NEW YORK, July 3, 2013 /PRNewswire/ -- Thomson Reuters has released an overview of the Supreme Court's ruling that strikes down section three of the Defense of Marriage Act (DOMA) as unconstitutional. The report is designed to help tax advisers understand the far-reaching implications of the decision.
DOMA had required same-sex spouses to be treated as unmarried for purposes of federal law. "The Supreme Court's decision opens up several tax breaks newly available to legally married same-sex individuals," said Catherine Murray, tax analyst at Thomson Reuters and an author of the report. "These individuals and their advisors should begin planning now to determine actions to take when the IRS issues guidance."
The Thomson Reuters Checkpoint report, which features explanations, observations, and illustrations, is available for download at no cost at http://yourcheckpoint.thomsonreuters.com/DOMA.
The report discusses new opportunities for married same-sex couples to:
- File a joint tax return.
- File an amended federal tax return for returns previously filed separately.
- Obtain tax-free employer health insurance coverage for spouses.
- Stretch distributions from a deceased spouse's qualified retirement plan under more favorable rules than nonspousal beneficiaries.
- Deduct the alimony paid to a spouse or former spouse.
- Obtain innocent spouse protections for tax liability.
- Amend estate plans to take advantage of estate and gift tax provisions.
- FASB's Proposed Accounting Standards for Leases
- Implementing U.S. Health Care Reform
- President's Proposed Budget for Fiscal Year 2014
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV