Tax Tips – Is your business entitled to a post-DOMA tax refund?

Description

Abstract: This issue’s “Tax Tips” notes that, following the Supreme Court’s ruling on the Defense of Marriage Act, employers that previously paid FICA taxes on employer-paid health care coverage and certain other benefits for employees’ same-sex spouses may be entitled to a refund. It points out that, considering today’s higher federal gift and estate tax exemption, an estate plan with an outdated formula clause can create unexpected state tax liability. In addition, it warns that internships should benefit the intern more than the company.