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Tax Implications for Same-Sex Couples After DOMA Ruling

Taxonomy: 
Tax & Accounting
Body: 

Today, June 26, 2013 the Supreme Court repealed aspects of the Defense of Marriage Act, same-sex partners who reside in a state which recognizes same-sex marriage will be entitled to a plethora of benefits which were previously denied to them.

There will be some restriction of benefits if you are a same sex couple who was married in a state which recognizes it but live in a state which does not.  The U.S. Department of Defense, however, will distribute military veteran’s spousal benefits to same-sex couples based on laws in the state where they got married.

Tax Relief Provided to Oklahoma Tornado Victims

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided tax relief to individuals and businesses affected by the tornadoes in Moore and Oklahoma City and other severe storms occurring in parts of Oklahoma.  The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013, and affected individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties will have until September 30, 2013, to file these returns and pay any taxes due.  This includes the June 17 and September 16 deadlines for making estimated tax payments, the July 31 deadline for second

IRS Extensions for Those Affected by Boston Marathon Bombings

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided a three-month extension of time to file and pay tax for individuals who were affected by the Boston Marathon explosions that occurred on April 15, 2013.  Those affected include persons who were participating in the race as well as spectators.  The closure of streets after the explosion to allow investigation and pursuit of suspects disrupted business activity in the area and potentially the ability of some taxpayers and return preparers to access their files.

IRS Releases the Dirty Dozen Tax Scams for 2013

Taxonomy: 
Tax & Accounting
Body: 

The following was released by the IRS last week.  Be sure you take the time to review these facts to protect yourself.

The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

New Jersey Limited Liability Act Changes

Taxonomy: 
Tax & Accounting
Body: 

The following was produced by Shah & Associates, P.C.

Since New Jersey adopted the Revised Uniform Limited Liability Act (“New Act”) in September of 2012, many advisors have been left wondering about how it might affect their clients.  The New Act makes sweeping changes in a variety of categories that may catch unprepared businesses off-guard.

Passive Business Activity

Taxonomy: 
Tax & Accounting
Body: 

Passive Business Activity

Internal Revenue Code Section 469

The passive activity loss rules have developed into a complicated set of guidelines since their inception.  If you keep in mind the and have a general understanding of the principles that drive loss limitations in this area, you will have a good foundation for selecting investment strategies that allow you to take full advantage of the passive activity rules.

Here is a basic breakdown of the rules and how they may relate to you.

What is a passive activity? 

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