Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Accounting
Patent
1997-10-15
1999-10-05
Cosimano, Edward R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Accounting
705 30, G06F 1760
Patent
active
059639210
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.
REFERENCES:
patent: 4890228 (1989-12-01), Longfield
patent: 5193057 (1993-03-01), Longfield
patent: 5694322 (1997-12-01), Westerlage et al.
Beneficial Financial Corporation
Cosimano Edward R.
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