Electronic data processing system for preparation of electronically filed tax returns and authorization and payment of refunds based on the data supplied in those returns. Electronic data processing programs are provided for creating an electronic tax return that is filed with a tax collecting authority. At the same time as the electronic tax return is created a loan application is processed to create an electronic deposit/loan account for the tax filer at an authorized credit institution. As early as the day after completion of the tax return and loan application, the tax filer receives initial refund payment from the loan account. The authorized credit institution electronically files the electronic tax return with the tax collecting authority which processes the return and transfers by electronic fund transfer the refund amount to the deposit/loan account at the authorized credit institution. Any refund in excess of the initial refund payment is then forwarded to the tax filer. Provision is also made for checking the credit worthiness of the tax filer.
A system for the automatic processing of payroll, corporate profit and excise taxes. A depositor, via a communication link, engages in a question and answer exchange with one of a multiple number of voice synthesizers connected to a processor. Through the exchange, the depositor enters tax deposit information which the processor stores in its memory. At the end a specified time period, the processor stores tax deposit information relating to tax deposits due the same day on a storage medium such as a magnetic tape, and on tax coupons in formats predefined by the government agency. The processor also stores tax deposit information entered during the specified time period on a second storage medium to enable a bank to automatically transfer tax deposits from each depositor's account to a bank account. The system includes remote communication terminals connected by communication links to the processor through which information on depositors and tax deposit due dates is entered. The processor stores this information in a storage medium such as the processor's hard disk. In addition, the system includes hard copy printers through which the processor creates multiple records of each tax deposit.
Electronic data processing system for preparation of electronically filed tax returns and authorization and payment of refunds based on the data supplied in those returns. Electronic data processing programs are provided for creating an electronic tax return that is filed with a tax collecting authority. At the same time as the electronic tax return is created, a loan application is processed to create an electronic deposit/loan account for the tax filer at an authorized credit institution. As early as the day after completion of the tax return and loan application, the tax filer receives initial refund payment from the loan account. The authorized credit institution electronically files the electronic tax return with the tax collecting authority which processes the return and transfers by electronic fund transfer the refund amount to the deposit/loan account at the authorized credit institution. Any refund in excess of the initial refund payment is then forwarded to the tax filer. Provision is also made for checking the credit worthiness of the tax filer.
Electronic data processing system for preparation of electronically filed tax returns and authorization and payments of refunds based on the data supplied in those returns. Electronic data processing programs are provided for creating an electronic tax return that is filed with a tax collecting authority. At the same time as the electronic tax return is created a loan application is processed to create an electronic deposit/loan account for the tax filer at an authorized credit institution. The tax filer can receive a loan or use the tax refund as collateral for a secured credit card. As early as the day after completion of the tax return and loan application, the tax filer receives initial refund payment from the loan account. The authorized credit institution electronically files the electronic tax return with the tax collecting authority which processes the return and transfers by electronic fund transfer the refund amount to the deposit/loan account at the authorized credit institution. Any refund in excess of the initial refund payment is then forwarded to the tax filer. Provision is also made for checking the credit worthiness of the tax filer.
A system and method for isolating and automating the transfer of tax withholdings to the appropriate tax withholding accounts. A check is provided which on its face indicates the withholding accounts and amounts withheld for each withholding account. The Payroll Trust Check (PTC) is unique in that it clears the banking system with multiple payees. Other than the employee portion (net amount), these payee amounts are accumulated in trust accounts and forwarded to the U.S. Treasury and/or other collection agencies on a daily basis. A sequence of bar codes are also printed on the check to identify the particular withholding accounts. When the check is presented for processing, the information on the front of the check is micro-coded, as is normally the case. The additional information related to the withholding accounts and amounts are also micro-coded. The check is optically scanned to read the micro-coded data and the bar code data. On the basis of the bar code data, which includes the employer's account number, a processing computer determines the actual destination to which the withholding amounts are to be electronically transferred into the proper withholding account.
An electronic intermediary electronically connects with a tax data provider and collects electronically tax data from the tax data provider. The electronic intermediary processes the tax data collected electronically, and prepares an electronic tax return using the processed tax data. The electronic intermediary connects electronically with a taxing authority, files the electronic tax return with the taxing authority, and arranges electronically for the payment or receipt of any tax liability or refund, respectively.
