WASHINGTON, March 30, 2015 /PRNewswire/ -- The National
LGBT Bar Association, BNY Mellon and White & Case LLP,
announced today the launch of the Association's Online LGBT Tax
Resource for the 2014 tax year, at LGBTBar.org/tax, to help
same-sex couples and their tax advisors navigate state tax laws.
The resource is a unique tool for both tax preparers and payers,
providing a comprehensive, state-by-state list of reporting
regulations for LGBT couples. A first of its kind when developed
last year, the Resource has now been fully updated to reflect the
many changes in the marriage equality landscape over the past year
as they impact the income tax reporting obligations of same-sex
couples at the state level.
Despite recent strides in marriage equality recognition, tax law
remains one of the most complex and nuanced issues impacting the
LGBT community, especially in states where couples are not allowed
to file married tax returns. Following the Supreme Court's decision
invalidating Section 3 of the federal Defense of Marriage Act
(DOMA), couples are now eligible to file married federal
returns. However, in the 13 states that have same-sex marriage
bans, to the extent such states impose an income tax on their
residents, those same couples cannot file joint state returns.
Further, 21 states have begun recognizing same-sex marriages since
the last tax season and state tax regulatory guidance may not yet
be fully clarified. In response, the Online LGBT Tax Resource is
there to ensure families are equipped with the most up-to-date tax
information for their home state.
"Tax season is always a trying time for many families, but for
LGBT families especially. The quickly changing legal landscape
makes things even more complicated," said D'Arcy Kemnitz, executive director of The LGBT
Bar. "The Online LGBT Tax Resource is designed to give tax payers
and tax preparers the best possible state-by-state information
available for LGBT families. Our partners at BNY Mellon and White
& Case have worked tirelessly to ensure this important
information is available in one spot and is prepared by some of the
nation's most knowledgeable tax experts. We're proud to partner
with them on this important endeavor."
Among the information provided at the site, are key areas such
as:
- A recap of states' rules concerning same-sex marriage and the
impact on state income tax in clear and concise language
- Individual state guidance for married same-sex taxpayers
- Information on litigation, and legislation, that could impact
LGBT tax law; and
- Up-to-date information from states' departments of revenue, and
state constitutions.
"As the filing deadline approaches, many same-sex couples have
yet to file their state tax returns because they are unsure on how
to correctly do so," said John
Lillis, a tax partner with White & Case, who worked on
the project pro bono. "The database will provide same-sex couples
with greater clarity on how to file returns in states that
recognize or don't recognize marriage equality."
"Because laws vary from state-to-state, we marshalled the
knowledge and skills of our pro bono teams to deliver an
outstanding resource for the LGBT community," said Arunas Gudaitis, Managing Director and Senior
Managing Counsel, BNY Mellon. "As a result, the online guide offers
same-sex couples and their tax advisors and preparers a
comprehensive view of tax laws and regulations across the
country."
The Resource presents the many state-level regulations in easily
understandable language. The site, which will be updated
periodically with any new developments impacting tax laws for LGBT
couples, provides the only inclusive, accurate listing of filing
regulations in all fifty states.
The National LGBT Bar Association
is a national association of lawyers, judges and other legal
professionals, law students, activists, and affiliated lesbian,
gay, bisexual and transgender legal organizations. The association
promotes justice in and through the legal profession for the LGBT
community in all its diversity.
BNY Mellon is a global investments company
dedicated to helping its clients manage and service their financial
assets throughout the investment lifecycle. Whether providing
financial services for institutions, corporations or individual
investors, BNY Mellon delivers informed investment management and
investment services in 35 countries and more than 100 markets. As
of Dec. 31, 2014, BNY Mellon had
$28.5 trillion in assets under
custody and/or administration, and $1.7
trillion in assets under management. BNY Mellon can act as a
single point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon
is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Additional information is available on
www.bnymellon.com, or follow us on Twitter
@BNYMellon.
White & Case LLP is a leading
global law firm with lawyers in 38 offices across 26 countries.
Among the first US-based law firms to establish a truly global
presence, we provide counsel and representation in virtually every
area of law that affects cross-border business. Our clients value
both the breadth of our global network and the depth of our US,
English and local law capabilities in each of our regions and rely
on us for their complex cross-border transactions, as well as their
representation in arbitration and litigation proceedings.
Contact: Kelly Simon
National LGBT Bar Association
+1 (202) 637-7661
kelly@lgbtbar.org
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SOURCE BNY Mellon; National LGBT Bar Association