Method, system and computer program product for facilitating a tax transaction

• US 20030093320A1
• Filed: 11/18/2002
• Published: 05/15/2003
• Est. Priority Date: 11/18/2002
• Status: Abandoned Application

• Current Assignee: govONE Solutions LP (Fiserv Incorporated)
• Original Assignee: govONE Solutions LP (Fiserv Incorporated)
• Inventors: Sullivan, Daniel L.
• Application Number:
  US10/169,250
• Publication Number:
  US 20030093320A1
• Time in Patent Office: Days
• US Class Current: 705/19
• CPC Class Codes: G06Q 20/207 Tax processing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

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.

Claims

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.

2. The method as claimed in claim 1, wherein accessing the transaction tax compliance processor is automatically initiated by the system.

3. The method as claimed in claim 1, wherein accessing the transaction tax compliance processor, calculating the applicable tax liability, storing the transaction information, and sending the applicable tax liability to the system are accomplished in real-time.

4. The method as claimed in claim 1, wherein accessing the transaction tax compliance processor, sending the transaction information, and sending the applicable tax information to the system are accomplished over a global computer network.

5. The method as claimed in claim 1, further comprising determining an appropriate transaction tax exemption based on at least one of the following:

the taxable status of a commodity purchased or sold, the taxable status of the entity purchasing or selling the product or service, or the taxability of the use to which the commodity will be put.

6. The method as claimed in claim 5, wherein determining the exemption authorization is determined automatically by the transaction tax compliance processor.

7. The method as claimed in claim 5, wherein determining the tax exemption authorization is determined in real-time.

8. The method as claimed in claim 3, wherein payment for use of the tax transaction processor is made to a maintainer of the transaction tax processor by a remote user.

9. The method as claimed in claim 3, further comprising initiating access to the transaction tax compliance processor from the remote location by the system.

10. The method as claimed in claim 9, wherein access is initiated through an electronic means.

11. The method as claimed in claim 10, wherein the electronic means includes a graphical user interface.

12. The method as claimed in claim 11, wherein the graphical user interface includes a palm held computing device interface.

13. The method as claimed in claim 10, wherein electronic means includes a global computer network.

14. The method as claimed in claim 3, wherein the applicable tax liability includes at least one of international taxes, federal taxes, state or provincial taxes, and local taxes.

15. The method as claimed in claim 14, wherein the applicable tax includes international taxes, federal taxes, state and provincial taxes, and local taxes.

16. The method as claimed in claim 3, wherein the applicable tax liability includes at least one of customs, excise, sales, and use taxes, gross receipts taxes, utility taxes, business and occupation taxes, and value added taxes.

17. The method as claimed in claim 3, wherein the transaction tax compliance processor determines the possible tax jurisdictions for the transaction.

18. The method as claimed in claim 10, wherein the electronic means includes a credit card transaction system.

19. A method for determining the appropriate tax exemption, comprising the steps of:

(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.

20. A method for verifying the appropriate tax exemption, comprising:

(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.

21. The method as claimed in claim 20, wherein accessing the appropriate database is accomplished from a remote location.

22. The method as claimed in claim 21, wherein accessing the appropriate database includes communication over a global computer network.

23. The method as claimed in claim 20, wherein accessing and verifying the appropriate tax exemptions are accomplished in real-time.

24. The method as claimed in claim 20, wherein appropriate validation of tax exemption is accomplished automatically and is initiated at a seller/purchaser location.

25. A system for managing taxable transactions, comprising the steps of:

(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.

26. A computer program product comprising:

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.

27. A system for managing tax compliance, comprising:

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.

28. A method for determining an applicable tax to a transaction, comprising:

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.

29. The method as claimed in claim 28, further comprising the step of storing the calculated information in a tax liability database.

30. The method as claimed in claim 29, further comprising the step of transferring the data stored to a tax return from.

31. The method as claimed in claim 28, further comprising the step of transferring the calculated information to the remote location.

32. A digital information product, comprising:

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.