Method and system for processing tax pertaining to a goods and services transaction

• US 20050261995A1
• Filed: 05/19/2005
• Published: 11/24/2005
• Est. Priority Date: 05/19/2004
• Status: Active Grant

• Current Assignee: Chemtron Research LLC (Intellectual Ventures LLC)
• Original Assignee: Turnberry Partners, LP
• Inventors: Phelan, William P.
• Granted Patent: US 7,890,395 B2
• Time in Patent Office: Days
• US Class Current: 705/31
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

A method and system for processing tax pertaining to a transaction between a seller and buyer. The transaction triggers a tax due to a tax imposing jurisdiction (TIJ). The transaction has been authorized to be financed for the tax due to the TIJ by a financing network. First transaction data fields are received as data that includes an indication of the tax due to the TIJ and is sufficient for determining the tax due to the TIJ. Second transaction data fields are generated as a copy of the first transaction data fields. A tax transaction identification is assigned to the transaction and appended to the second transaction data fields. An audit and verify process is performed on the second transaction data fields. Results of the audit and verify process are merged into the second transaction data fields. The second transaction data fields are transferred to a transaction data warehouse.

Claims

1. A method for processing tax pertaining to a goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

receiving first transaction data fields that include data pertaining to the transaction, said data including an initial indication of the tax due to each TIJ, said data being sufficient for determining the tax due to each TIJ;

generating second transaction data fields as a copy of the first transaction data fields;

assigning a tax transaction identification to the transaction; and

appending the assigned tax transaction identification to the second transaction data fields.

2. The method of claim 1, wherein the financing network is a credit card company.

3. The method of claim 1, said receiving comprising receiving the first transaction data fields from a data source comprising a data stream transmitted by the financing network or a database of the financing network.

4. The method of claim 3, said method further comprising appending the assigned unique tax transaction identification to the first transaction data fields within the data source.

5. The method of claim 3, wherein the data source is the data stream transmitted by the financing network, wherein the seller is a first seller and the buyer is a first buyer, wherein the first transaction data fields further include data pertaining to a different transaction, and wherein the different transaction is a goods and services transaction between a second seller and a second buyer.

6. The method of claim 5, wherein the first and second sellers are different sellers.

7. The method of claim 5, wherein the first and second buyers are different buyers.

8. The method of claim 1, wherein said receiving, ascertaining, generating, assigning, and appending are performed by an intercept processor.

9. The method of claim 1, wherein the seller is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

10. The method of claim 1, wherein the financing network is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

11. The method of claim 1, wherein a clearinghouse is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ, wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

12. The method of claim 1, wherein there is no legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

13. The method of claim 12, wherein the first TIJ was legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the first TIJ by the financing network.

14. The method of claim 1, wherein the at least one TIJ comprises a first TIJ and a second TIJ, and wherein the first and second TIJs are different TIJs.

15. The method of claim 14, wherein there is a first legal agent to the transaction for collection and payment of the tax due to the first TIJ, and wherein there is no legal agent to the transaction for collection and payment of the tax due to the second TIJ.

16. The method of claim 15, wherein the first legal agent is the seller, the financing network, or a clearinghouse, and wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

17. The method of claim 15, wherein the second TIJ was legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the second TIT by the financing network.

18. The method of claim 14, wherein there is a first legal agent to the transaction for collection and payment of the tax due to the first TIJ, wherein there is a second agent to the transaction for collection and payment of the tax due to the second TIJ, and wherein the first and second agents are different agents each selected from the group consisting of the seller, the financing network, and a clearinghouse, wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

19. The method of claim 1, said method further comprising:

performing an audit and verify process on the second transaction data fields to determine an extent to which the initial indication of the tax due to each TIJ is accurate, and

merging results of the audit and verify process into the second transaction data fields, said results including a verified tax due to each TIJ.

20. The method of claim 19, said method further comprising:

after said merging, transferring the second transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

114. The computer program product of claim 113, wherein after said receiving the method further comprises:

crediting an account each TIJ by the verified tax due to each TIJ;

debiting an account of the seller by the verified tax due to each TIJ; and

updating a transaction data warehouse to reflect the data pertaining to the paid-up transaction, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

116. The computer program product of claim 115, wherein performing the audit and verify process comprises unconditionally or conditionally performing:

recalculating the tax due to a first TIJ of the at least one TIJ as the verified tax due to the first TIJ, based on tax laws of the first TIJ applied to the transaction data fields; and

Comparing the recalculated tax due to the first TIJ with the initial indication of the tax due to the first TIJ to determine an extent to which the initial indication of the tax due to the first TIJ is accurate,

wherein said conditionally performing comprises determining whether the initial indication of the tax due to the first TIJ was certified by being calculated by software whose accuracy for calculating the initial indication of the tax due to the first TIJ has been certified by at least one independent party that is recognized by the first TIJ for said calculating.

117. The computer program product of claim 116, wherein performing the audit and verify process comprises unconditionally performing the audit and verify process.

118. The computer program product of claim 116, wherein performing the audit and verify process comprises conditionally performing the audit and verify process.

119. The computer program product of claim 118, wherein if said determining determines that the initial indication of the tax due to the first TIJ was not certified, then performing said recalculating and comparing.

120. The computer program product of claim 118, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then accepting said verified tax due to the first TIJ as being equal to the initial indication of the tax due to the first TIJ.

121. The computer program product of claim 118, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then:

executing a statistical sampling algorithm to decide whether to recalculate the tax due to the first TIJ;

if it is decided from executing the statistical sampling algorithm not to recalculate the tax due to the first TIJ, then not recalculating the tax due to each TIJ and accepting said verified tax due to the first TIJ as being equal to the first initial indication of the tax due to the first TIJ; and

if it is decided from executing the statistical sampling algorithm to recalculate the tax due to the first TIJ, then performing said recalculating and comparing.

21. A method for auditing and verifying tax pertaining to a goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

performing an audit and verify process on second transaction data fields of the transaction to determine an extent to which an initial indication of the tax due to each TIJ is accurate, said second transaction data fields including data pertaining to the transaction, said data including the initial indication of the tax due to each TIJ and a unique tax transaction identification that has been assigned to the transaction, said second transaction data fields being sufficient for determining the tax due to each TIT, said second transaction data fields initially generated by being copied from first transaction data fields having been received from a data source comprising a data stream transmitted by the financing network or a database of the financing network; and

merging results of the audit and verify process into the second transaction data fields, said results including a verified tax due to each TIJ.

22. The method of claim 21, wherein performing the audit and verify process comprises unconditionally or conditionally performing:

recalculating the tax due to a first TIJ of the at least one TIJ as the verified tax due to the first TIJ, based on tax laws of the first TIJ applied to the second transaction data fields; and

comparing the recalculated tax due to the first TIJ with the initial indication of the tax due to the first TIJ to determine an extent to which the initial indication of the tax due to the first TIJ is accurate,

wherein said conditionally performing comprises determining whether the initial indication of the tax due to the first TIJ was certified by being calculated by a software application whose accuracy for calculating the initial indication of the tax due to the first TIJ has been certified by at least one independent party that is recognized by the first TIJ for said calculating.

23. The method of claim 21, wherein performing the audit and verify process comprises unconditionally performing the audit and verify process.

24. The method of claim 21, wherein performing the audit and verify process comprises conditionally performing the audit and verify process.

25. The method of claim 24, wherein if said determining determines that the initial indication of the tax due to the first TIJ was not certified, then performing said recalculating and comparing.

26. The method of claim 24, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then accepting said verified tax due to the first TIJ as being equal to the initial indication of the tax due to the first TIJ.

27. The method of claim 24, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then:

executing a statistical sampling algorithm to decide whether to recalculate the tax due to the first TIJ;

if it is decided from executing the statistical sampling algorithm not to recalculate the tax due to the first TIJ, then not recalculating the tax due to each TIJ and accepting said verified tax due to the first TIJ as being equal to the first initial indication of the tax due to the first TIJ; and

if it is decided from executing the statistical sampling algorithm to recalculate the tax due to the first TIJ, then performing said recalculating and comparing.

28. The method of claim 21, wherein the results of the audit and verify process further comprise an indication that the audit and verify process has been completed.

29. The method of claim 28, wherein the assigned unique tax transaction identification has been appended to the first transaction data fields within the data source, and wherein said method further comprises adding the results of the audit and verify process to the first transaction data fields within the data source.

30. The method of claim 21, said method further comprising:

after said merging, transferring the second transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

31. A method for processing tax pertaining to an audited and verified goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

receiving second transaction data fields of the audited and verified goods and services transaction, said received transaction data fields including data pertaining to the transaction, said data including an initial indication of the tax due to each TIJ, a verified tax due to each TIJ, and a unique tax transaction identification that has been assigned to the transaction, said second transaction data fields initially generated by being copied from first transaction data fields having been received from a data source consisting of a data stream transmitted by the financing network or a database of the financing network; and

transferring the received transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

32. The method of claim 31, said assigned unique tax transaction identification having been appended to the first transaction data fields within the data source, said audited and verified second transaction data fields comprising audited and verified information, said audited and verified information having been merged into the first transaction data fields within the data source, a legal agent to the transaction existing for collection and payment of the tax due a first TIJ of the at least one TIJ, said method further comprising:

crediting an account of the first TIJ by the verified tax due to the first TIJ; and

debiting an account of the legal agent by the verified tax due to the first TIJ.

33. The method of claim 32, wherein the seller is the legal agent to the transaction for the collection and payment of the tax due to each TIJ.

34. The method of claim 32, wherein the financing network is the legal agent to the transaction for the collection and payment of the tax due to the first TIJ.

35. The method of claim 32, wherein a clearinghouse is the legal agent to the transaction for the collection and payment of the tax due to the first TIJ, and wherein the clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

36. The method of claim 32, wherein the transaction comprises a sale of merchandise by the seller to the buyer, wherein after said crediting and debiting the buyer has returned the merchandise to the seller after which the method further comprises:

subtracting the verified tax due to the first TIJ from the account of the first TIJ; and

adding the verified tax due to the first TIJ to the account of the legal agent.

37. The method of claim 31, wherein there is no legal agent to the transaction for the collection and payment of the tax due to a first TIJ of the at least one TIJ.

38. The method of claim 37, wherein the first TIJ is legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the first TIJ by the financing network.

39. A method for processing tax pertaining to a new or paid-up goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, said method comprising:

repetitively polling a transaction database until detecting a presence of new data in the transaction database, said new data denoting the transaction as a new transaction or denoting receipt of payment of the tax due to each TIJ for the transaction as a paid-up transaction.

40. The method of claim 39, wherein said repetitively polling results in detecting the new transaction after which the method further comprises:

receiving from the transaction database transaction data fields that include transaction data pertaining to the new transaction and including an initial indication of the tax due to each TIJ, said transaction data being sufficient for determining the tax due to each TIJ;

assigning a unique tax transaction identification to the transaction; and

appending the assigned unique tax transaction identification to the transaction data fields.

41. The method of claim 40, after appending the assigned unique tax transaction identification to the transaction data fields and after performance of an audit and verification processing of the transaction data fields having the assigned unique tax transaction identification appended thereto to generate audited and verified transaction data fields, the method further comprises:

integrating the audited and verified transaction data fields into the transaction database.

42. The method of claim 41, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

43. The method of claim 39, wherein said repetitively polling results in detecting the new transaction after which the method further comprises:

receiving from the transaction database transaction data fields that include data pertaining to the paid-up transaction and a verified tax due each TIT.

44. The method of claim 43, wherein after said receiving the method further comprises:

crediting an account each TIJ by the verified tax due to each TIJ;

debiting an account of the seller by the verified tax due to each TIJ; and

updating a transaction data warehouse to reflect the data pertaining to the paid-up transaction, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

45. A method for auditing and verifying tax pertaining to a new goods and services transaction between a seller and a buyer, said new transaction having a transaction value payable by the buyer and receivable by the seller, said new transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said new transaction being financed for the tax due to each TI by the seller who is a legal agent to the new transaction for collection and payment of the tax due to each TIJ, said method comprising:

performing an audit and verify process on transaction data fields of the new transaction to determine an extent to which an initial indication of the tax due to each TIJ is accurate, said transaction data fields including data pertaining to the transaction, said data including the initial indication of the tax due to each TIJ and a unique tax transaction identification that has been assigned to the transaction, said transaction data fields being sufficient for determining the tax due to each TIJ; and

merging results of the audit and verify process into the transaction data fields to generate audited and verified transaction data fields, said results including a verified tax due to each TIJ.

46. The method of claim 45, wherein performing the audit and verify process comprises unconditionally or conditionally performing:

recalculating the tax due to a first TIJ of the at least one TIJ as the verified tax due to the first TM, based on tax laws of the first TM applied to the transaction data fields; and

comparing the recalculated tax due to the first TIJ with the initial indication of the tax due to the first TIJ to determine an extent to which the initial indication of the tax due to the first TM is accurate,

wherein said conditionally performing comprises determining whether the initial indication of the tax due to the first TIJ was certified by being calculated by software whose accuracy for calculating the initial indication of the tax due to the first TM has been certified by at least one independent party that is recognized by the first TM for said calculating.

47. The method of claim 46, wherein performing the audit and verify process comprises unconditionally performing the audit and verify process.

48. The method of claim 46, wherein performing the audit and verify process comprises conditionally performing the audit and verify process.

49. The method of claim 48, wherein if said determining determines that the initial indication of the tax due to the first TIJ was not certified, then performing said recalculating and comparing.

50. The method of claim 48, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then accepting said verified tax due to the first TIJ as being equal to the initial indication of the tax due to the first TIJ.

51. The method of claim 48, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then:

executing a statistical sampling algorithm to decide whether to recalculate the tax due to the first TIJ;

if it is decided from executing the statistical sampling algorithm not to recalculate the tax due to the first TIJ, then not recalculating the tax due to each TIJ and accepting said verified tax due to the first TIJ as being equal to the first initial indication of the tax due to the first TIJ; and

if it is decided from executing the statistical sampling algorithm to recalculate the tax due to the first TIJ, then performing said recalculating and comparing.

52. The method of claim 45, wherein the results of the audit and verify process further comprise an indication that the audit and verify process has been completed.

53. The method of claim 45, wherein the method further comprises:

updating a prior version of the transaction data fields in a transaction database with the audited and verified transaction data fields, wherein the prior version exited before being audited and verified and before the unique tax transaction identification was assigned to the transaction

54. The method of claim 53, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

55. A method for processing tax pertaining to a new goods and services transaction between a seller and a buyer, said new transaction having been verified and audited to generate audited and verified transaction data fields, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, said method comprising:

updating a prior version of the transaction data fields in a transaction database with the audited and verified transaction data fields, wherein the prior version exited before being audited and verified and before the unique tax transaction identification was assigned to the transaction.

56. The method of claim 55, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

57. A method for processing tax pertaining to paid-up goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, transaction data fields that include data pertaining to the paid-up transaction and a verified tax due each TIJ having been received from a transaction database, said method comprising:

crediting an account each TIJ by the verified tax due to each TIJ; and

debiting an account of the seller by the verified tax due to each TIJ; and

updating a transaction data warehouse to reflect the data pertaining to the paid-up transaction, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

58. A database, said database being a transaction data warehouse, said database comprising:

transaction data fields of at least one goods and services transaction, each transaction being between a buyer and a seller, each transaction having a transaction value paid by the buyer and received by the seller, each transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ; and

for each transaction said transaction data fields comprising;

seller identification information relating to the seller, buyer identification information relating to the buyer, goods and services product classification data as defmed by laws of the at least one TIJ for classifying goods and/or services of said each transaction, an initial indication of the tax due to each TIJ of said each transaction, a unique tax transaction identification assigned to said each transaction, and a verified tax paid or due to be paid to each TIJ of said each transaction.

59. The database of claim 58, said transaction data fields for each transaction further comprising a type of the tax paid or due to be paid to each TIJ of said each transaction.

60. The database of claim 58, said transaction data fields for each transaction further comprising an indication that the transaction was audited and verified.

61. The database of claim 58, said transaction data fields further comprising for each transaction having a portion thereof not subject to tax an indication of said portion not subject to tax.

62. The database of claim 58, wherein for a transaction of the at least one transaction with respect to a first TIJ of the at least one TIJ, the transaction data fields further comprise an application certification number of a software application whose accuracy for calculating the initial indication of the tax due to the first TIJ has been certified by at least one independent party that is recognized by the first TIJ for said calculating.

63. A method for using a database, said database being a transaction data warehouse, said method comprising:

reading selected transaction data from transaction data fields in the database;

said transaction data fields pertaining to at least one goods and services transaction, each transaction being between a buyer and a seller, each transaction having a transaction value paid by the buyer and received by the seller, each transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ; and

for a transaction of the at least one transaction, said selected transaction data comprising at least one of;

an initial indication of the tax due to each TIJ of the transaction, a unique tax transaction identification assigned to the transaction, and a verified tax paid or due to be paid to each TIJ of the transaction, a type of the tax paid or due to be paid to each TIJ of the transaction, an indication that the transaction was audited and verified, an indication of a portion of the transaction not subject to tax, and an application certification number of a software application whose accuracy for calculating the initial indication of the tax due to the a first TIJ of the at least one TIJ has been certified by at least one independent party that is recognized by the first TIJ for said calculating.

64. The method of claim 63, wherein a clearinghouse is coupled to the database, wherein the clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ, and wherein the reading is performed by the clearinghouse.

65. The method of claim 63, wherein an application program interface (API) is coupled to the database, wherein a software application is coupled to the database through the API, and wherein the reading is performed by the software application.

66. The method of claim 65, wherein the software application is a legacy software application of a TIJ of the at least one TIJ.

67. The method of claim 65, wherein the software application is controlled by a financial institution associated with a TIJ of the at least one TIJ.

68. The method of claim 65, wherein the software application is a product or service software application used by a TIJ of the at least one TIJ.

69. The method of claim 65, wherein the software application is a custom software application of a financial institution that is associated with of a TIJ of the at least one TIJ.

70. The method of claim 65, wherein the software application is custom or product/service software application controlled by an electronic payment network or an electronic network.

71. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to a goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

receiving first transaction data fields that include data pertaining to the transaction, said data including an initial indication of the tax due to each TIJ, said data being sufficient for determining the tax due to each TIJ;

generating second transaction data fields as a copy of the first transaction data fields;

assigning a tax transaction identification to the transaction; and

appending the assigned tax transaction identification to the second transaction data fields.

72. The computer program product of claim 71, wherein the financing network is a credit card company.

73. The computer program product of claim 71, said receiving comprising receiving the first transaction data fields from a data source comprising a data stream transmitted by the financing network or a database of the financing network.

74. The computer program product of claim 73, said method further comprising appending the assigned unique tax transaction identification to the first transaction data fields within the data source.

75. The computer program product of claim 73, wherein the data source is the data stream transmitted by the financing network, wherein the seller is a first seller and the buyer is a first buyer, wherein the first transaction data fields further include data pertaining to a different transaction, and wherein the different transaction is a goods and services transaction between a second seller and a second buyer.

76. The computer program product of claim 75, wherein the first and second sellers are different sellers.

77. The computer program product of claim 75, wherein the first and second buyers are different buyers.

78. The computer program product of claim 71, wherein said receiving, ascertaining, generating, assigning, and appending are performed by an intercept processor.

79. The computer program product of claim 71, wherein the seller is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

80. The computer program product of claim 71, wherein the financing network is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

81. The computer program product of claim 71, wherein a clearinghouse is a legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ, wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

82. The computer program product of claim 71, wherein there is no legal agent to the transaction for collection and payment of the tax due to a first TIJ of the at least one TIJ.

83. The computer program product of claim 82, wherein the first TIJ was legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the first TIJ by the financing network.

84. The computer program product of claim 71, wherein the at least one TIJ comprises a first TIJ and a second TIJ, and wherein the first and second TIJs are different TIJs.

85. The computer program product of claim 84, wherein there is a first legal agent to the transaction for collection and payment of the tax due to the first TIJ, and wherein there is no legal agent to the transaction for collection and payment of the tax due to the second TIJ.

86. The computer program product of claim 85, wherein the first legal agent is the seller, the financing network, or a clearinghouse, and wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

87. The computer program product of claim 85, wherein the second TIJ was legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the second TIJ by the financing network.

88. The computer program product of claim 84, wherein there is a first legal agent to the transaction for collection and payment of the tax due to the first TIJ, wherein there is a second agent to the transaction for collection and payment of the tax due to the second TIJ, and wherein the first and second agents are different agents each selected from the group consisting of the seller, the financing network, and a clearinghouse, wherein the clearinghouse is adapted to make transaction data stored in a transaction data warehouse available to the at least one TIJ.

89. The computer program product of claim 71, said method further comprising:

performing an audit and verify process on the second transaction data fields to determine an extent to which the initial indication of the tax due to each TIJ is accurate, and

merging results of the audit and verify process into the second transaction data fields, said results including a verified tax due to each TIJ.

90. The computer program product of claim 89, said method further comprising:

after said merging, transferring the second transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

91. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for auditing and verifying tax pertaining to a goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

performing an audit and verify process on second transaction data fields of the transaction to determine an extent to which an initial indication of the tax due to each TIJ is accurate, said second transaction data fields including data pertaining to the transaction, said data including the initial indication of the tax due to each TIJ and a unique tax transaction identification that has been assigned to the transaction, said second transaction data fields being sufficient for determining the tax due to each TIJ, said second transaction data fields initially generated by being copied from first transaction data fields having been received from a data source comprising a data stream transmitted by the financing network or a database of the financing network; and

merging results of the audit and verify process into the second transaction data fields, said results including a verified tax due to each TIJ.

92. The computer program product of claim 91, wherein performing the audit and verify process comprises unconditionally or conditionally performing:

recalculating the tax due to a first TIJ of the at least one TIJ as the verified tax due to the first TIJ, based on tax laws of the first TIJ applied to the second transaction data fields; and

comparing the recalculated tax due to the first TIJ with the initial indication of the tax due to the first TIJ to determine an extent to which the initial indication of the tax due to the first TIJ is accurate,

wherein said conditionally performing comprises determining whether the initial indication of the tax due to the first TIJ was certified by being calculated by a software application whose accuracy for calculating the initial indication of the tax due to the first TIJ has been certified by at least one independent party that is recognized by the first TIJ for said calculating.

93. The computer program product of claim 91, wherein performing the audit and verify process comprises unconditionally performing the audit and verify process.

94. The computer program product of claim 91, wherein performing the audit and verify process comprises conditionally performing the audit and verify process.

95. The computer program product of claim 94, wherein if said determining determines that the initial indication of the tax due to the first TIJ was not certified, then performing said recalculating and comparing.

96. The computer program product of claim 94, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then accepting said verified tax due to the first TIJ as being equal to the initial indication of the tax due to the first TIJ.

97. The computer program product of claim 94, wherein if said determining determines that the initial indication of the tax due to the first TIJ was certified, then:

executing a statistical sampling algorithm to decide whether to recalculate the tax due to the first TIJ;

if it is decided from executing the statistical sampling algorithm not to recalculate the tax due to the first TIJ, then not recalculating the tax due to each TIJ and accepting said verified tax due to the first TIJ as being equal to the first initial indication of the tax due to the first TIJ; and

if it is decided from executing the statistical sampling algorithm to recalculate the tax due to the first TIJ, then performing said recalculating and comparing.

98. The computer program product of claim 91, wherein the results of the audit and verify process further comprise an indication that the audit and verify process has been completed.

99. The computer program product of claim 98, wherein the assigned unique tax transaction identification has been appended to the first transaction data fields within the data source, and wherein said method further comprises adding the results of the audit and verify process to the first transaction data fields within the data source.

100. The computer program product of claim 91, said method further comprising:

after said merging, transferring the second transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

101. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to an audited and verified goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising:

receiving second transaction data fields of the audited and verified goods and services transaction, said received transaction data fields including data pertaining to the transaction, said data including an initial indication of the tax due to each TIJ, a verified tax due to each TIJ, and a unique tax transaction identification that has been assigned to the transaction, said second transaction data fields initially generated by being copied from first transaction data fields having been received from a data source consisting of a data stream transmitted by the financing network or a database of the financing network; and

transferring the received transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

102. The computer program product of claim 101, said assigned unique tax transaction identification having been appended to the first transaction data fields within the data source, said audited and verified second transaction data fields comprising audited and verified information, said audited and verified information having been merged into the first transaction data fields within the data source, a legal agent to the transaction existing for collection and payment of the tax due a first TIJ of the at least one TIJ, said method further comprising:

crediting an account of the first TIJ by the verified tax due to the first TIJ; and

debiting an account of the legal agent by the verified tax due to the first TIJ.

103. The computer program product of claim 102, wherein the seller is the legal agent to the transaction for the collection and payment of the tax due to each TIJ.

104. The computer program product of claim 102, wherein the financing network is the legal agent to the transaction for the collection and payment of the tax due to the first TIJ.

105. The computer program product of claim 102, wherein a clearinghouse is the legal agent to the transaction for the collection and payment of the tax due to the first TIT, and wherein the clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.

106. The computer program product of claim 102, wherein the transaction comprises a sale of merchandise by the seller to the buyer, wherein after said crediting and debiting the buyer has returned the merchandise to the seller after which the method further comprises:

subtracting the verified tax due to the first TIJ from the account of the first TIJ; and

adding the verified tax due to the first TIJ to the account of the legal agent.

107. The computer program product of claim 101, wherein there is no legal agent to the transaction for the collection and payment of the tax due to a first TIJ of the at least one TIJ.

108. The computer program product of claim 107, wherein the first TIJ is legally entitled to receive its tax due when the transaction was authorized to be financed for the tax due to the first TIJ by the financing network.

110. The computer program product of claim 104, wherein said repetitively polling results in detecting the new transaction after which the method further comprises:

receiving from the transaction database transaction data fields that include transaction data pertaining to the new transaction and including an initial indication of the tax due to each TIJ, said transaction data being sufficient for determining the tax due to each TIJ;

assigning a unique tax transaction identification to the transaction; and

appending the assigned unique tax transaction identification to the transaction data fields.

111. The computer program product of claim 110, after appending the assigned unique tax transaction identification to the transaction data fields and after performance of an audit and verification processing of the transaction data fields having the assigned unique tax transaction identification appended thereto to generate audited and verified transaction data fields, the method further comprises:

integrating the audited and verified transaction data fields into the transaction database.

112. The computer program product of claim 111, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

113. The computer program product of claim 104, wherein said repetitively polling results in detecting the new transaction after which the method further comprises:

receiving from the transaction database transaction data fields that include data pertaining to the paid-up transaction and a verified tax due each TIJ.

109. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to a new or paid-up goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, said method comprising:

repetitively polling a transaction database until detecting a presence of new data in the transaction database, said new data denoting the transaction as a new transaction or denoting receipt of payment of the tax due to each TIJ for the transaction as a paid-up transaction.

115. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for auditing and verifying tax pertaining to a new goods and services transaction between a seller and a buyer, said new transaction having a transaction value payable by the buyer and receivable by the seller, said new transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said new transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the new transaction for collection and payment of the tax due to each TIJ, said method comprising:

performing an audit and verify process on transaction data fields of the new transaction to determine an extent to which an initial indication of the tax due to each TIJ is accurate, said transaction data fields including data pertaining to the transaction, said data including the initial indication of the tax due to each TIJ and a unique tax transaction identification that has been assigned to the transaction, said transaction data fields being sufficient for determining the tax due to each TIJ; and

merging results of the audit and verify process into the transaction data fields to generate audited and verified transaction data fields, said results including a verified tax due to each TIJ.

122. The computer program product of claim 115, wherein the results of the audit and verify process further comprise an indication that the audit and verify process has been completed.

123. The computer program product of claim 115, wherein the method further comprises:

updating a prior version of the transaction data fields in a transaction database with the audited and verified transaction data fields, wherein the prior version exited before being audited and verified and before the unique tax transaction identification was assigned to the transaction

124. The computer program product of claim 123, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

125. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to a new goods and services transaction between a seller and a buyer, said new transaction having been verified and audited to generate audited and verified transaction data fields, said transaction-having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIT, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, said method comprising:

updating a prior version of the transaction data fields in a transaction database with the audited and verified transaction data fields, wherein the prior version exited before being audited and verified and before the unique tax transaction identification was assigned to the transaction.

126. The computer program product of claim 125, wherein the method further comprises:

transferring the audited and verified transaction data fields to a transaction data warehouse, wherein a clearinghouse is adapted to make the audited and verified transaction data fields available to each TIJ.

127. A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to paid-up goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction being financed for the tax due to each TIJ by the seller who is a legal agent to the transaction for collection and payment of the tax due to each TIJ, transaction data fields that include data pertaining to the paid-up transaction and a verified tax due each TIJ having been received from a transaction database, said method comprising:

crediting an account each TIJ by the verified tax due to each TIJ; and

debiting an account of the seller by the verified tax due to each TIJ; and

updating a transaction data warehouse to reflect the data pertaining to the paid-up transaction, wherein a clearinghouse is adapted to make transaction data stored in the transaction data warehouse available to the at least one TIJ.