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The Paley Rothman Blog

Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.

Tax

Tax changes for same-sex couples after DOMA decision

Supreme Court decision lets same-sex couples benefit from tax & federal benefits. In a highly-anticipated decision, the Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) in a case titled United States v. Windsor. That decision opens the door for same-sex couples to benefit from tax and other federal benefits previously reserved for heterosexual couples.

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Real Estate, Tax

Virginia Residents Can Save On Recordation Taxes

Act fast if you are a Virginia resident planning to refinance with your existing lender. An amendment to Section 58.1-803 of the Virginia Code, which takes effect July 1, 2012, will remove a Recordation Tax exemption that currently limits the application of Virginia’s Recordation Tax to the amount of new money borrowed in a refinance with an existing lender.

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Tax

IRS Voluntary Disclosure Effects on Non-Filers

A principal feature of the U.S. tax system is self-assessment; taxpayers are expected to accurately report their income and pay the appropriate level of tax when due. The federal government has limited resources to ensure compliance, however, so it recognizes the crucial need to have a policy in place to encourage non-compliant taxpayers to “come in from the cold” and avoid the more severe criminal sanctions that can arise in cases of intentional non-compliance. Many states, as well as several foreign countries, utilize similar procedures.

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