Point-of-sale tax collection system and method of using same

Details Point-of-sale tax collection system and method of using same Point-of-sale tax collection system and method of using same

1994-09-28

1997-07-01

Weinhardt, Robert A.

Registers

Coded record sensors

Particular sensor structure

395231, 395242, 235379, 902 22, 902 24, G06F 1760

Patent

active

056447248

ABSTRACT:
A new and improved tax collection system and method collects and remits taxes in real time at point-of-sale locations. The system includes a group of point-of-sale terminals at merchant point-of-sale facilities that receive and store tax collection information under merchant control. A bank computer at a merchant bank accesses the stored tax collection information and wire transfers the collected sums periodically to at least one computer at a tax authority bank. For credit or debit transactions, a service computer receives the tax collection information daily from certain ones of the point-of-sale terminals, and wire transfers the credited or debited taxes to the tax authority bank computer.

REFERENCES:
patent: 3946217 (1976-03-01), Tsujikawa et al.
patent: 3946220 (1976-03-01), Brobeck et al.
patent: 5138549 (1992-08-01), Bern
patent: 5220501 (1993-06-01), Lawlor et al.
patent: 5335169 (1994-08-01), Chong
patent: 5396417 (1995-03-01), Burks et al.
patent: 5420405 (1995-05-01), Chasek
"Paper-Free Tax Returns . . . at the Touch of Your Telephone (Washington Report)" The Office vol. 118, No. 1, p. 22(1), Jul., 1993 (3 pages).
Leonard Wiener: "Is the IRS Prepared for Your Tax Return", U.S. News & World Report, vol. 100, p. 51(2), Mar. 31, 1986 (3 pages).

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