The Financial Planning Association (FPA) is cheering a vote by the U.S. Senate Committee on the Judiciary, commending it for sending the Patent Reform Act of 2011 to the full Senate for a vote.
At issue is the current practice of "patenting tax strategies," which the FPA says, "has hindered the financial planning process for both practitioners and consumers."
"The Committee's action on this bill is a tremendous step on behalf of taxpayers and their financial planners," Marvin W. Tuttle (left), executive director and CEO of the FPA, said in an announcement. "The practice of patenting a specific strategy is like a football team laying claim to the Hail Mary and forbidding other teams to use it in their playbook. FPA encourages the Senate to put American taxpayers first and pass the bill, which will lift the burden that has been unnecessarily inflicted on the tax and planning process."
