Leveraging IRS Recognition of Same-Sex Marriages for Income and Estate Tax Returns

Filing Current and Amending Past Year Federal Returns to Maximize Refunds and Reconciling With State Returns

Recording of a 110-minute CPE webinar with Q&A

Conducted on Wednesday, October 30, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will instruct practitioners on the opportunities available and key changes for tax reporting for same-sex couples due to IRS Rev. Ruling 2013-17. The panel will discuss the impact of the Supreme Court's DOMA decision and the IRS ruling. The panel will also offer best practices for preparers working with same-sex and unmarried couples in states that do and don't recognize same sex marriages.

Description

The IRS removed the tax uncertainty or aggravations confronting same-sex couples following the Supreme Court decision which invalidated the provision of DOMA that defined marriage. Now all same-sex couples who are legally married in any jurisdiction that recognizes such unions as marriage will be treated as married for federal tax purposes, regardless of their domicile state.

The ruling encompasses couples married in states or other countries where same-sex marriages are legal—but not couples joined through a state-sanctioned civil unions or domestic partnership registries unless the state recognizes such unions as marriage. The ruling is relevant for Form 1040A, 706 and 709 reporting.

The challenges and opportunities of this ruling are significant for tax preparers, particularly in working with clients who legally married elsewhere and are currently living in a state that does not recognize or bans same-sex marriages. For clients and tax preparers, the ruling could also represent a windfall since the IRS indicated it will accept amended returns for couples defined as married, generally up to three years back.

Listen as our panel outlines best practices for preparers to assist their same-sex married and unmarried partnered clients in light of these game-changing Court and IRS decisions. The panel will explore the unique reporting challenges for related state taxes in states that don't recognize same-sex marriages.

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Outline

  1. IRS Revenue Ruling 2013-17 Overview
    1. Imapct Personal Income Taxes
    2. Impact Estates and Trusts
    3. Impact Employee Benefits
  2. Filing for refunds
    1. Form 1040X
    2. Form 843
  3. Filing Out Forms Post IRS Ruling
    1. 1040A
    2. 709
    3. 706

Benefits

The panel will review and provide helpful details and examples:

  • How can preparers assist same-sex married couples in filing for federal income tax and gift tax refunds: Form 1040X and Form 843, lacking current IRS guidance?
  • How does the IRS ruling define legal same-sex marriage? Under what circumstances will the benefits in IRS Revenue Ruling 2013-17 extend to domestic partnerships and civil unions?
  • What filing status should legally-married same-sex couples use to file their 2013 federal income tax return?
  • How can preparers handle tax filings for same-sex married couples in the states that currently do not recognize same-sex marriage but require tax filers to reference federal returns on their state tax forms?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

David Wasserstrum
David Wasserstrum
Principal
WeiserMazars

Mr. Wasserstrum possesses over 35 years of experience in public accounting. He specializes in providing consulting,...  |  Read More

Bruce Lev
Bruce Lev
Partner
WeiserMazars

Mr. Lev provides tax planning and consulting service to various closely held businesses, pass through entities, and...  |  Read More

Anthony Delfiner
Anthony Delfiner
Partner
WeiserMazars

Mr. Delfiner is experienced in federal and Pennsylvania estate and inheritance tax matters, federal and state...  |  Read More

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