System and method for preparing multi-level tax returns
AssigneePTP Oneclick, LLC
InventorsPavlos T. Pavlou, Nicholas M. Mavros
Life of this patent
Estimating the term…
Abstract
A system for calculating and preparing state and local sales and use tax returns suitable for filing with state and local municipal taxing authorities is disclosed. The system in accordance with the present invention provides a total solution for sales and use taxes and is configured to not only determine and prepare state and use tax returns but also calculates and prepares returns of all local taxing authorities where the taxpayer conducts business. Thus, the system in accordance with the present invention is able to provide a total solution for determining and preparing state and local sales and use tax returns. The system is also able to easily and effortlessly prepare local municipal sales and use tax returns that are cumbersome.
Claims22
A computer-implemented method of automatically preparing tax returns of a taxable entity comprising:
- receiving by a computer tax information associated with the taxable entity, wherein the tax information includes information regarding a location and a transaction associated with the taxable entity;
- automatically determining by the computer a plurality of taxing authorities associated with the location and the transaction;
- automatically determining by the computer multi-level tax rates associated with the plurality of taxing authorities based on the received tax information;
- automatically calculating by the computer one or more tax amounts based on the received tax information and the multi-level tax rates;
- automatically determining by the computer multi-level tax return information based on the received tax information and the one or more calculated tax amounts;
- and
- transmitting over a computer network the multi-level tax return information to a computer system associated with one of the plurality of taxing authorities associated with the multi-level tax return information.
A computer-implemented system for automatically preparing tax returns of a taxable entity comprising:
- at least one database for storing tax information associated with the taxable entity;
- a software application stored in a non-transitory memory of a computer, the software application is in communication with the at least one database and operation of the software application causes the computer to:
- receive tax information associated with the taxable entity, wherein the tax information includes information regarding a location and a transaction associated with the taxable entity;
- automatically determine a plurality of taxing authorities associated with the location and the transaction;
- automatically determine multi-level tax rates associated with the plurality of taxing authorities based on the received tax information;
- calculate one or more tax amounts based on the received tax information and the multi-level tax rates;
- determine multi-level tax return information based on the received tax information and the one or more calculated tax amounts;
- and
- transmit over a computer network the multi-level tax return information to a further computer associated with one of the plurality of taxing authorities associated with the multi-level tax return information.
Dependencies are inferred from the claim text.