Month: October 2014

Tim Cook Says He is “Proud to Be Gay”

Apple

Apple CEO Tim Cook confirmed Tuesday that he identifies as gay, and in doing so instantly becomes the most prominent openly gay business executive.

“While I have never denied my sexuality, I haven’t publicly acknowledged it either, until now,” Cook says in an essay for Bloomberg BusinessWeek. “So let me be clear: I’m proud to be gay, and I consider being gay among the greatest gifts God has given me.“

Over the past couple of years Cook has taken a number of strong positions in favor of LGBT rights, but had chosen not to discuss his sexuality.

“I don’t consider myself an activist, but I realize how much I’ve benefited from the sacrifice of others,” Cook writes in the essay. “So if hearing that the CEO of Apple is gay can help someone struggling to come to terms with who he or she is, or bring comfort to anyone who feels alone, or inspire people to insist on their equality, then it’s worth the trade-off with my own privacy.”

Last year, he gave a poignant speech at an event for his alma mater, Auburn University, in which he talked about experience discrimination firsthand as he grew up, though he did not get into specifics.

He also wrote an op-ed for the Wall Street Journal calling on Congress to outlaw job discrimination on the basis of sexual orientation or gender identity.

Though Cook had not publicly declared his sexuality until now, Out magazine already hadnamed him to its “Power List” of LGBT executives.

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LGBT couples will file with IRS as married couples

Tax Issues of Same-Sex Marriage

Now that the law for same-sex marriage is legal in the eyes of the federal government, same-sex married couples can now file joint tax returns which could benefit the taxpayer or make things worse.

Although State Tax Laws differ, the Federal Government, IRS,  recognizes same-sex marriages as legal and are liable to filing taxes within the same acceptable parameters of the IRS rules and regulations as intended for all married couples and families.

Aug. 29, 2014 the Treasury Department and Internal Revenue Service announced that same-sex married couples, regardless of where they live, will be recognized as married for federal tax purposes. The law says that as long as the couple was legally married in a jurisdiction that sanctions the weddings, they are married in Uncle Sam’s tax eyes even if they later move to a state that does not recognize same-sex marriages.

Jurisdictions that recognize same-sex marriages

States for same sex marriage

*These jurisdictions also allow domestic partnerships.

 

Here is what you should know about filing a federal return

1.   Find a tax preparer who knows how to run numbers several different ways for the benefit of the tax-payer.

-Whether it is filing jointly, filing separately, single or head of the household, based on your income and on your exemptions and deductions, the preparer should know where you benefit the most and advise you accordingly.

2.  In addition to running your numbers several different ways, your tax preparer should have the knowledge to recommend a structure to benefit your filing status for the future.

-Advising isn’t every tax preparer’s duty nor capability. Find someone who knows how to restructure and advise for the benefit of the taxpayer.

 

With LGBT Tax Experts, Avo Asdourian is THE professional to guide you and file your taxes for the tax payers’ benefits.

You can reach Avo at (818) 934-0578

6 Major Tax and Financial Implications of Gay Marriage Ruling

The impediments to same-sex marriages throughout the country are being washed away. This trend has continued in the wake of the landmark Supreme Court decision last year (Windsor v. U.S, No. 12-307, 6/26/13) invalidating Section 3 of the Defense of Marriage Act (DOMA).

In the latest development on October 6, 2014, the U.S. Supreme Court refused to hear cases from five states — Indiana, Oklahoma, Utah, Virginia and Wisconsin – where same-sex marriage is prohibited by state law. If six other states covered by the same circuit appeals court — Colorado, North Carolina, South Carolina, Kansas, West Virginia, and Wyoming – drop their bans as expected, the number of states allowing same-sex marriage would increase from 19 to 30, or more than half the 50 states.

What are the financial repercussions? Although certain aspects are still being sorted out, here’s a brief summary of the lay of the land in several key areas.

Income taxes: The IRS says a same-sex couple should be treated like a traditional married couple for all federal income tax purposes if they’ve entered into a marriage in a state where such a marriage is legal. It doesn’t matter if the couple resides in a state where same-sex marriage is banned. If a couple chooses to do so, it can file an amended return for a open tax year, but they’re not obligated to do so. State law still control for state income tax purposes.

Estate and gift taxes: Under federal law, the unlimited marital deduction generally shelters transfers between spouses from estate and gift taxes. Because same-sex couples are now treated like traditional married couples, planning opportunities exist. For instance, documents such as wills and trusts may be revised to maximize the benefits of the federal estate tax exemption, including using the portability provision for any remaining exemption of a deceased spouse. Naturally, state law controls concerning state death and inheritance taxes.

Social Security benefits: Prior to the Windsor decision, a surviving spouse in a same-sex marriage wasn’t eligible to receive Social Security retirement benefits based on a deceased spouse’s earnings record. Now such a claim may be filed with the Social Security administration (SSA) if a couple was married in a state permitting same-sex marriages and the survivor resides in a state recognizing same-sex marriage. However, for the time being, the SSA says it will continue to follow state law on other claims.

Qualified retirement accounts and IRAs: The rights and benefits for same-sex married couples now mirror those for traditional married couples if one spouse participates in a qualified retirement plan like a 401(k) plan – regardless or whether the employer is based in a state recognizing same-sex marriages. Thus, a surviving spouse in a same-sex marriage may benefit from favorable distribution rules under the law. Similarly, rules benefitting a surviving spouse of an IRA holder are extended to a surviving spouse in a same-sex marriage.

Employee benefits: Employees may be eligible for employer-provided fringe benefits like health insurance. Previously, if a health insurance plan covered a same-sex spouse of an employee, the employee spouse was taxed on the value of the coverage. Now the coverage is tax-free — just like it is for spouses of traditional marriages. Other rules involving fringe benefits involving employees in same-sex marriages are still evolving .

Divorce: While it is definitely getting easier these days for same-sex couples to get married, the same is not necessarily true for divorcing. It is especially complicated if a couple was married in a another state permitting same-sex marriages but seek a dissolution in a state where such marriages aren’t allowed. Again, the laws in this area are still evolving, so you can expect more developments in the near future.

FREE for (LGBT Families) Tax Review

This week is the first week into the month Rex Doflinger and Associates is offering Free tax reviews to LGBT families going back to 2011, 2012, & 2013. Every family or married couple falling into the category, should take advantage of this free offer as their potential refunds might be great. Rex Dodlinger & Associates have made it really easy for the LGBT families and couples to take advantage of this Free offer by simply dialing (818) 934-0578 and Avo Asdourian, EA and LGBT Tax expert will personally help you and guide you through the process.    

Marlene Asdourian CBC

The Supreme Court has turned away appeals from five states seeking to prohibit same-sex marriages

Monday, October 06, 2014

The Supreme Court turned away appeals Monday from five states seeking to prohibit same-sex marriages, paving the way for an immediate expansion of gay and lesbian unions.

The justices on Monday did not comment in rejecting appeals from Indiana, Oklahoma, Utah, Virginia and Wisconsin. No other state cases were currently pending with the high court, but the justices stopped short of resolving for now the question of same-sex marriage nationwide.

The court’s order immediately ends delays on marriage in those states. Couples in six other states – Colorado, Kansas, North Carolina, South Carolina, West Virginia and Wyoming – should be able to get married in short order. Those states would be bound by the same appellate rulings that were put on hold pending the Supreme Court’s review.

That would make same-sex marriage legal in 30 states and the District of Columbia.

FOR ASSISTANCE WITH YOUR TAX QUESTIONS CONTACT LGBT TAX EXPERTS

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TODAY, LGBT TAX EXPERTS KICKOFF FREE TAX REVIEW FOR THE LGBT COMMUNITY.

LGBT TAX EXPERTS

Friday Oct 3

Rex Rodlinger and Associates – kicked off their Free Tax Revie3 things picture_001ws for the LGBT families going back to 2011, 2012, and 2013.

Since Avo Asdourian, EA specialized in the new tax laws that applied specifically to the LGBT families, he wants to make sure all effected by the new tax laws come forward and have their taxes reviewed for free since the possibilities to get a refund is very high. Rex Rodlinger and Associates are making sure the Temple city location’s staff is equipped and ready to help the LGBT families with their questions.

“This year, October will be dedicated to the LGBT families, starting today,” said  Avo Asdourian, EA, “to get the Free Tax Review, contact us at the Temple City location and we’ll make sure all qualified will get the maximum benefits and refunds”

Click here to Contact US for more info

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TODAY, LGBT TAX EXPERTS KICKOFF FREE TAX REVIEW FOR THE LGBT COMMUNITY.

Friday Oct 3

Rex Rodlinger and Associates – kicked off their Free Tax Revie3 things picture_001ws for the LGBT families going back to 2011, 2012, and 2013.

Since Avo Asdourian, EA specialized in the new tax laws that applied specifically to the LGBT families, he wants to make sure all effected by the new tax laws come forward and have their taxes reviewed for free since the possibilities to get a refund is very high. Rex Rodlinger and Associates are making sure the Temple city location’s staff is equipped and ready to help the LGBT families with their questions.

“This year, October will be dedicated to the LGBT families, starting today,” said  Avo Asdourian, EA, “to get the Free Tax Review, contact us at the Temple City location and we’ll make sure all qualified will get the maximum benefits and refunds”

Click here to Contact US for more information

or call us Rex Rodlinger and Associates at (626) 808-5680