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New Same Sex Marriage Tax Rules and Regulations Explained in Plain English

For Media Contact:
Contact: Joe Gelb
(516) 374-1387
joe@smallbusinessadvice.com


The "Defense of Marriage Act" or DOMA which was passed by Congress in 1996, "Section Three" prevented the Federal government from recognizing any marriage between gay or lesbian couples for the purpose of Federal laws or programs.

The Supreme Court in June 2013 ruled that Section 3 of DOMA violated the Constitution’s “equal protection” promise.

This decision paves the way for committed, same-sex couples who are legally married in their own state to receive Federal benefits and protections. "This landmark decision allows same sex couples to enjoy all the benefits that heterosexual couples have enjoyed for decades," said Joe Gelb, Esq., CPA and CEO of Small Business Advisors, Inc. of Hewlett, New York.

Some of the benefits are Social Security, Veterans' benefits, health insurance and retirement savings and even Green Cards.

Legally married same sex couples must file their tax return "married filing jointly" or "married filing separately."

Couples who are legally married at the end of 2013 may file amended tax returns for the years 2010, 2011 and 2012. This could have a dramatic impact on a couple's income tax burden.

And possibly those same sex couples who are partners in business may enjoy the tax advantages of tax savings of the federal estate tax laws upon the passing of one of the spouses.

The September issue of The Small Business Advisor® outlines the key sections of the Internal Revenue Code. For more information about the new tax rules and regulations relating to the Defense of Marriage Act (DOMA), turn to the Small Business Advisor® newsletter at www.smallbusinessadvice.com/taxinfo

Joseph Gelb, Esq., CPA, is CEO of Small Business Advisors, Inc., and a longstanding, successful entrepreneur. He conducted workshops for the US Small Business Development Corporation (SBDC) and helped entrepreneurs start or build a business. He founded a CPA firm and built it to include a staff of 35 professionals. He is also a turnaround specialist, successfully rebuilding 11 companies. Joe is the author of Building a Million Dollar Service Business and the coauthor of 45 Ways to Finance Your Business without Issuing Equity.