The LGBT Community is bracing itself under the new Trump Administration. It’s not a time to panic, but it is time for members of the community to get their houses in order.
Now that marriage is legal for all of those wishing to tie the knot – including same-gender couples – below is what you need to know and what documents to bring with you before you apply. Wake County’s Register of Deeds recommends getting this legal aspect of your wedding out of the way about a month before your ceremony date. A marriage licenses issued in North Carolina may be used in any county in North Carolina, is good immediately upon issuance, and is valid for 60 days. The original license must be returned to the county where it was issued.
With the recent Supreme Court case and the Treasury Department’s Revenue Ruling, same-sex couples have cause to celebrate. In many cases, these same couples are now booking trips to other states in order to get married. Even in non-marriage equality states like North Carolina, there are some clear tax benefits to getting married and an increased ease of estate planning. Yes, there is ample reason to celebrate. But now that same-sex couples can get married, the question is should they get married? There have been a lot of articles recently about reasons to get married. But are there any reasons to not get married?
Additional Windsor Guidance Released; IRS Provides Simplified Refund and Adjustment Procedures for Overwithheld Employment Taxes on Benefits and Wages for Same-Sex Spouses (Notice 2013-61)
The IRS has provided guidance to employers to make claims for refund or adjustments of overpayments of Federal Insurance Contributions Act (FICA) taxes and federal income tax withholding (employment taxes) that arose from the Supreme Court decision in E.S. Windsor, 2013-2 ustc ¶50,400 (TAXDAY, 2013/06/27, J.1) and Rev. Rul. 2013-17, I.R.B. 2013-38, 201. The notice […]
Marriage equality as a federal right is one step closer to reality. The U.S. Department of Treasury and the Internal Revenue Service (IRS) jointly released a ruling on August 29, 2013 that changes how legally married same-sex couples will be treated for Federal tax purposes. Revenue Ruling 2013-17 held that for Federal tax purposes, the IRS will now recognize a “marriage of same-sex individuals that was validly entered into in a state whose laws authorize the marriage of two individuals of the same sex even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages.“ In other words, a valid same-sex marriage will be recognized in all states for Federal tax purposes, regardless of state of residence marriage laws.
As I write this, the U.S. Supreme Court’s rulings on the Defense of Marriage Act and the Proposition 8 case are barely a day old, and my clients want to know what this means to them. A more detailed analysis of both cases will be available in the few weeks, but I wanted to make sure the most urgent questions regarding the impact of these historic cases will have on my North Carolina clients. There is certainly much to celebrate, but, for now, my North Carolina estate planning clients shouldn’t feel the need to rush to a marriage equality state and get hitched just to get federal benefits.