Electronic income tax refund early payment system with means for

Details Electronic income tax refund early payment system with means for Electronic income tax refund early payment system with means for

1990-11-20

1993-03-09

Hayes, Gail O.

Boots, shoes, and leggings

364401, G06F 1530

Patent

active

051930579

ABSTRACT:
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.

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Specifications for Electronic Filing of Individual Income Tax Returns (Tax Year 1986); dated Oct. 15, 1986; author Internal Revenue Service-Research Division.
Specifications For Direct Deposit of Individual Income Tax Refunds (Tax Year 1986); dated Oct. 15, 1986; author Internal Revenue Service-Research Division.
Request to Reopen and Modify Consent Order; dated May 27, 1986; by Beneficial Management Corporation.
H&R Block Rapid Refund Advertisement-alleged to have been distributed prior to Jan. 20, 1987 by H&R Block.

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