Thursday, October 9, 2014

6 Key Tax and Financial Implications of the Supreme Court's Latest Action on Gay Marriage

Ken Berry for CPA Practice Advisor writes: The impediments to same-sex marriages throughout the country are being washed away. This trend has continued in the wake of the landmark Supreme Court decision last year (Windsor v. U.S, No. 12-307, 6/26/13) invalidating Section 3 of the Defense of Marriage Act (DOMA).
In the latest development on October 6, 2014, the U.S. Supreme Court refused to hear cases from five states -- Indiana, Oklahoma, Utah, Virginia and Wisconsin – where same-sex marriage is prohibited by state law. If six other states covered by the same circuit appeals court -- Colorado, North Carolina, South Carolina, Kansas, West Virginia, and Wyoming – drop their bans as expected, the number of states allowing same-sex marriage would increase from 19 to 30, or more than half the 50 states.
What are the financial repercussions? Although certain aspects are still being sorted out, here’s a brief summary of the lay of the land in several key areas. [snip].  The article continues @ CPA Practice Advisor, click here to continue reading....