SYSTEMS AND METHODS FOR DETERMINING TAXES OWED FOR FINANCIAL TRANSACTIONS CONDUCTED OVER A NETWORK
First Claim
1. A tax accounting system for financial transactions conducted with online merchants, the system comprising:
- a memory configured for storing one or more types of tax and corresponding taxation rates for each of one or more tax jurisdictions;
a processor configured for;
receiving information associated with a financial transaction conducted with an online merchant from a customer;
in response to receiving the information associated with the financial transaction, identifying one or more tax jurisdictions associated with the financial transaction;
in response to identifying the one or more tax jurisdictions associated with the financial transaction, querying the memory to determine whether one or more types of tax are associated with the one or more tax jurisdictions;
in response to determining that one or more types of tax are associated with the one or more tax jurisdictions, applying the corresponding taxation rates for each of the one or more types of tax to the information associated with the financial transaction to determine an amount of tax owed; and
in response to determining the amount of tax owed, transferring the amount of tax owed to one or more relevant tax authorities.
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Accused Products
Abstract
Various embodiments of the invention provide a more secure financial transaction system for e-commerce sectors that (1) more securely processes payment transactions, (2) helps to protect merchants and banks against fraudulent transactions, money laundering, and underage gambling, and (3) helps to limit other abuses in areas of e-commerce that are perceived to pose special risks, such as Internet gaming, travel, and consumer purchasing of electronic goods. To accomplish the above goals, various embodiments of the financial transaction system (1) establish operating and transaction processing protocols for merchants, Internet payment service providers, acquiring banks, and card schemes and (2) provide automated systems for monitoring and securely processing payment and financial transactions.
101 Citations
6 Claims
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1. A tax accounting system for financial transactions conducted with online merchants, the system comprising:
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a memory configured for storing one or more types of tax and corresponding taxation rates for each of one or more tax jurisdictions; a processor configured for; receiving information associated with a financial transaction conducted with an online merchant from a customer; in response to receiving the information associated with the financial transaction, identifying one or more tax jurisdictions associated with the financial transaction; in response to identifying the one or more tax jurisdictions associated with the financial transaction, querying the memory to determine whether one or more types of tax are associated with the one or more tax jurisdictions; in response to determining that one or more types of tax are associated with the one or more tax jurisdictions, applying the corresponding taxation rates for each of the one or more types of tax to the information associated with the financial transaction to determine an amount of tax owed; and in response to determining the amount of tax owed, transferring the amount of tax owed to one or more relevant tax authorities. - View Dependent Claims (2, 3, 4, 5)
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6. A method of accounting for taxes owed on financial transactions conducted with online merchants, the method comprising the steps of:
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receiving information associated with a financial transaction conducted with an online merchant from a customer; in response to receiving the information associated with the financial transaction, identifying one or more tax jurisdictions associated with the financial transaction; in response to identifying the one or more tax jurisdictions associated with the financial transaction, determining whether one or more types of tax are associated with the one or more tax jurisdictions; in response to determining that one or more types of tax are associated with the one or more tax jurisdictions, applying a taxation rate for each of the one or more types of tax corresponding to the one or more tax jurisdictions to the information associated with the financial transaction to determine an amount of tax owed; and in response to determining the amount of tax owed, transferring the amount of tax owed to one or more relevant tax authorities.
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Specification