Posted on March 06, 2017
by
Edward Cooper
In January 2017, the Internal Revenue Service (IRS) issued tax guidance relating to the estates of married same-sex couples. More specifically, the guidance relates to gifts, bequests and generation-skipping transfers between same-sex couples when applying the Supreme Court’s landmark Windsor decision that grants lawfully married same-sex gay and lesbian couples equal rights, recognition, benefits and […]
Posted on August 09, 2016
by
Joanie Stein
Raising children can be expensive. However, the IRS provides families with some financial relief through several tax benefits that help parents reduce the amount of taxes they owe each year. Dependent Deductions. Parents may reduce their annual income by claiming a dependent deduction of up to $4,050 in 2016 for each child under the […]
Posted on December 19, 2014
by
Edward Cooper
Qualified retirement plans have until Dec. 31, 2014, to recognize the legal marriage of same-sex couples covered under those plans and comply with the Supreme Court’s decision to strike down section 3 of the Defense of Marriage Act. According to the IRS, same-sex couples who are legally married under state or foreign law shall […]