The July 3rd issue of Gray, Gray & Gray’s The Advisor newsletter featured an article outlining the many possible advantages that same-sex married couples will now have as a result of the Supreme Court’s recent Defense of Marriage Act (DOMA) decision. The potential advantages of this ruling, which indicated that the federal law that prohibited same-sex couples from being treated as married is unconstitutional, are extremely important from a tax point of view.
Over the last few years we have recommended that married same-sex couples consider filing a claim for protective refund, if it would be beneficial. Now that the Supreme Court has ruled, it is important for same-sex couples to determine if it is beneficial to file amended returns for open years. In addition, same-sex couples should review any gift tax returns that have been filed.
If you have questions about tax implications of the DOMA decision and whether amending returns might be beneficial, please contact Gray, Gray & Gray’s Tax Department at (781) 407-0300.