The Treasury Department and Internal Revenue Service issued the first guidance on the federal tax treatment of taxpayers in same-sex marriages following the Supreme Court's June Windsor decision declaring Section 3 of the Defense of Marriage Act unconstitutional. Under last Thursday's revenue ruling, marriages that are legal in the state where the couple married will be recognized for federal tax purposes, and terms such as "husband" and "wife" will include married individuals of the same sex, regardless of whether the couple's state of domicile recognizes same-sex marriages. Listen to a podcast, with slide deck, from Bob Keebler to learn more. PFP/PFS members, send the following Forefield alert to your relevant clients summarizing the new guidance.
Published in Brief: