Experts state that same-sex marriage ruling has created important tax advantages for LGBT families.
On May 20th, in New York City, NY, Experts from the Philadelphia LGBT practice of Marcum LLP, the first national accounting firm with a practice dedicated to tax and estate planning for same-sex couples, advised that the court ruling overturning the ban on same-sex marriage in Pennsylvania opens up important planning opportunities for LGBT families. As a result, same-sex couples will now receive equal treatment under state law, providing them with the same benefits previously only available to traditional married couples in Pennsylvania.
“One of the most important benefits is access to tax-advantaged estate and gift planning, but perhaps even more significant are issues of child support and the deductibility of alimony, which will now apply as they would to any other married couples,” said David H. Glusman, Partner-in-Charge of Marcum’s Philadelphia office and a member of the Firm’s national LGBT & Non-Traditional Family practice.
Glusman pointed out that, since the federal government began recognizing same-sex marriages for tax purposes in June 2013, couples in non-recognition states have had to file their federal and state taxes using two different sets of calculations. The expense and effort of the duplicated tax preparation will be significantly reduced because of Pennsylvania’s marriage equality ruling.
“With the addition of Pennsylvania, same-sex marriage is now permitted in all North-eastern U.S. states, making tax compliance much easier for couples who work in one state and live in another. And as same-sex marriage is legalized in more and more states, more couples will be able to take advantage of tax and estate planning opportunities.”
Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services for same-sex and other non-traditional families. The firm's professionals have more than 20 years of experience in dealing with the complex tax and financial rules faced by the LGBT community, state-by-state and around the country.
Marcum LLP is one of the largest independent public accounting and advisory services firms in the United States. Ranked #15 nationally, Marcum LLP offers the resources of 1,300 professionals, including over 160 partners, in 23 offices throughout the U.S., Grand Cayman and China. Headquartered in New York City, the Firm's presence runs deep, with full-service offices strategically located in major business markets. For more information, visit www.marcumllp.com/lgbt