briefings on significant tax developments is also available by visiting CCHGroup.com/Legislation.
CCH Webinar on Tax Aspects of DOMA Ruling: Registration Now Available
Marriage is the "trigger" for more than 1,000 tax and benefit provisions in the Internal Revenue Code and other statutory provisions. To clearly understand all the immediate tax practice steps professionals need to know, CCH is offering a new webinar entitled, "The Supreme Court's DOMA Decision: Tax Impact and Analysis." Registration is now open through the webinar registration page.
About CCH, a part of Wolters Kluwer
CCH, a part of Wolters Kluwer (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Follow us on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
SOURCE CCH, a part of Wolters Kluwer