Electronic income tax refund early payment system

Details Electronic income tax refund early payment system Electronic income tax refund early payment system

1988-01-21

1989-12-26

Smith, Jerry

Boots, shoes, and leggings

364900, G06F 1521

Patent

active

048902284

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: 4321672 (1982-03-01), Braun
patent: 4376978 (1983-03-01), Musmanno
patent: 4597046 (1986-06-01), Musmanno
patent: 4648037 (1987-03-01), Valentino
patent: 4694397 (1987-09-01), Grant
patent: 4736294 (1988-04-01), Gill

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