Thursday, August 29, 2013

U.S. Treasury and IRS will recognize same sex marriages | Bellevue Tax Lawyer

The IRS and the U.S. Department of Treasury announced today that they will recognize same-sex marriage for federal tax purposes.  The announcement states that they will recognize the marriage, as long as the couple is married in a state that recognizes same-sex marriages.  Same-sex couples will have to file as married even if they no longer live in a state that recognizes same-sex marriage.  The announcement states that recognition applies only to marriage and does not apply to civil unions, domestic partnerships, or similar formal relationships under state law.

Married same-sex couples are required to file as married beginning with the 2013 tax year.  If desired, couples can also amend their last three years of tax returns.  The announcement is located, here.

If you have any questions about this announcement, please do not hesitate to contact a tax professional.

Saturday, August 24, 2013

Switzerland will soon release bank information to the US | Bellevue Tax Lawyer

Two of the larger Swiss banks have agreed to release bank information to U.S. authorities.  The information consists of leaver data from two of the larger Swiss banks.  Leaver data is the data about people that switched banks or transferred assets when it became know that the U.S. authorities were getting more information about American with Swiss holdings.

The statement about the information release can be found, here.

If you have not filed FBARs and own a Swiss account, you should contact an attorney to review your situation.  If you have any questions, or concerns about your FBARs or other foreign reporting requirements, please do not hesitate to contact a tax professional.