Financial Services Industry
Industry: Email Alert RSS FeedAICPA Comments on Tax Patents as Reportable Transactions, Regulations on Cafeteria Plans
CPA Letter, The, March, 2008 by Anonymous
The AICPA has submitted comments to the Internal Revenue Service and the Treasury Department on proposed regulations that would treat tax strategy patents as reportable transactions and require taxpayers to notify the 1RS of their use on their tax returns. The AICPA said it appreciates that Treasury is exploring ways to address the proliferation of tax strategy patents, but emphasized that legislation is the best way to stop their growth. The AICPA said it strongly opposes tax strategy patents because of the negative impact they have on taxpayers, tax professionals and on tax administration. Instead of the reporting regime outlined in the proposed regulations, the AICPA believes Treasury, the IRS and the U.S. Patent and Trademark Office should establish better coordination...
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