The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that same-sex couples who are legally married in jurisdictions that recognize same-sex marriage will be treated as married for all federal tax purposes. Guidance has been provided in the form of a Revenue Ruling (Rev. Rul. 2013-17) and associated Frequently Asked Questions. The Treasury Department and IRS guidance was issued in response to the recent Supreme Court case striking down Section 3 of the Defense of Marriage Act of 1996 (DOMA), which defined marriage as the union of a man and a woman.Read More
On June 26, 2013, the U.S. Supreme Court announced its rulings on two landmark cases related to same-sex marriage.
The 5-4 decisions bolster the federal benefits available to same-sex married couples and clear the way for same-sex marriages in California.
SageVest Wealth Management discusses the implications of these rulings.Read More