Favored client advance with audit protection method
First Claim
1. A method for granting advances and loans based upon an anticipated income tax refund prior to the preparation of the income tax return comprising the steps of:
- qualifying a client for a loan;
completing an application for said loan;
transmitting said application to a central processing center;
verifying that said client has no loans set against said anticipated income tax refund;
verifying that adequate funds are anticipated from said anticipated income tax return to process said loan;
obtaining acceptance of said loan from the client;
transferring an amount of money equal to said loan to said client;
preparing an income tax return including compiling and preparing proper documentation;
filing said income tax return with proper documentation when completed;
receiving said income tax refund into a receiving account;
recovering said amount of money together with at least one fee from said receiving account; and
returning any remaining amounts of money belonging to said client to said client.
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Accused Products
Abstract
A method for providing advances to a taxpayer based upon an anticipated income tax refund amount prior to the preparation and filing of the income tax return. The method comprising the steps of qualifying a taxpayer for an advance, preparing an application for the advance, transmitting the application to a central processing center; verifying that the client has no loans or offsets against the refund; verifying that a desired minimum amount of money is anticipated from the income tax return; issuing the advance; preparing the income tax return and collecting the amount of the advance along with additional fees from the received income tax return. An additional feature of providing prepaid tax preparer services is also included in the method.
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Citations
14 Claims
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1. A method for granting advances and loans based upon an anticipated income tax refund prior to the preparation of the income tax return comprising the steps of:
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qualifying a client for a loan;
completing an application for said loan;
transmitting said application to a central processing center;
verifying that said client has no loans set against said anticipated income tax refund;
verifying that adequate funds are anticipated from said anticipated income tax return to process said loan;
obtaining acceptance of said loan from the client;
transferring an amount of money equal to said loan to said client;
preparing an income tax return including compiling and preparing proper documentation;
filing said income tax return with proper documentation when completed;
receiving said income tax refund into a receiving account;
recovering said amount of money together with at least one fee from said receiving account; and
returning any remaining amounts of money belonging to said client to said client. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for providing pre-purchased tax preparer services in conjunction with a system for granting loans, comprising the steps of;
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identifying tax returns as being potentially targeted for review by the Internal Revenue Service;
contracting with a taxpayer to provide a level of services in the event of a review by the Internal Revenue Service in exchange for a fee paid in advance;
receiving the fee from the taxpayer; and
performing the services contracted for when obligated by said contract. - View Dependent Claims (11, 12)
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13. The method of claim 13 wherein the step of issuing said check is performed at least two weeks prior to the step of preparing the federal income tax return.
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14. A method for operating a self-funding, instant loan, qualification, issuance and collection program based upon an anticipated income tax refund comprising the steps of:
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qualifying a client for a loan based upon a variety of factors, including the absence of an offset against a federal income tax return;
completing an application for said loan using a computer processing program;
transmitting said application to a central processing center;
verifying that the client has no other loans to reduce the amount of said anticipated refund;
verifying that a desired minimum amount of money is anticipated from said anticipated income tax return;
verifying that sufficient funds exist in a loan dispersing account to grant the loan;
obtaining a signature from said client accepting the loan and its terms;
issuing a check drawn on a loan dispersing account;
preparing an income tax return for said client;
determining if said income tax return is likely to be targeted for review by a government agency known as the Internal Revenue Service;
contracting with said client to provide a level of services in the event of a review by the Internal Revenue Service in exchange for a fee paid in advance;
receiving said fee from the client;
depositing a portion of the fee into the loan dispersal account;
filing said income tax return;
receiving an income tax refund into a receiving account;
recovering an amount of money equal to said loan together with a designated processing fee from said receiving account; and
dispersing to said client an amount of money equal to said income tax refund less said amount recovered;
whereby the funds collected from clients in contracting for future services comprise a body of funds from which loans can be made and the collection of said loans is provided by direct deposit from the Internal Revenue Service into a deposit account.
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Specification