Wednesday, September 12, 2007

U S House of Representatives: No Tax Strategy Patents

In passing patent protection law for technology companies, the House, by a 220-175 vote, included a provision which protected accounting firms from suits related to "tax planning methods." Congress took the position that patented tax strategies were inconsistent with revenue raising and also would decrease competition in the tax preparation industry. AICPA President Barry Melancon praised the legislation for protecting equity in the tax system. He noted that over 50 patents were already in place.

As stated here on other occasions, along with most other bloggers, I believe that tax strategy patents definitely were not in the best interest of tax preparation customers and the large majority of CPA firms and other tax preparers. I commend the House for its decision.


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