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 | Suzanne LoBiondo, CPA
516-791-1303
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 | Chris Cheeseman, CPA
516-791-1303
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Dear Clients and Friends,
Summer has definitely arrived here in the northeast. As the thermometer rises, we hope you are finding ways to stay cool and are enjoying the summer so far. 
This edition of News You Can Use focuses on a few recent court rulings and a delay in one of the provisions of Obamacare. If you have any questions on any of the information, please contact us at 516-791-1303 or info@clcpasllp.com.
We appreciate your business and thank you for your continuing referrals.
Very truly yours,
Suzanne LoBiondo and Christopher Cheeseman
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| New York State Supreme Court Rules MCTMT is Constitutional | |
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As many of you know, back in August of 2012, the Nassau County Supreme Court held the Metropolitan Commuter Transportation Mobility Tax ("MCTMT") to be unconstitutional. The MCTMT is a tax imposed on certain employers and self-employed individuals engaging in business within the metropolitan commuter transportation district (MCTD). The MCTD includes the counties of New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island), Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester.
Subsequent to the 2012 ruling, the State issued procedures for taxpayers to file electronic protective claims to insure they could qualify for refunds if the tax was ultimately found unconstitutional. At that time they recommended taxpayers continue to pay the tax and file all required forms.
On June 26, in a unanimous decision, the New York State Supreme Court's Appellate Division reversed the Nassau County Supreme Court's and concluded that the MCTMT is in fact constitutional. If the County of Nassau et al. do not appeal the Second Department's decision, then the MCTMT remains in full force and payable by taxpayers. The County of Nassau has until July 26, 2013 to appeal this ruling to New York's highest court, the Court of Appeals.
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Employer Mandate to Provide Health Insurance Coverage Delayed
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The U.S. administration on July 2 said it will not require employers to provide health insurance for their workers until 2015, a move that delays a key provision of President Barack Obama's healthcare reform law by a year. Companies would have had to pay the Internal Revenue Service $2,000 for each full-time employee who did not get health coverage, beginning January 1, when the Patient Protection and Affordable Care Act was scheduled to come into full effect. The delay, which could raise new questions about whether Obamacare will be implemented on time, comes in response to widespread complaints from businesses and their lobbyists about reporting requirements for employers with 50 or more full-time workers.
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| Tax Implications of the Supreme Court Ruling on the DOMA |
The Supreme Court ruled the Defense of Marriage Act (DOMA) unconstitutional on June 26th. This decision will have an immense impact on the lives of same-sex married couples who were legally married in the 12 states that recognize their marriages, plus the District of Columbia. These couples can now take advantage of the more than 1100 federal benefits that heterosexual married couples have been entitled to. Some of these benefits include joint federal tax returns, unlimited federal and state tax marital deductions, and portability of the unified credit.
There is an opportunity to file amended individual income tax returns for same-sex married couples for any open statute years, normally three years from the filing date, as well as estate tax returns filed for these periods.
Remember, state tax filing scenarios still need to be considered, so it is important to consult your
C&L tax advisor about the specifics of your individual needs.
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| About C&L Tax and Accounting Services LLP |
 C&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year. C&L Tax and Accounting Services LLP's offers a wide range of tax and accounting planning, compliance and consulting services for both individuals and small businesses. We invite you to peruse our capabilities and contact us for a consultation. |
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