Thursday, July 4, 2013

Tax implications from DOMA, Gay marriage and Immigration Reform 2013...

As of today June 27, 2013, looks like the reminder of 2013 will be so different from prior years. And the 2014 will be so much different that prior years too.

By the way, this post got me in the middle of my East Coast Tour, more news soon.

To begin yesterday the Supreme court turn down DOMA the defense of marriage act signed by president Bill Clinton back in 1996 that defines marriage between a man a woman. A big victory for Gay rights and advocates of equality.

But what this decision means in practical matters? It means that the Federal government no longer can’t refuse to recognize all the federal benefits to gay married couples that were granted to heterosexual married couples, second class citizens. From now on gay married couples can file federal taxes together, can qualify for surviving spouse social security benefits, can sponsor a spouse for immigration purposes just like any other married couple in America, can be recognized as next of kin at the federal level, can have their surviving spouse rights recognized by the federal government, and this are the ones that I can think of the tip of mu head since I’m involved in the finances and taxes of my almost 200 clients.

This means the finances of this gay people will be boost from this federal benefits in the states that fully recognized gay marriages.

And I’m writing all of this while I’m following the final vote on immigration reform on CSPAM, which will be another boost for the economy and my business. It is 3:55pm and in 5 more minutes I’ll know if I’m going to have even more clients to reconcile their taxes for the past years, Think of you career and of all of the sudden
you get 11 million potential new clients in all America.

If this bill passes it means that every single undocumented individual will have the opportunity to have their immigration status back to current and with the chance to become citizens after 13 long years. For my accounting business I know a lot of undocumented individuals that own businesses, own a houses and work and have children born in America.

And since undocumented individuals do not qualify for a Social Security Card then no-residents individuals qualify for a Tax Identification Number, which is a number that works kind of a social security number but it can be used only to file taxes, so A lot of undocumented individuals file taxes with this TIN numbers, a lot of undocumented individuals do not file taxes because of the rhetoric that we all have heard for the past 10 years, “self-deportation”, “go back to your country and come back legally”, etc. and a lot more harsh language that lingers with bigotry from the far right in the politics. 

I’m not going to speak about politics here, I only speak about business and search for a better opportunities in life.

We all know that after the majority of Latino voters rejected the GOP now we have some of the GOP pushing for immigration reform as a way to distant themselves from the old damaging rhetoric that just made them lose the White House..

But do you think that undocumented individuals are just there with their little arms crossed and crying? NO, I have heard about this unthinkable campaign of the 13-5, which is undocumented individuals campaigning in the Latino communities to have the GOP reach 5% of the Latino vote in 13 years, the same years that the GOP wants undocumented individuals to obtain their citizenship. 13-5.

IMMIGRATION REFORM 2013: So far 68 YES VS 32 NO.  The bill had passed tin the Senate, now it is on its way to the House of representatives to be debated and a final vote.

OK, now I have to keep on preparing my company to the future flow of new clients that will be in need of my services. That is a lot of work on studying the new law; train all of my current and new tax accountants to be able to effectively help everybody.

Posted from O'hare Chicago airport, Illinois.