News & Analysis as of September 18, 2024

Internal Revenue Service

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Same-sex marriage refers to marriage between two individuals of the same sex. Historically, such marriages have not been legally recognized. However, there has been a growing trend to expand marriage rights to same-sex couples. The United States Supreme Court addressed aspects of this issue in Windsor v. United States and Hollingsworth v. Perry. less -

State and Federal Tax Law Developments Affect Same-Sex Couples and MA Residents with Out-of-State Real Estate

Goodwin on 3/2/2017

Recent changes in state and federal tax laws impact same-sex couples and any Massachusetts residents who own real estate in another state. Clients who may be affected by these changes should act soon to protect the...more

Wealth Management Update - September 2016

Proskauer Rose LLP on 8/31/2016

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

IRS Proposed Regs Redefine the Terms “Husband” and “Wife”

Cole Schotz on 11/16/2015

The Supreme Court has recently struck down state bans on same-sex marriage as unconstitutional in Obergefell v. Hodges, 576 US ___ (2015), after previously striking down the federal exclusion of same-sex couples from...more

Treasury and the IRS Issue Proposed Regulations Implementing Supreme Court Same-Sex Marriage Ruling

Franczek P.C. on 10/29/2015

In recent guidance, the Department of Treasury and the IRS issued proposed rules that clarify under the Internal Revenue Code (Code) that the terms “spouse” and “husband” and “wife” refer to individuals who are lawfully...more

Simplified IRS Relief for Same-Sex Couples and Others

Williams Mullen on 1/30/2014

On January 27, 2014, the Internal Revenue Service announced in Revenue Procedure 2014-18 a simplified procedure for certain estates to make a late portability election under section 2010(c)(5)(A) of the Internal Revenue Code....more

Marriage and Taxes in 2013

McNees Wallace & Nurick LLC on 11/29/2013

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

Same-Sex Marriages Are Now Recognized for All Federal Tax Purposes

Pullman & Comley, LLC on 9/25/2013

The Internal Revenue Service has issued a ruling [Revenue Ruling 2013-72, August 29, 2013] announcing that same-sex couples legally married in a state that recognized the marriage will be treated as married for all federal...more

Estate Planning Opportunities Arising from Recent Revenue Ruling Concerning Marriages of Same-Sex Couples

Katten Muchin Rosenman LLP on 9/4/2013

Revenue Ruling 2013-17 - On August 29, 2013, the US Department of the Treasury (“Treasury”) and the Internal Revenue Service (IRS) issued Revenue Ruling 2013-17 (the “Ruling”) holding that, for purposes of...more

Landmark US Supreme Court Decision May Extend US Tax Benefits to UK Civil Partners

Butler Snow LLP on 6/29/2013

On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more

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