Method, system and computer program product for facilitating a tax transaction
First Claim
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1. A method for managing a tax transaction, comprising the steps of:
- (a) accessing a transaction tax compliance processor having at least one selling/purchasing system at a remote location;
(b) receiving and sending transaction information from the at least one system to said processor;
(c) calculating an applicable tax liability by said processor; and
(d) sending the applicable tax liability to the at least one system.
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Abstract
A transaction tax compliance system having a transaction tax compliance processor which receives transaction information from selling/purchasing input systems and returns, stores, and reports the tax liabilities caused by the transaction event.
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Citations
32 Claims
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1. A method for managing a tax transaction, comprising the steps of:
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(a) accessing a transaction tax compliance processor having at least one selling/purchasing system at a remote location;
(b) receiving and sending transaction information from the at least one system to said processor;
(c) calculating an applicable tax liability by said processor; and
(d) sending the applicable tax liability to the at least one system. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A method for determining the appropriate tax exemption, comprising the steps of:
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(a) accessing an appropriate exemption database; and
(b) comparing at least one of a purchased or sold commodity, purchaser exemption, seller exemption, or specified intended use with the appropriate exemption database.
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20. A method for verifying the appropriate tax exemption, comprising:
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(a) accessing an appropriate exemption database; and
(b) comparing at least one of a purchased or sold commodity, purchaser exemption, seller exemption, or specified intended use with the appropriate exemption database. - View Dependent Claims (21, 22, 23, 24)
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25. A system for managing taxable transactions, comprising the steps of:
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(a) accessing a transaction tax processor with at least one seller/purchaser system at a remote location;
(b) receiving and sending transaction information from the at least one system to the processor;
(c) calculating an applicable tax liability by said processor; and
(d) sending the applicable tax amount to the at least one system.
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26. A computer program product comprising:
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a computer-readable medium; and
computer program instructions stored on the computer-readable medium, wherein the computer program instructions, when executed by a computer, direct the computer to perform a method for (a) accessing a transaction tax processor with at least one seller/purchaser system at a remote location;
(b) receiving and sending transaction information from the at least one system to the processor;
(c) calculating an applicable tax liability by said processor; and
(d) sending the applicable tax amount to the at least one system.
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27. A system for managing tax compliance, comprising:
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a verification database in which at least one of appropriate tax exemptions, appropriate taxing rate and fees, and jurisdiction locations are stored; and
a tax transaction processor having an input for receiving from a remote location, transaction information and an output providing an applicable tax for the transaction from the verification database.
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28. A method for determining an applicable tax to a transaction, comprising:
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receiving information from a remote location indicating at least one of the transacted commodity, the transaction amount, purchaser exemption, seller exemption, and use of the transacted commodity;
calculating an applicable tax liability based on the received information; and
storing the calculated information as the appropriate applicable tax. - View Dependent Claims (29, 30, 31)
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32. A digital information product, comprising:
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a computer-readable medium; and
information stored on the computer-readable medium and defining data suitable for calculating an applicable tax liability for a transaction occurring at a remote location.
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Specification