Category Archives: Politics

DOMA Ruling Leaves a Lot of Questions on the Table

I can’t say that DOMA did not make for some interesting tax strategies.  The latest from the SCOTUS makes tax filing simpler for our same sex couples here in Mass.  Let’s see what the IRS decides for some open ended questions.

Examples:

What is the filing status of a same sex couple who marry in one state and live in a non-same sex marriage state?

Can a same sex couple go back and amend open tax years if it is to their benefit?

Are civil unions equal to marriage?

Maybe this is why the IRS had ‘unusually high call volume’ this morning.

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Are We About to Fall Off the Fiscal Cliff?

The political gridlock is worse this year than ever before. Taxpayers are left in the dark, not knowing how to plan finances and businesses are undecided about capital investments and hiring new employees. There are more tax provisions expiring this year than ever before and, if Congress does nothing, there will be a huge tax increase across the board affecting just about every taxpayer, rich and poor alike. Economists agree that if action isn’t taken within three weeks, we could find ourselves back in a recession.

To realize the enormity of the problem, read the full article explaining the significance of the expiring provisions.

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