Method to transfer sales tax in real time from point of sale to a collecting government agency

• US 20100306071A1
• Filed: 05/28/2010
• Published: 12/02/2010
• Est. Priority Date: 06/01/2009
• Status: Abandoned Application

• Current Assignee: James E. Kay
• Original Assignee: James E. Kay
• Inventors: Kay, James E.
• Application Number:
  US12/802,048
• Publication Number:
  US 20100306071A1
• Time in Patent Office: Days
• US Class Current: 705/19
• CPC Class Codes: G06Q 20/207 Tax processing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 50/26 Government or public services business processes related to the transportation industry G06Q50/40

Abstract

A method begins when a merchant sells to a retail consumer. The consumer then pays the merchant by credit card or debit card. The terminal of the merchant collects the sales data and transmits the sales data to a processor along with the sales revenue. The processor determines the geographic location of the merchant or the customer and the type of goods and services purchased, and then refers to an electronic table of tax rates by taxing authority. The processor then calculates the appropriate sales taxes and its commission upon a computer system. The processor then divides the sales taxes and commission from the sales revenue from immediate deposit to a collecting government agency and the merchant respectively. The method collects sales data upon the terminal or keypad of the merchant at the point of sale.

Claims

1. A method for dividing sales taxes from sales revenue of a retail sale between a customer and a merchant for deposit with a collecting government agency and a merchant in real time, a processor operating between the merchant and the collecting government agency, comprising:

collecting retail sales information and sales revenue at a point of sale upon a terminal, said retail sales information including merchant name, merchant location, customer name, customer location, type of goods purchased, type of services purchased, tips, and form of payment;

assembling said retail sales information from a plurality of terminals of a merchant;

transmitting said retail sales information and said sales revenue from said plurality of merchant terminals to a processor via an electronic network;

determining a geographic position of one of a merchant and a customer upon a computer system of said processor;

selecting a tax rate from said geographic position out of an electronic table of geographic tax rates upon the computer system of said processor;

calculating sales taxes due using a selected tax rate applied to said retail sales information upon the computer system of said processor;

dividing sales taxes from sales revenue upon the computer system of said processor; and

,

depositing sales taxes with a collecting government agency and sales revenue with said merchant by the computer system of said processor in a timely manner.

2. The method of dividing sales taxes from sales revenue of claim 1 further comprising:

said selecting a tax rate identifying the type of goods purchased at a retail sale, then further selecting a tax rate from said type of goods from an electronic table of type of goods tax rates upon the computer system of said processor.

3. The method of dividing sales taxes from sales revenue of claim 1 further comprising:

said selecting a tax rate identifying the type of service purchased at a retail sale, then further selecting a tax rate from said type of service from an electronic table of type of service tax rates upon the computer system of said processor.

4. The method of dividing sales taxes from sales revenue of claim 1 further comprising:

said calculating sales taxes excluding tips.

5. The method of dividing sales taxes from sales revenue of claim 1 wherein said collecting retail sales information includes form of payment being one of credit card and debit card.

6. The method of dividing sales taxes from sales revenue of claim 1 further comprising:

said calculating sales taxes due further calculating a commission due said processor;

said depositing sales taxes further depositing sales revenue with a merchant less the commission due said processor.

7. The method of dividing sales taxes from sales revenue of claim 1 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within forty eight hours of a retail sale.

8. The method of dividing sales taxes from sales revenue of claim 7 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within twenty four hours of a retail sale.

9. The method of dividing sales taxes from sales revenue of claim 7 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within eight hours of a retail sale.

10. A method of entering sales and sales tax information upon a sale between a customer and a merchant and dividing sales taxes from sales revenue for real time deposit with a collecting government agency and the merchant, further comprising:

collecting retail sales information and sales revenue at a point of sale, said retail sales information including merchant name, merchant location, customer name, customer location, type of goods purchased, type of services purchased, tips, and form of payment being one of credit card or debit card;

assembling retail sales information from a plurality of terminals of a merchant;

determining a geographic position of one of a merchant and a customer upon a computer system of said processor;

selecting a tax rate from said geographic position from an electronic table of position tax rates upon the computer system of said processor, identifying the types of goods and services purchased at a retail sale, and then further selecting a tax rate from said types of goods and services purchased from an electronic table of types of goods and services tax rates upon the computer system of said processor;

calculating sales taxes due using a selected tax rate applied to said retail sales information upon the computer system of said processor and filing of documents with a collecting government agency, and calculating commission due said processor;

dividing sales taxes from sales revenue and commission due said processor from sales revenue upon the computer system of said processor; and

,

depositing sales taxes with a collecting government agency and sales revenue with a merchant by the computer system of said processor in a timely manner.

11. The method of dividing sales taxes from sales revenue of claim 10 further comprising:

said calculating sales taxes excluding tips.

12. The method of dividing sales taxes from sales revenue of claim 10 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within forty eight hours of a retail sale.

13. The method of dividing sales taxes from sales revenue of claim 10 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within twenty four hours of a retail sale.

14. The method of dividing sales taxes from sales revenue of claim 10 wherein said depositing sales taxes with a collecting government agency and sales revenue with said merchant occurs within eight hours of a retail sale.