Wednesday, July 26, 2006

"...I Can't Save on Taxes This Way? That's Patently Absurd!!"

Kaye Thomas of Fairmark reports that the U. S. Patent Office has issued dozens of patents for specialized tax-savings plans. Therefore, it is not unrealistic to think that a technique that you or your tax professional have developed, especially for complex transactions, might be patented and subject to royalties. Although there is some risk of legal action, the more likely possibility is that a tax professional or financial institution may refuse to go along, leaving the taxpayer frustrated and with extra taxes to pay.

Congress is investigating and has indicated that these patents are contrary to Congressional intent. Appropriately so, only the most complex and esoteric of tax plans or strategies should even be considered for a patent.

UPDATE: Joe Kristen already addressed this at


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