IRS: Tax Law Does Not Recognize Same Sex Marriages

For all those same-sex newlyweds in New York, the IRS has a message, enjoy the Champagne and the honeymoon, but don't expect any love from the IRS. According to estate planners same-sex unions aren’t legal in the eyes of the IRS, a policy that will cost them time and money during tax season.

This actually applies to all married same-sex couples in the U.S. because of the Defense of Marriage Act, or DOMA, which defines marriage as “a legal union between a man and a woman as husband and wife.”

The Obama Administration, claims DOMA is unconstitutional, and has instructed federal agencies to do what they can under existing law to extend benefits to same-sex partnerships.

(From Bloomberg BusinessWeek)