House passes tax bill, benefits for same-sex couples – KPMG

KPMG reports that the U.S. House of Representatives yesterday evening passed, by voice vote, H.R. 3299, the “Promoting Respect for Individuals’ Dignity and Equality (PRIDE) Act of 2019,” a bill that would amend the Internal Revenue Code to clarify that all provisions apply to legally married same-sex couples in the same manner as to other married couples. It also would allow legally married same-sex couples to change their filing status for federal income tax returns outside the statute of limitations.

Prior to floor consideration, an amendment was added to the bill reported previously by the Ways and Means Committee. The amendment includes a provision that would increase the section 6651(a)(1) minimum failure to file penalty from $330 to $435.  This penalty was recently increased to $330 from $205, and a future inflation adjustment was added, by H.R. 3151, the “Taxpayer First Act,” which became Pub. L. No. 116-25 on July 1, 2019.

Read the statutory language of the House-passed bill: H.R. 3299

See KPMG Report: House passes tax bill, benefits for same-sex couples – KPMG United States

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

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