Same-Sex Marriage Issues Mandated By The IRS: An Informative Blog From Author/CEO-Charles Read of PayrollOnABudget
Dallas, TX (PRWEB) September 20, 2013 -- The IRS announced on August 29, 2013 that due to Supreme Court rulings that the IRS will now recognize, for Federal Tax purposes, all legal same-sex marriages. This will affect management, at all levels, HR departments and payroll services in paperwork and setting guidelines to move forward in business practices.
Even if a state does not recognize same-sex marriage the ruling applies to all states. If the couple got married where it is legal to do so, then for Federal tax purposes they are married, regardless of where they live. Every company needs to be cognizant no matter where they are located.
The ruling applies only to marriages; not to include other unions such as registered domestic partnerships, civil unions or other formal unions that may be recognized by some state statutes.
If a company offers benefits to married opposite-sex couples, will they be required to offer the same benefits to married same-sex couples?
An example: Qualified Retirement Plans: A qualified retirement plan must treat same-sex and opposite-sex married couples the same way. The deduction limits and contribution limits to IRA’s and Roth’s are now those for married couples not for two individuals.
Basically, anything under a Cafeteria plan is going to have to be looked at the same way for same-sex and opposite-sex couples.
To access the video blog and article, go to: http://payrollonabudget.com/employer-employee/payroll-and-hr-ramifications-of-same-sex-marriage-mandated-by-the-irs/
PayrollOnABudget is the leading online payroll processing services company with a focus on offices of 10 people or less (http://www.payrollonabudget.com). One of only a few payroll firms with CPAs on staff to assist clients, the company was designed to save both time and money by providing all payroll related services – including tax filings and more.
Payroll On A Budget
972-353-0000
http://www.payrollonabudget.com
L.Turnbull, PayrollOnABudget, http://www.payrollonabudget.com, +1 972-353-0000, [email protected]
Share this article