Persistence Results in Protecting Taxpayers
It was a five-year battle, but working together the AICPA and state CPA societies were gratified when President Obama on Sept. 16 signed into law a bill that includes a provision to prevent the issuance of new patents on tax strategies. We asked so many of you to send letters, and state CPA societies and members responded each time. Details on the harm tax patents could cause are discussed in this AICPA Insights blog post.
Tax strategy patents now become one of only a handful of patent types that the Patent & Trademark Office is prohibited from issuing, which includes medical procedures, nuclear technology and, now, tax strategies.
I would like to thank each of the AICPA staff, members, states, committees and others who participated in this advocacy effort, which marks a huge victory for both the public and the CPA profession.
It is important to note that existing tax strategy patents remain in effect so tax practitioners still need to remain vigilant. Patent applications pending as of Sept. 16 were discontinued and no new applications are allowed.
This victory shows the positive results that stem from collaborative and persistent efforts when it comes to getting legislation enacted. Congratulations to those who played a part in this process. On behalf of taxpayers and the profession, I thank you.
Barry C. Melancon, CPA, President and CEO, American Institute of CPAs.