Paul L. Caron

Friday, February 1, 2008

ABA Tax Section Submits Comments on Proposed Regs on Tax Strategy Patents

The ABA Tax Section has submitted comments to the IRS on the Proposed §§ 6011 and 6111 Regs on Tax Strategy Patents:

These Comments provide background information relating to the Proposed Regulations, and make the following observations and recommendations:

  • Tax patent information is necessary in order that the IRS and Treasury Department may assess the actual or potential impact on tax administration and tax policy, and respond accordingly.
  • In light of the timeline for the patent application process, timely receipt and review of information relating to tax patent applications is essential.
  • The effective dates set forth in the Proposed Regulations may need to be adjusted when the rules are finalized.
  • The IRS should maintain an ongoing review of published tax patents and tax patent applications.
  • The Treasury and IRS should consider additional efforts that may be appropriate to inform taxpayers and practitioners regarding patented tax strategies, and to address the concern noted in the preamble to the Proposed Regulations that a patent for tax advice or a tax strategy might be incorrectly interpreted as approval by the Treasury and IRS of the transaction.

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