Tax refund system
First Claim
1. A computerized method for providing a tax refund to a taxpayer comprising:
- preparing at a computer an electronic tax return for a taxpayer;
determining from said electronic tax return for said taxpayer a tax refund from a taxing authority;
offering said taxpayer an option of receiving at least a portion of said tax refund on a spending vehicle, said spending vehicle provided by a financial institution that agrees;
(a) to accept an assignment of right entitling said financial institution to retain said at least a portion of said tax refund;
(b) to issue said spending vehicle to said taxpayer in exchange for said assignment of right; and
(c) to issue said spending vehicle in an amount greater than said at least a portion of said tax refund assigned to said financial institution;
receiving from said taxpayer an assignment of right allocating said at least a portion of said tax refund to said financial institution and entitling said financial institution rather than said taxpayer to receive and retain said at least a portion of said tax refund in exchange for issuing said spending vehicle and wherein said assignment does not further comprise a loan agreement between said taxpayer and said financial institution wherein said loan agreement is subject to regulatory banking laws;
electronically filing with said taxing authority said electronic tax return for said taxpayer;
receiving at a third party computer from said taxing authority assurance that said tax refund is forthcoming; and
transmitting electronically from said third party computer to a computer at said financial institution information to assist in issuing said spending vehicle to said taxpayer.
0 Assignments
0 Petitions
Accused Products
Abstract
A tax refund system is disclosed in which in exchange for a taxpayer assigning all or a portion of his or her tax refund, a participating provider provides to the taxpayer a spending vehicle with buying power at participating outlets. Tax return data for an individual'"'"'s tax return is processed by the IRS. A taxpayer consents to using a portion of the tax return data to acquire a spending vehicle from a financial institution of the taxpayer'"'"'s choosing. Using a portion of the tax return data, the IRS arranges to electronically transfer an amount related to the taxpayer'"'"'s refund to an account at the financial institution selected by the taxpayer. A taxpayer then receives a spending vehicle such as a credit, debit, or cash card, spending account, coupon, or rebate from a financial institution or other spending vehicle provider such as a retailer, service provider, wholesaler, distributor, or entertainment entity.
58 Citations
19 Claims
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1. A computerized method for providing a tax refund to a taxpayer comprising:
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preparing at a computer an electronic tax return for a taxpayer; determining from said electronic tax return for said taxpayer a tax refund from a taxing authority; offering said taxpayer an option of receiving at least a portion of said tax refund on a spending vehicle, said spending vehicle provided by a financial institution that agrees; (a) to accept an assignment of right entitling said financial institution to retain said at least a portion of said tax refund; (b) to issue said spending vehicle to said taxpayer in exchange for said assignment of right; and (c) to issue said spending vehicle in an amount greater than said at least a portion of said tax refund assigned to said financial institution; receiving from said taxpayer an assignment of right allocating said at least a portion of said tax refund to said financial institution and entitling said financial institution rather than said taxpayer to receive and retain said at least a portion of said tax refund in exchange for issuing said spending vehicle and wherein said assignment does not further comprise a loan agreement between said taxpayer and said financial institution wherein said loan agreement is subject to regulatory banking laws; electronically filing with said taxing authority said electronic tax return for said taxpayer; receiving at a third party computer from said taxing authority assurance that said tax refund is forthcoming; and transmitting electronically from said third party computer to a computer at said financial institution information to assist in issuing said spending vehicle to said taxpayer. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computerized system for providing a tax refund to a taxpayer comprising:
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tax preparation software executing at a computer for preparing a tax return for a taxpayer; tax return data from said tax preparation software executing at said computer, said tax return data comprising a tax refund amount for said taxpayer; spending vehicle selection data at said computer related to said taxpayer'"'"'s acceptance of an option to receive at least a portion of said tax refund amount on a spending vehicle provided by a financial institution that agrees to accept an assignment of rights allocating said at least a portion of said tax refund to said financial institution rather than said taxpayer and to issue said spending vehicle to said taxpayer in an amount greater than said at least a portion of said tax refund amount in exchange for said assignment; an assignment of rights from said taxpayer allocating at least a portion of said tax refund amount to said financial institution and entitling said financial institution rather than said taxpayer to receive and retain said at least a portion of said tax refund in exchange for issuing said spending vehicle wherein said assignment does not comprise a loan agreement between said taxpayer and said financial institution wherein said loan agreement is subject to regulatory banking laws; filed tax return data comprising an assurance from said taxing authority that said tax refund is forthcoming; and electronic tax return information provided electronically to said financial institution to assist said financial institution in issuing a spending vehicle to said taxpayer according to said spending vehicle selection data and said assignment. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A computerized system for providing a tax refund to a taxpayer comprising:
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tax return data at a computerized system for a taxpayer, said tax return data comprising a tax refund amount for said taxpayer; a spending vehicle selected by said taxpayer, said spending vehicle provided to said taxpayer by a third party that agrees to accept from said taxpayer only a right to receive a deposited tax refund in at least a portion of said tax refund amount and to issue said spending vehicle to said taxpayer in an amount greater than said at least a portion of said tax refund amount and only in exchange for a right to receive said deposited tax refund; an assignment from said taxpayer evidencing said right of said third party to receive only a deposited tax refund in exchange for said spending vehicle wherein said assignment of right; (1) entitles said third party to receive and retain said deposited tax refund rather than said taxpayer; and (2) does not comprise a loan agreement with a lending institution that is subject to regulatory banking laws; a deposited tax refund received and retained by said third party rather than said taxpayer; and electronic tax return information provided from said computerized system to a computer for said third party to assist in issuing a spending vehicle to said taxpayer according to said assignment between taxpayer and said third party. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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Specification